Capitalism 101: The Malloy Way Okay to give $165m in taxpayer funds to UBS/no sympathy for locals

by: jonpelto

Wed Jun 22, 2011 at 10:07:58 AM EDT

After 60 years in business, Storrs Drug across from EO Smith High School closed its doors the other day.

The couple who owned the small pharmacy lost their dream and their life's investment. The employees lost their job.

When asked, Gov. Dannel P. Malloy expressed little sympathy for the business closing.

According to the story in CTNewsjunkie, the Governor said, "We're not in the business of subsidizing individual businesses."

Of course, nothing could be further from the truth.

Public policy decisions are made every day that support the success of individual businesses and entire industries.

As mayor of Stamford, Malloy provided tens of millions to help dozens of selected businesses succeed.

Hello? Governor, do you really mean government is not in the business of subsidizing individual businesses?

Royal Bank of Scotland, Stamford Advocate, 6-30-2007

"...in an air-conditioned, carpeted tent, Royal Bank of Scotland executives and political leaders celebrated the approaching start of construction on the bank's trading complex off Washington Boulevard (Stamford)..."

"A kilted bagpiper played as guests entered the tent, while images of the building played on wide-screen televisions inside... The state is providing $100 million in tax breaks for the building. As part of the incentive package, the city has agreed to forego part of the property tax revenue for the building's first five years...City leaders also agreed to move Richmond Hill Avenue 100 feet to the north to create a larger building lot, and fast-tracked the approval process."

And of course, Malloy played a leadership role in luring UBS, the former Swiss Bank, to Stamford thanks to a $165 million publicly funded state and local incentive package that included money, subsidized construction and tax breaks.

The last sad irony... One of the legislators who helped me with the 1989 law protecting small pharmacies was Governor Malloy's Lt. Governor, Nancy Wyman whose district included another pharmacy that was worried that they might be forced to go out of business if all state employees were forced to use mail order drugs.

Bottom line: it's okay to give hundreds of millions of taxpayer funds to lure international corporations to Connecticut but when it comes to small family owned businesses - Capitalism is Darwinism - True Natural Selection is the rule and only the strong shall survive.