Malloy gives Climate Change Denier $35 million in taxpayer funded corporate welfare

Despite Connecticut’s massive and growing fiscal crisis, Governor Dannel Malloy’s corporate welfare program continues to spin out of control.  This time the recipient of the Malloy administration’s taxpayer funded give-a-way program is another massive, extraordinarily profitable hedge fund, a company headed by a multi-millionaire corporate executive who is a climate change denier.

Last Wednesday, as the nation and its citizens reeled from the results of Election Day, Governor Dannel Malloy announced his decision to give Greenwich-based AQR Capital Management $35 million dollars in Connecticut taxpayer funds.

AQR Capital Management is one of the nation’s largest hedge funds, with assets of over $159 billion. The company’s CEO, Cliff Asness, is known for his Republican, Libertarian and right-wing politics, including his consistent denial that climate change is a problem facing the world.

As the Hartford Business Journal reported in, Greenwich firm to expand with $35M in state loans, grants,

Gov. Dannel P. Malloy on Wednesday announced the company’s participation in the Department of Economic and Community Development’s First Five program, providing up to $28 million in loans and up to $7 million in grants to support the firm’s $72 million expansion project. AQR Capital will retain 540 jobs as it creates new ones, Malloy said.

Since the Malloy administration’s corporate welfare program is funded through state borrowing, the $35 million gift to AQR Capital Management will cost taxpayers well in excess of $40 million.

Making the corporate subsidy all the more outrageous, AQR’s top executive has been an extremely controversial figure in the business world.

Addressing Cliff Asness’ statements, a Fortune Magazine article published on March 11, 2015 and entitled, Top hedge fund manager: Global warming isn’t a danger, reported;

One of Wall Street’s most successful hedge fund managers is once again wading into the climate change debate. His conclusion: It’s not as big of a problem as some suggest.

The hedge fund executive went on to suggest that, “based on the current pace of global warming, it will take another 500 years before the changes become a real problem.”

Connecticut crippling state debt is already making it impossible to maintain vital services and will leave future generations with impossibly high debt payments.

In fact, Governor Malloy’s unprecedented use of corporate welfare will cost Connecticut taxpayers well in excess of $1 billion and his fiscally irresponsible policies have already undermined Connecticut state government’s ability to meet its obligations in the years and decades to come.

  • Buygoldandprosper

    Might mention CARECENTRIX getting Danny’s debt/cash to move from West Hartford to Hartford. $24,000,000.
    Or OMEGA EGINEERING getting $1,650,000 to move from Stamford to Norwalk.
    or Turbine Technologies getting $1,000,000 to great a whopping SIX JOBS.

    Malloy’s stupidity knows no bounds. He is a ,venal,truculent,mentally challenged,mendacious small town politician.

  • Bluecoat

    And this Country gave Solindra 500 million! Have you asked where that money went? How did that turn out? You need to broaden you viewpoint, and read the East Angelia emails and the all out deception of the so called “climate scientists”.
    http://www.wattsupwiththat.com

  • jschm

    What’s a little climate change denying among friends when it is just taxpayer money at risk.

  • North East Whitewater

    Of course there is climate change, always has been , always will. To say we are responsible or can do anything about it is absurd. Climate is not pollution. This categorizing of people with different opinions is exactly the reason Trump won. Apparently the left wants to continue with their fascist mind control, and I welcome it. Keep it going.

    • R.L.

      Idiot.

      • North East Whitewater

        Poor little snowflake has been triggered. You “idiots” with Al Gore in 1998 promised us that we had 10 years before Manhattan was under water. Videos of spring time melting ice, phony documentation, pictures of moving glaciers ( Glaciers move) brainwashed the ” idiots” . Not me snowflake, not Congress, not the Senate and not the President, cry me a river.

  • buygoldandprosper

    Keep it on point, dopes. There is no doubt that there is a change in the climate. Absolutely connected to fossil fuels.
    The real issue here is Dan Malloy giving up more debt to douchebag bloodsuckers like AQR at your expense! Wise up! You won’t be around to see how the change in climate ends up BUT you will be around for the collapse of Danny-Debtor’s Connecticut.

  • Barak_Mohammed_0bama

    Of course, it IS Malloy – never a role model of good judgement…

    Hey! Might this mean you have finally found MALLOY’S “hot tub”???