Negotiations are still going on, although somewhat sporadically, concerning the state's budget for this fiscal year and for the ensuing two years.
According to sources close to the budget talks, no progress is being made and frustration is setting in. Democrats have accused the governor and the Republican legislative leaders of putting forth a plan that is totally out of balance.
Republicans counter by saying Democrats would raise taxes to pay for a billion dollar shortfall this year, and an $8 billion deficit in the next two years, but that they refuse to bring their plan to House and Senate floors for debate.
Meanwhile, a bill is being offered by Senator Bob Duff (D) of Norwalk, that would force hedge fund managers and advisers to disclose potential conflicts. And while the bill has been watered down from an earlier proposal that offered more regulation of the industry, opponents say it still has the potential of driving some hedge funds out of the state.
Duff says his plan would cut down on hedge fund, and perhaps even eliminate, fiascos like Bernard Madoff's ill-fated Ponzi scheme. The industry, he says, needs more transparency.
But opponents say any regulation should come at the federal level which, they say, would then create an even playing field. Duff says investment advisors are supporting his bill, and he says he has the votes to get it passed.
