Federal Reserve Governor Sarah Bloom Raskin addressed the WestportY’s Men today at the Unitarian Church and shifted easily from detailed economic talk to how policies affect everyday people—often in a very animated way and with much humor. She is the daughter of Westporters Arllene and Herbert Bloom. Larry Untermeyer for WestportNow.com and contributed photos
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Fed’s Raskin: Low Interest Rates Will Boost Economy
Federal Reserve Governor Sarah Bloom Raskin told the Westport Y’s Men today that while record low interest rates have cut income for savers, they will ultimately help increase returns for savers and investors. Raskin, whose parents Arlene and Herb Bloom are Westport residents, said the Dodd-Frank law will provide the regulatory framework to address some of the issues that led to the 2008 financial crisis. “Institutions that are too big to fail actually do have costs on taxpayers and costs on our economy,” she said in response to a question at the meeting at Westport’s Unitarian Church. (CLICK TO ENLARGE) Contributed photo
Federal Reserve Governor Gets Warm Welcome Home
Federal Reserve Governor Sarah Bloom Raskin gets a warm welcome home late Wednesday night from Westport parents Arlene and Herb Bloom. Raskin will address the Westport Y’s Men today at the Unitarian Church in a talk expected to get widespread coverage in the financial press. One of five board members, Raskin’s nomination by President Obama to fill an unexpired term ending in 2016 was approved by the U.S. Senate last September. Two weeks ago, it was disclosed that in a vote cast last October, Raskin was the lone dissenter when the Fed issued a proposed regulation implementing the controversial Volcker rule, which would restrict U.S. banks from making bets with their own capital. Prior to her appointment to the Board, Raskin was the Commissioner of Financial Regulation for the State of Maryland. She received her B.A. in economics (magna cum laude) from Amherst College and her J.D. from Harvard Law School. (CLICK TO ENLARGE) Phyllis Groner for WestportNow.com
Comings and Goings: Financial Firm to Saugatuck P.O.
The latest addition to the changing street scape of Westport’s Saugatuck section involves the relocation of Fermat Capital Management, currently at 2 Railroad Place, to the site of the former Saugatuck Post Office, 611 Riverside Ave., which closed in September 2009 (see WestportNow Sept. 5, 2009). According to Jeff Bates, Fermat’s chief operating officer, the company will relocate its approximate 12 staff members to the new site around mid-year. Bates said, “We’re growing and need more space.” Fermat Capital Management, LLC, co-founded by John and Nelson Seo, is a specialty investment management firm founded in Westport in 2001. With more than $2 billion in assets under management as of June 30, 2011, Fermat Capital manages institutional portfolios of Insurance-Linked Securities (ILS) with a particular emphasis on catastrophe bonds. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Malloy Calls Liquor Price Controls ‘Ghastly, Unfair’
By Mark Pazniokas
UPDATE The battle to legalize Sunday liquor sales completed its evolution today into conflicting visions of prosperity and despair.
On one side, liquor wholesalers, major retailers, new groups looking to sell beer, wine and spirits, and Gov. Dannel P. Malloy’s administration told a legislative panel that proposed changes would bolster the economy and drive down some of the highest liquor costs in the country.
On the other side, the longstanding chief lobbyist for Connecticut’s package stores predicted that changes offered by the Malloy administration—not the institution of Sunday sales but rather measures expanding competition—would eventually eliminate more than 8,000 small business jobs.
While calling alcohol a “unique product” subject to “complex and long-standing” regulatory laws, Malloy wrote in testimony to the General Law Committee that the status quo no longer reflects “modern-day realities.”
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To Keep Education Focus, Malloy Compromises on Liquor
By Mark Pazniokas
Trying to keep the political focus on education reform, the administration of Gov. Dannel P. Malloy responded today to some of the concerns raised by wholesalers and retailers of alcohol about his sweeping proposal to overhaul liquor laws.
Revisions distributed by the administration would limit competition among retailers and retain some of the controls on pricing, while still giving retailers more flexibility to sell beer, wine and spirits more cheaply.
The changes reflect a governor more willing to compromise in his second year, especially when the price of sticking to his original plan might be a protracted fight that could draw political resources away from education reform.
“The governor understands, we all understand, there is not much time,” said Roy Occhiogrosso, the governor’s senior adviser. “There is a big education reform package that is a priority.”
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Comings and Goings: Asian Imperial Furniture Closing
Asia Imperial Furniture Co.,1433 Post Road East, next to Izzo Country Gardens and Landscaping, will close its business at the end of March, according to co-owners Wendy and Jerry Wong who have occupied that location since August 2004. Wendy Wong said she and her husband decided to close the shop because “the economy has slowed down, our interior designer trade has slowed down, the whole market has slowed down—and the cost of business never goes down.” She added that their Internet business (http://www.asiaimperial.com) will continue and “we are expanding our offerings.” She said they will also continue to have private showings by appointment at their Bridgeport warehouse (http://www.mybttc.com). Jerry Wong said that everything in the store is now priced at 50 percent off with the exception of five sculptures that are on display. Wendy Wong said their lease has expired and they made no attempt to extend it “although we have a wonderful relationship with the Izzos who are our landlords—we are like family with them.” She said that she is also a professional in web design, continues to apply her skills and build that business, and can be reached at wendy@asiaimperial,com. “I even created the site for our new neighbor, the Rustica Restaurant” whose site goes live soon, she said. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Urban Outfitters Aiming at March Opening
Urban Outfitters, the trendy clothing chain with the 18- to 30-year-old as its target customer, will open at 101-107 Post Road East—with a second entrance on Church Lane across from the Family Y (above)—around March 9, according to a worker on site. He said the shop is in the process of furniture deliveries and inventory stocking. The new outlet of the Philadelphia-based company which also owns Anthropolgie and four other brands, is part of the 11,600-square foot space at 101 and 107 Post Road East that was previously occupied by TDBanknorth. Urban Outfitters also has Connecticut stores in Greenwich, Farmington (Westfarms Mall) and New Haven (Yale campus.) (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Getting Ready for Opening
– Workers prepare the interior of Urban Outfitters which is scheduled to open next month with entrances on Post Road East and Church Lane. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Texas Teacher Pension Fund Takes Stake in Bridgewater
The Teacher Retirement System of Texas has taken a $250 million equity stake in Westport-based Bridgewater Associates, one of the world’s largest hedge funds, The Wall Street Journal said today. 
The move by the approximately $100 billion pension fund comes as Bridgewater’s founder, Ray Dalio, seeks to reduce his ownership in the firm, the report said.
Dalio, who owns about 60 percent of Bridgewater, may reduce his stake to about 20 percent over the next 10 years, the newspaper quoted people familiar with the matter as saying.
Several top executives at Bridgewater have been buying stakes as part of this transition, the Journal said.
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