Malloy’s only asset: A home on the market for $1.785 million
Gov. Dannel P. Malloy began his term as governor in January with no significant investments or assets other than equity in a home now on the market for $1,785,000 in a waterfront neighborhood of Stamford, according to his first financial disclosure statement.
Malloy, 55, who was mayor of Stamford for 14 years until leaving office in December 2009, reported that neither he nor his wife and their three sons owned any securities worth more than $5,000 in 2010.
The governor, who used public campaign financing to defeat two self-funding millionaires to win the Democratic primary and general election, declined to comment on his financial filing.
The state’s financial disclosure law does not require Malloy to say how much is owed on his home, which is described in a real-estate listing as a 19th-century carriage house converted into a four-bedroom home in 1998. Malloy is living in the Executive Residence in the West End of Hartford.
He was among the officials to recently file the Statement of Financial Interest required by May 1 of statewide constitutional officers, state legislators and about 2,500 other state employees.
State law requires filers to disclose securities worth more than $5,000 and sources of income in excess of $1,000 for them, their spouses and any dependent children residing in their household. They are not required to disclose amounts.
Malloy reported wages from Class Green Capital Partners LLC, a securities firm that advises municipalities he joined as a senior director from leaving office as mayor until his election as governor. He worked one day a week during much of the campaign at the firm’s office in Manhattan.
His wife, Catherine Malloy, had income as executive director of the Center for Sexual Assault Crisis Counseling and Education in Stamford, which received $129,760 in state funding in 2010.
Their only debt of more than $10,000 is a mortgage owed to Wachovia Bank, which they voluntarily disclosed. State ethics laws allow filers to keep information on debts confidential.
Malloy is the only one of the state’s six constitutional officers to file his first report this year. He also is the only one to own no securities worth more than $5,000.
Lt. Gov. Nancy Wyman, Secretary of the State Denise Merrill, Comptroller Kevin P. Lembo, and Attorney General George Jepsen are new to their offices, but they have held other positions requiring them to previously file. Treasurer Denise L. Nappier has held her office since 1999.
Connecticut’s financial disclosure requirements are minimal, compared to those required of federal office holders.
The intent of the law is to identify potential conflicts of interest, so all that is required are sources of income, business affiliations, location of real-estate holdings and the names of stocks, other securities and trusts.
By contrast, Congress and a dozen states require lawmakers to disclose within ranges the amount of outside income they receive and the value of their stock holdings and other assets.
Connecticut got a “C” in 2009 for its financial-disclosure rules from the Center for Public Integrity, which ranked the state 12th. When it comes to disclosure, “As” and “Bs” are rare.
Three states have no disclosure requirements. The center gave failing grades to 20 states. The best score went to Louisiana, which went from one of the worst to first as a result of new disclosure requirements sought by Gov. Bobby Jindal.
The center raised Connecticut’s ranking to 12th from 15th as a result of its new electronic filing system, which allows legislators to file online. The reports, however, are not available to the public on the state web site.
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