So Greenwich became the hedge fund capital of the east coast and income taxes from this small town pay 11% of the state’s budget. Hartford has a problem with that first part so wants to impose new regulations on the funds, as designed by financial mavens from such towns as Shelton, Derby and Norwich.
Among the bills’ proposals are requirements for hedge funds to get a state license, independent financial audits, fee disclosures and changes in management or management strategy, as well as barring individual investors with less than $2.5 million in assets, or institutions with less than $5 million, from investing in hedge funds.
Who cares if the funds move? We’ll always have casinos, right? And conveyance taxes from Greenwich generated when its citizens pull up stakes. Remember, for politicians, nothing is more important than our children’s future. Or a politican’s future, whichever comes first.