Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Why Did Fidelity Come to Rhode Island? Because a Famous Bulldog Backed Down Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 07, 2017

Why Did Fidelity Come to Rhode Island? Because a Famous Bulldog Backed Down

News summary by MFWire's editors

There's a classic lesson about compromise in the tale of how Ned Johnson and Fidelity [profile] came to Rhode Island. That tale recently came back to light in the wake of the death of a high-profile Ocean State power player.

The Boston Behemoth's big presence in Smithfield, Rhode Island dates back to the mid 1990s, when a Republican governor and a Democratic labor leader agreed to a last-minute request from none other than Johnson himself. Scott Mackay of Rhode Island Public Radio tells the story, with help from former Governor Lincoln Almond.

Here's how it went down, according to Almond. His predecessor, then-Governor Bruce Sundlun, approved a financial-services-friendly tax break still being debated in Massachusetts. After Almond took office in 1995, he tried to lure Fidelity to Rhode Island. In the end, Johnson demanded that construction be opened to bidding from union and non-union companies. So Almond brought John Harwood (then Speaker of Rhode Island's House), Bill Irons (then Majority Leader in Rhode Island's Senate), William Gilbane (whom the radio station describes as a "construction magnate"), and labor leaders Frank Montanaro Sr. (then head of the Rhode Island AFL-CIO) and George Nee (Montanaro's successor, then his chief lieutenant) to the Statehouse for a meeting.

Montanaro, who died on August 22, 2017 at the age of 83, was infamous in Rhode Island as a bulldog for the unions according to the Providence Journal. Yet in this case, Montanaro compromised, agreeing that the construction for Fidelity would be open to union and non-union bidders alike.

"We came to an agreement to do the Fidelity job by bids," Almond tells the radio station. "Frank was very helpful with all the unions."

The station notes that "more than 75 percent of the jobs ended up going to union building trades members anyway." And two decades later, Fidelity still has a big presence in the state. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2017
40 Wall Street | 28th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use