Saturday, May 28, 2016

Welcome to Crony America: Hedge Fund with $146 Billion in Assets Gets $22 Million Government Subsidy

The world’s biggest hedge fund has secured $22 million of financial assistance from the government of Connecticut, reports FT. The hedge fund, Ray Dalio’s Bridgewater Associates,has $146bn of assets under management.

A meeting of Connecticut’s bond commission on Friday approved $5 million in grants for Bridgewater and a $17 million  loan that will be forgiven if fund creates 750 jobs in the state.

Connecticut is charging Bridgewater an interest rate of 1 per cent.

Dalio, personally, made $1.4 billion last year, according to Institutional Investor’s Alpha magazine, and has a net worth of more than $15 billion, according to Forbes.

Dalio’s firm originally asked the state for $130 million to build new offices in Stamford, but those plans were scrapped after a local backlash. Instead, it will expand and update its existing headquarters.

Note well; All this talk about "adding jobs" ignores the fact that markets clear and there never is a jobs creation problem (other than that caused by government regulations  such as minimum wage laws).

Further, there is never any discussion about the losses created for those the money was taking from to be handed over to the crony capitalists.



  1. While Bridgewater and Governor Malloy celebrate this windfall, Connecticut faces a financial meltdown of epic proportions. The state's credit rating was recently downgraded, the state currently has $22 billion in bonded debt, and to top it all off, estimates of next year's budget deficit range from 1.27 to 2.1 billion dollars. These challenges will be faced, as always by a legislature dominated by ultra left-wingers who chafe at cutting even a single penny from the budget. Next January things are gonna get ugly in Connecticut.

  2. "Welcome to Crony America: Hedge Fund with $146 Billion in Assets Gets $22 Million Government Subsidy"?

    It's called FASCISM: The marriage of CORPORATIONS & GOVERNMENT.


    They use the term FASCISM almost always in connection with Hitler, and/or Mussolini, when FASCISM really just means the marriage of CORPORATIONS (such as GOLDMAN SACHS, ON WALL STREET) with GOVERNMENT (D.C. – District of Criminals). GOLDMAN SACHS is just one of the privately-owned (FOREIGN) main banks behind the so-called “Federal” “Reserve”. It’s the “Federal” “Reserve” which FINANCES all the corruption in the District of Criminals and on Wall St. (SO, ~ END THE FED!)

    “NY Times: Rise of Donald Trump Tracks Growing Debate Over Global Fascism”
    By PETER BAKER (Rebuttal by Mike King, of the Anti-New-York-Slimes)

  3. Anyone really surprised about this immoral behavior? Then, what planet do you come from?

  4. What do hedge funds manufacture?