In defense of Stefanowski’s business deals
I am responding to the recent hit piece by Hearst Connecticut reporter Ken Dixon in which he criticizes the business background of gubernatorial candidate Bob Stefanowski.
First, what do failures in “recent years” have to do with Bob Stefanowski’s time at GE over a decade ago? NOTHING!
Stefanowski didn’t join UBS bank until three months after Gov. Dan Malloy made the $20 million loan/grant deal. He was also based in London for that time when the Stamford workforce moves/layoffs were made (due to money-losing bond trading operations in the U.S.).
According to the Hartford Courant: “What made the deal particularly controversial was that UBS had 3,500 employees in Stamford when the deal was announced, meaning it could fire or move 1,500 workers and still pocket $20 million in taxpayer money. And the bank did indeed shift jobs to New York City, and by mid-2014 was down to 2,000 workers in Stamford, according to the Wall Street Journal.”— a Malloy failure!
Payday loans provide a vital source of short-term funds for the people in our society who need it the most.
Studies show these lenders charge on average $15 for every $100 loaned — a profit margin that is significantly less than the price percentage difference of products in other markets. Bank fees on small loans over short time periods combined with high-risk rates would be far in excess of the fees paid by payday loan consumers, although no bank would loan them the money in the first place.
Critics mistakenly call the fees associated with payday loans “interest.” Those fees are not interest any more than the bank fees charged when you apply for a mortgage are interest.
Customer surveys of payday loan borrowers have found 95 percent to 98 percent confirm their overwhelming satisfaction with the product.
With his J.P. Morgan connections, Ned Lamont can get money from any bank in the state. Where is a single mother going to get the money to pay her rent today if she won’t get paid until Friday? Is Ned Lamont going to loan her the money? Will he get his banking buddies to do it? Lamont would rather see a single mother out on the street than let a payday lender save her from losing her home for little more than the cost of a pack of cigarettes.
Michael Barnes is a resident of New Milford and chairman of the Republican Town Committee.