Current News

At the Sunward solar manufacturing facility in Winooski today, the Vermont Department of Forests, Parks and Recreation (FPR) and Governor Jim Douglas kicked off a new initiative offering Vermont companies the opportunity to demonstrate their newest renewable energy and energy conservation products in the Vermont State Park system.
The new initiative—dubbed the Vermont State Parks Innovation Challenge—is an opportunity for Vermont’s energy companies to connect with park visitors, and benefit from the Vermont State Parks brand, while making a contribution to an important state resource.
Sunward, one of Vermont’s premier solar hot water companies, will be the first official innovation partner. All told, the company will donate a solar hot water system with an 80 gallon storage tank and a timber frame ground mount option, with a total retail value of approximately $11,000.

MVP Health Care announced today that it is taking steps to prevent a gap in health insurance coverage for many young adults in New York, Vermont and New Hampshire. MVP’s action means that dependents up to age 26 who are currently covered on their parents’ health benefit plans will retain their coverage until the dependent coverage provisions of Federal health care reform take effect beginning in September.

In the world of finance, “having skin in the game” means that a player has put his own assets at risk to make a deal produce a profit. What assets does Vermont bring to the economic table? After a distinguished career on Wall Street, Bruce Lisman has some powerful ideas to share about how his native state can become an economic powerhouse.
Lisman will speak on "How Vermont can Become its Own Version of an Economic Powerhouse Without Abandoning its Values," on Thursday, May 13, 2010, from 5-6:30pm at the Sheraton Burlington Conference Center – Diamond Ballroom. There is no charge and reservations are not required. His talk is part of the Sheraton Economic Series 2010 presented by the Ethan Allen Institute.
After a long and sparkling career in international finance, native Vermonter Bruce Lisman retired in 2009 as Chairman of the JP Morgan Chase Global Equity Division.

According to Genworth's 2010 Cost of Care Survey, home care costs, as well as costs of most other long term care services, are higher in Vermont than they are nationally. The median annual rate for home care costs in Vermont is $48,048 statewide, 11 percent greater than the median annual rate of $43,472 nationally.(1) Vermont, along with Delaware and Utah, is the 14th most expensive state for home care services.
This is important to note given that a majority of Americans prefer to receive care in the home. According to another Genworth survey conducted earlier this year, when asked to identify the setting most preferred to receive long term care, 78 percent chose the home; 18 percent chose assisted living, and only 2 percent selected a nursing home.(2)

Sally Laughlin, a leading wildlife advocate and scientist whose work was instrumental in restoring three species of endangered birds in Vermont, was presented the first CVPS-Zetterstrom Environmental Award today at a Statehouse ceremony.
The award, named for famed osprey advocate Meeri Zetterstrom, includes a $2,500 cash award to support further environmental work.
“As we considered more than a dozen nominees, Sally Laughlin’s tenacity, focus and strength reminded many of us of Meeri, who exhibited tremendous determination and grace,” CVPS President Bob Young said. “They have both demonstrated a love for Vermont and its wildlife that few can match, and a willingness to go to great lengths to protect and assist birds, for their sake and ours.”

Vermont Attorney General William H Sorrell has announced that his office sent letters to owners of sixty five rental properties in Winooski requesting that they demonstrate compliance with the Vermont lead law at the properties. The landlords have been given 90 days to show that they are in compliance with the law.
“Winooski, like most of Vermont, has an aging housing stock,” said Attorney General Sorrell. “Approximately 80% of Vermont’s rental housing units were built prior to 1978, when lead based paint was being actively marketed and widely applied. Two out of every three lead poisoned children are living in pre-1978 rental housing. Landlords need to ensure that their properties are safe and in compliance with Vermont law, and these letters represent a chance for the landlords to work with us toward that goal.”

Green Mountain Coffee Roasters, Inc (NASDAQ: GMCR) was chosen from among hundreds of submissions from around the world to be included in the McDonald’s 2010 Global Best of Sustainable Supply. The Best of Sustainable Supply recognizes best practices of companies that demonstrate leadership and innovation in sustainable supply. McDonald’s first introduced Newman’s Own Organics coffee roasted by Green Mountain Coffee, part of GMCR’s family of brands, to its restaurants in New England and Albany, NY in October 2005.
“This recognition affirms the importance of our efforts to seek sustainable solutions to poverty and hunger in communities around the world that supply us with coffee”

The Vermont Agency of Transportation today closed the Interstate 91 Exit 12 northbound off ramp in Wilder, and the ramp will be closed between the hours of 7 am and 7 pm for the rest of the week to allow crews that are both removing and securing rock ledge in the area to perform their work. Some blasting will be necessary.
The closure is weather dependant, which means crews cannot work in bad weather. If crews are not working, VTrans will open the ramp and reschedule the work if the weather causes extensive delays.
As a detour, northbound traffic should use Exit 11 and take route 5 north to Wilder.
Source: VTrans. 4.26.2010

As the Senate considers new rules for the nation s financial institutions, Senator Bernie Sanders (I-Vermont) said today that breaking up big banks is critical to meaningful reform.
One of the major components of any serious Wall Street reform has got to be breaking up the largest financial institutions in the country. The time has come to do exactly what Teddy Roosevelt did back in the trust-busting days and break up these huge financial institutions, Sanders said.
Sanders said the giant financial institutions must be dismantled not only to protect taxpayers from future bailouts, but because the concentration of ownership in the financial sector is leading to fewer choices, higher bank fees, and higher credit card interest rates.

The State of Vermont will not be applying for the second round of the federal Race to the Top grant, the Vermont Department of Education announced today.
The highly competitive grant program, financed under the American Recovery and Reinvestment Act (ARRA), requires states to agree to very specific strategies, such as linking teacher pay to student performance, investing in charter schools and implementing turnaround models that could require the removal of principals in a data-driven school-ranking process.
Only two states, Delaware and Tennessee, received funds in the first round of grants (totaling over $600 million). Vermont did not apply in the first round.

Dinse, Knapp & McAndrew announced today that Brian Murphy has been elected as its President and Managing Partner to succeed Spencer Knapp, who stepped down after serving in that position since 1993. Knapp will remain as counsel to the firm, while serving as Senior Vice President and General Counsel of Fletcher Allen Health Care. He said, "The firm is fortunate to have many outstanding leaders and the unanimous selection of Brian as our new chief executive officer is a superb choice. His leadership skills are excellent, his background in business is a valuable asset, and his vision for the firm's future is very exciting."

Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, reported net income for the quarter ended March 31, 2010 of $666,593, or $0.65 per share compared to $433,578 or $0.42 per share for the same period in 2009, an increase of $233,015 or 53.74%. Our total revenue for the three months ended March 31, 2010 was $4.9 million, compared to $4.8 million for the same period in 2009. Net Interest Income for the three months ended March 31, 2010 was $3,095,172, compared to $3,201,076 for the same period in 2009. A decrease in loan balances was the primary factor contributing to the decrease in Net Interest Income.