It would be the biggest turnaround of his life. As the founder, in 1985, of private equity firm NTC Group, Tom Foley has dealt with his share of overleveraged enterprises. But if elected governor of Connecticut — he recently won the Republican primary — Foley, 58, would face a challenge of a different order of magnitude. entirely. The Nutmeg State faces a budget deficit of $3.37 billion, and has a whopping $4,859 in per capita debt. “Many states are overleveraged, and Connecticut has the highest debt per capita,” Harvard MBA Foley told Institutional Investor. “Knowing how to manage an organization in financial stress is going to be extremely helpful.” Perhaps, too, he’ll want to draw on his stint as director of private sector development in Iraq.
