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westfaironline.com December 05, 2022
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A N B K E L R A I C R E M SEES OPPORT M UNI O K N S AN D T A B R FO national study released in mid-November by Wells Fargo & Company finds that inf lation is cutting into household budgets, with 25% of Americans who invest in the stock market moving investing dollars into everyday essentials
like groceries, gas and housing. According to the Wells Fargo study, 58% need money for groceries, 47% for transportation and gasoline, 42% to pay utility bills and 39% to cover debt. However, not all is grim. “Both the consumer and business customers from what I see continue to be resilient,” Lou Gallo, senior vice presi-
were founded in the state such as Pratt & Whitney or Sikorsky Aircraft as examples of that entrepreneurial past before “we lost some of our entrepreneurial mojo. For 30, 40 years we did not add one new net job to this state and that created a cycle of fiscal crises.” Lamont reiterated the core plank in his campaign platform, that upon taking office in 2019 Connecticut had a $2 billion budget deficit that has since been replaced with a $6 billion surplus. He also observed that upon taking office many
major companies with corporate campuses were decamping from the state, adding that his efforts to keep the state open during the pandemic to draw back many employers and employees. “Instead of having a battle this last campaign about deficits and what you cut and what you don’t cut we were having a debate about surpluses,” he observed. “That doesn’t happen very often in the state.” He also told the audience that his business background has made him appreciate his cur-
BY PETER KATZ
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Pkatz@westfairinc.com
dent and commercial banking market executive at Wells Fargo, told the Business Journals. Gallo was not involved in the conducting survey. Gallo’s role with the bank has him concentrating on commercial banking in Westchester, Fairfield
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Lou Gallo.
Gov. Lamont readies himself for his next term BY JUSTIN MCGOWN jmcgown@westfairinc.com
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I was really fortunate to have a great first boss when I was at Cablevision Systems, and his name was Charles F. Dolan,” said Gov. Ned Lamont in his keynote speech for the 12th Annual Economic Forum at Fairfield University’s Charles F. Dolan School
of Business. Addressing a gathering of business leaders and alumni, the governor stated how he was introduced to the rapidly evolving world of television by the business leader for whom the school is named. The idea of having 54 channels to fill at the time had seemed challenging, but Lamont recalled how Dolan point-
ed to a magazine rack, with dozens of specialist publications publishing deep dives on their own topics as the model television could pursue. Many years and television channels later, Lamont now found himself addressing a collection of business leaders shortly after winning a second term as Connecticut’s governor. “I can tell you one reason I was running is that Connecticut used to be the most entrepreneurial state in the country,” Lamont said, pointing to various businesses that
rent role. “I want to say that governor is a pretty cool job. I hate the idea of going down to Washington, D.C. and taking orders from Chuck Schumer or Mitch McConnell — just shoot me,” Lamont said, stating he found an executive role to be a better fit for him than dealing with legislative politics. Building off the strength of the state’s Rainy Day Fund and reduced pension debt, Lamont pointed to what he viewed as bright spots in the economy.
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