[East of the River]

Originally Posted by Stylo

Unfortunately the current administration won't crack it. They are seeing the problems unfold in front of them but still don't get it.

I agree Malloy has tried to fix certain problems in the state (underfunded pensions etc) but he has been horrible at figuring out a long term solution to making the state a place for business. I really hope we can get a moderate candidate from either party that has some common sense.

[kidyankee764]

Originally Posted by Stylo

Unfortunately the current administration won't crack it. They are seeing the problems unfold in front of them but still don't get it.

Malloy is too focused on releasing anti-Trump statements on Facebook to care about CT's economic climate. Hell, he made witty and arrogant comments to Florida's governor for coming here to try and entice businesses to relocate there. You're right - he just doesn't get it. That, or he doesn't care.

[Stylo]

Originally Posted by East of the River

I agree Malloy has tried to fix certain problems in the state (underfunded pensions etc) but he has been horrible at figuring out a long term solution to making the state a place for business. I really hope we can get a moderate candidate from either party that has some common sense.

I'm not convinced it is a right or left issue. I think that misses the point. Boston, NY, SF, Austin, Seattle, etc. are all super liberal places that have managed to be super attractive to businesses. Even many Southern growth cities have liberal leadership. Conversely there are both liberal and conservative led cities that don't do well at all.

Whether you're left or right, knowing how to promote, conduct PR, and attract businesses and people is an art. We need someone with fresh ideas that's willing to be bold and aggressive.

[hvexpatinct]

Originally Posted by Stylo

I'm not convinced it is a right or left issue. I think that misses the point. Boston, NY, SF, Austin, Seattle, etc. are all super liberal places that have managed to be super attractive to businesses. Even many Southern growth cities have liberal leadership. Conversely there are both liberal and conservative led cities that don't do well at all.

Whether you're left or right, knowing how to promote, conduct PR, and attract businesses and people is an art. We need someone with fresh ideas that's willing to be bold and aggressive.

Great post, ITA

[East of the River]

Originally Posted by Stylo

I'm not convinced it is a right or left issue. I think that misses the point. Boston, NY, SF, Austin, Seattle, etc. are all super liberal places that have managed to be super attractive to businesses. Even many Southern growth cities have liberal leadership. Conversely there are both liberal and conservative led cities that don't do well at all.

Whether you're left or right, knowing how to promote, conduct PR, and attract businesses and people is an art. We need someone with fresh ideas that's willing to be bold and aggressive.

Yeah I would agree it's not. Really both sides should understand having employers in your state is a good thing.

[East of the River]

Originally Posted by hvexpatinct

Great post, ITA

I guess I would add in places like Seattle it's as much about people wanting to live there as it is about anything else.

[MrGompers]

Originally Posted by Sigequinox

Holy effing hell man. CT is a disaster. Pfizer basically already gone. Will be completely gone not too long from now. Bristol Myers Squibb leaving.with Alexion gone, I expect Boehringer Ingelheim is next. What a wasteland this place is. Better make sure North Korea doesn't get hold of CT, cuz Mr. Kim gonna strap our toxic, radiative waste of a state onto the head of a ballistic missile and launch us at something. Holy crap what a degenerate state we are. Like I been saying folks, we are going to be "Alabama of the North". Just Give it some more time.

Let us not forget Pfizer's past

"In theory, companies are only deferring taxes on the profits they shelter overseas, not permanently avoiding tax. If they bring the money back to the United States to distribute to their shareholders, they still have to pay American taxes on it.


But those rules were temporarily suspended when President Bush signed legislation in 2004 to let companies return overseas profits at a rate of 5.25 percent, far below the official tax rate of 35 percent, if they moved the money back by 2006.


During that period, multinational companies of all stripes moved a total of about $300 billion into the United States, avoiding about $90 billion in taxes. Among them, the pharmaceutical industry was the largest single beneficiary. Leading the pack was Pfizer, the world’s largest drug company, which repatriated $36 billion.


The quid pro quo was supposed to be that the drug industry would invest some of its tax windfall in American operations and jobs. Instead, struggling with a dearth of new blockbuster drugs, they have had mass layoffs. Again, Pfizer has been the leader, reducing its work force by about 8,000 in 2006 and saying early this year that it would lay off an additional 10,000 employees."


Tax Break Used by Drug Makers Failed to Add Jobs - The New York Times


Of that 36 billion approx 13 billion went to executives

"Pfizer repatriated $35.5 billion — more than any other company — and then proceeded to cut nearly 12,000 jobs over the next three years. Payouts to its executives increased by $13 billion during that period"

Tax holiday for pharma has checkered past - The Boston Globe

[Mike 75]

Originally Posted by Stylo

I'm not convinced it is a right or left issue. I think that misses the point. Boston, NY, SF, Austin, Seattle, etc. are all super liberal places that have managed to be super attractive to businesses. Even many Southern growth cities have liberal leadership. Conversely there are both liberal and conservative led cities that don't do well at all.

Whether you're left or right, knowing how to promote, conduct PR, and attract businesses and people is an art. We need someone with fresh ideas that's willing to be bold and aggressive.

You're right. Its really more of pro-business tone that is needed, which should be across the board and not the crony capitalist nonsense that is the First Five program. It also requires a long term approach and planning, something which our elected officials are unable to do.

[robr2]

Originally Posted by keekski

Alexion is keeping Research & Development in New Haven. I don't think Research & Development is lowest paying?

Many of those jobs are some of the highest paying for a drug company. Principal investigators are 6 figure positions and researchers are high five figure jobs.

Keep some things in mind:

- they didn't close the New Haven facility
- they are closing some other facilities and laying off 600 people
- they sell the most expensive drug, Soliris (an immune system drug), at $700,000 list price annually
- they derive 90% of their revenue from Soliris
- there are only about 8,000 patients with the disease that Soliris treats
- the patent on Soliris could expire as soon as 2021
- management does not have a solid plan for life after Soliris
- the previous CEO and CFO were fired due to accounting irregularities
- no incentives were given to Alexion to move to Boston.

I see this relocation to Boston as a desperate move. They have little to nothing in the pipeline and no breakthroughs are expected from them. By moving to Boston, it allows them to be closer to the action where they might be able to acquire or be acquired. IMHO, Alexion will be bought by someone else in 2-3 years.

[keekski]

Right, I know Research & Development isn't low paying. It was in response to kid, who posted a few posts above me.

Originally Posted by kidyankee764

Woah. Alexion is moving 50% of their workforce to Boston. Their lowest paying jobs to remain.