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Governor Rell Announces Upcoming Financial Workshops
Statewide Forums Aimed at Addressing
Concerns Over Investments, Scams

This news release was issued by the Governor's Office

October 10, 2008

Governor M. Jodi Rell today announced the state is offering a series of financial forums to address citizen concerns over the security of their investments, mortgages, bank accounts and other financial holdings in the current economic climate.

“There is no doubt that the turbulence on Wall Street has many Connecticut families deeply concerned,” Governor Rell said. “They want to know if their nest eggs are secure, if their bank accounts are protected and what, if any risk, they may face. We are providing these free workshops to provide them with solid, expert information and, most importantly, reassurance.”

The financial forums will run from 6:00 p.m. to 7:30 p.m. at the following locations:

  • October 14, Gateway Community College, North Haven Campus, Auditorium, 88 Bassett Road in North Haven
  • October 16, Legislative Office Building (LOB), 300 Capitol Avenue, Hartford, Room 2C (second floor)
  • October 20 – UConn-Waterbury Campus, Multi-purpose Room, 99 East Main Street in Waterbury
  • October 27 - Housatonic Community College, Beacon Hall Event Center – Room 214 (2nd floor), 900 Lafayette Boulevard in Bridgeport
  • October 30 – Norwalk Community College (East Campus), PepsiCo Theater, 188 Richards Avenue in Norwalk

Governor Rell said the state departments of Banking and Insurance are participating in the forums and their representatives will also raise awareness and help investors guard against potential scam artists who prey on financial fears during economic downturns.

The Governor said in the past several weeks both agencies have fielded countless calls from citizens and the most common concern has been ‘Is my money safe?’

“They are being told – and rightly so – that Connecticut’s banking and insurance regulations are among the most stringent in the nation and that there are protections in place that they can absolutely rely on,” Governor Rell said.

Banking Commissioner Howard F. Pitkin said the state recognized as early as 2001 the need to protect borrowers of subprime loans and enacted a law to protect homeowners from predatory lenders.

“Connecticut banking institutions are on solid footing. Additionally, we have vigorously enforced our laws against those lenders who have failed to fund loans or harmed consumers through fraud and other illegal practices,” Commissioner Pitkin said.

Insurance Commissioner Thomas R. Sullivan said Connecticut residents flooded his agency with questions after the recent Federal Reserve rescue of American International Group (AIG).

“We assured residents that their AIG policies were safe,” Commissioner Sullivan said. “Their policies and annuities are written by AIG’s insurance affiliates, whose assets are protected by state regulators.”