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Rating:State Senate Asks: Is Fidelity Good for Massachusetts? Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 17, 2011

State Senate Asks: Is Fidelity Good for Massachusetts?

News summary by MFWire's editors

Not so fast, Fido! The Massachusetts state Senate will hold a hearing later this month on Fidelity’s dealings with Massachusetts, a day after the company said it is pulling the plug on its Marlboro office and taking 1,100 jobs with it, the Boston Herald reports.

Fido's planned move is looking ominous for the locality. Mark Montigny (D-New Bedford), chairman of the Senate’s Committee on Post Audit and Oversight, said in a statement that Fidelity's move is "just another example of a private company fleecing the Commonwealth at the taxpayer’s expense.”

Fidelity is reportedly a beneficiary of a controversial tax break enacted in 1996 that reduced the firm’s corporate burden by some 57 percent in exchange for its pledge to boost jobs by 5 percent annually for five years. For its part, the firm told the pub that it did not receive any benefits from the 1996 law that it did not earn. Touche. 

Edited by: Hung Tran

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