HARTFORD, Conn. (AP) — The arrest of a Connecticut CEO accused of hurling a racial insult at an Oscars party has dealt a setback to the signature economic development program of the governor, who was counting on the man's company to help attract business to the state.

Critics of Democratic Gov. Dannel P. Malloy have found new fodder in the arrest of Don Vaccaro, the chief executive officer of TicketNetwork Inc., which was one of the first companies to sign on for the highly touted "First Five" initiative. The online ticket exchange announced its withdrawal from the loan program Wednesday as previous allegations of improper behavior emerged against the CEO.

Rep. Lawrence Cafero, Republican leader of the state House of Representatives, said the collapse of the deal reflected the haste with which the governor pursued it. He said he expected the Malloy administration would seek companies with jobs in manufacturing, biotechnology, finance and other high-skill work.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.