Francisco L. Borges

Borges was elected to the Hartford City Council in 1981 and served as deputy mayor from 1983 to 1985. He was elected Connecticut State Treasurer in 1986, defeating Republican opponent and Middletown mayor Sebastian J. Garafalo by 11 points. Borges won reelection in 1990 by a much narrower three-point margin, defeating former state treasurer Joan R. Kemler. Borges divested the state's pension portfolio from companies doing business in Northern Ireland and apartheid South Africa.^[3]

Effective March 1, 1993,^[1] Borges resigned from office to become an executive at the New York-based Financial Guaranty Insurance Company, a subsidiary of General Electric Capital. U.S. Senators Chris Dodd and Joe Lieberman had lobbied the Clinton Administration to appoint Borges to lead the Federal Deposit Insurance Corporation, but the administration moved slowly and Borges opted to accept the Wall Street job offer.^[3] The Connecticut General Assembly selected Bloomfield mayor Joseph M. Suggs Jr. to fill the remaining two years of Borges's term.^[2]

Borges is chair and managing partner of Landmark Partners, an investment company based in Simsbury. Landmark was the subject of a 2000 civil complaint by the US Securities and Exchange Commission, charging that Landmark's leaders provided kickbacks to Republican state treasurer Paul J. Silvester in exchange for Silvester's 1998 award of major state pension-fund investment contracts to Landmark. The misdeeds took place before Borges joined the company. Borges disputed the charges.^[4] Silvester subsequently pled guilty to federal racketeering charges.^[5] Landmark agreed to settle the case and pay a $100,000 fine; its chair, Stanley J. Alfeld, paid an additional fine of $50,000. Neither Landmark nor Alfeld admitted wrongdoing as part of the settlement.^[6][7]