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Was State Investment In Running Mate’s Company A Good Deal?

by Mary E. O'Leary | Aug 15, 2014 5:58am
(5) Comments | Commenting has expired
Posted to: Election 2014, Trumbull

Mary O'Leary photo

Heather Bond Somers and Tom Foley

Republican gubernatorial candidate Tom Foley didn’t know if the state’s equity investment in his running mate’s company met every criteria he feels is important on the use of state tax dollars.

Foley was asked about the $1 million equity investment in Heather Bond Somers’ company, Hydrofera, in Willimantic, by the Connecticut Development Authority in 2000, which then received $475,000 back when it was sold in 2012.

The state said it was a routine investment in a startup. The firm paid $10,000 of an $80,000 fine for not meeting the 150-person job goal.

A CDA spokeswoman said it was all routine as the the entity has a double bottom line: One is to get businesses off the ground and the second to create jobs in the state.

Somers said at the time of the state’e investment she had an estimated 9 workers and now there are more than 40.

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(5) Comments

posted by: GBear423 | August 15, 2014  6:15am

GBear423

ya, lets go with Tom Foley’s playbook:

Reporter: “What are your thoughts on your running mate’s company taking State money and failing to deliver?”

Tom: “no.”

Foley staff:  “he so nailed it!”  /high fives

posted by: GuilfordResident | August 15, 2014  7:13am

He just found out Wednesday she is his running mate. Maybe it did, maybe it didn’t meet his criteria. He wasn’t governor then so what does it matter ... sounds like the company didn’t meet the goal, paid a fine, is moving along. Seems ok to me.

posted by: art vandelay | August 15, 2014  3:52pm

art vandelay

If Connecticut had a robust economy, we wouldn’t have to bribe companies to remain in Connecticut or locate here. The reporters question would have been a non-issue.  Foley at least might try to rectify the situation if elected.  Malloy will continue to open up an empty treasury and put us deeper in debt.

posted by: QuestionMark | August 15, 2014  7:00pm

@GBear423: Why no interest in Dannel Malloy’s playbooK?

posted by: shinningstars122 | August 15, 2014  8:02pm

shinningstars122

@GBear423 post of the day right there LMAO.

I am sure we will learn much more about Mrs. Somers business dealings and if she is a fellow card carrying member of the plutocracy.