Tom Foley on Corporations
We pay huge sums in corporate welfare to keep jobs in CT
Tom Foley has spoken up again about Connecticut's business climate. The layoff of 600 employees at Sikorsky Aircraft Corp. in Stratford is "another example of Connecticut's anti-business policy agenda driving good manufacturing jobs out of state,"
candidate Foley said. Foley goes on to accuse Gov. Dannel Malloy of "paying huge sums in corporate welfare" to keep jobs in Connecticut.
Is Foley opposed to the recent agreement between Connecticut and United Technologies Corp. to keep the corporation's headquarters and engineering forces in Connecticut and expanding them? Is that the type of "corporate welfare" he opposes?
Foley knows that competition for new industry may be "corporate welfare," but when you are in competition with other states you must play the game to attract industry.
Source: Journal Inquirer OpEd on 2014 Connecticut gubernatorial race
, Mar 5, 2014
Investigate Economic and Community Development loan fraud
Tom Foley called for a legislative investigation into a state Department of Economic and Community Development loan program--citing the case of Earl O'Garro Jr., an insurance businessman who received two DECD loans totaling more than $350,000, and now
is under federal investigation. The DECD's loans to O'Garro, on which he has defaulted, "raise serious questions about the administration and oversight of the DECD Small Business Express program," Foley said.
Foley called O'Garro "the central figure
in a federal corruption investigation involving the Treasurer of the City of Hartford"--Adam Cloud--"and members of his family who are closely connected to Gov. Malloy." Cloud's father, businessman Sanford Cloud, served on Gov. Dannel Malloy's
transition team after Malloy's 2010 election victory over Foley.
Foley also questioned other Small Business Express program loans or grants--including $5 million in economic aid to Back9Network, a Hartford-based cable golf network with ties to Malloy.
Source: Hartford Courant on 2014 Connecticut gubernatorial race
, Jan 2, 2014
Small Business Express Program is too generous with aid
Gov. Malloy's economic-development programs already are fodder for and against him. Republican Tom Foley, a gubernatorial contender, says Malloy has been too generous with aid. Malloy leaves little doubt that economic development will be a cornerstone
in his case for re-election, though he used humor to deflect a question about how a big a role he hopes the issue will play when his first term is judged. 944 small companies have received grants and cheap loans from the Small Business Express Program.
Source: The Connecticut Mirror on 2014 Connecticut Governor race
, Dec 16, 2013
Criticized for bankruptcy of a Georgia textile mill
During the 2010 primary campaign, Foley was criticized over his management of a Georgia textile mill, Bibb Co. His company owned the mill from 1985-1996 before
it went bankrupt and was reorganized, putting area residents out of work. Questions were raised over how much Foley benefited financially as the mill was sold.
Source: Connecticut Mirror on 2014 Connecticut Governor race
, Dec 31, 2010
Page last updated: Jul 27, 2017