RI Gubernatorial Debate Offers Spirited Jousting Over 38 Studios Deal

August 27, 2010 -

The more feisty exchanges in a debate among Rhode Island gubernatorial candidates on Thursday revolved around plans from that state’s Economic Development Corporation (EDC) to grant 38 Studios $75 million in guaranteed loans in order to get the Curt Schilling-helmed company to move from Massachusetts.

As recounted by the Providence Journal, when asked by a moderator for their views on the 38 Studios deal, Independent candidate, and perpetual opponent of the transaction, Lincoln Chafee called the loan a mistake and indicated that the first payment of $15 million would go out to Schilling’s company next Tuesday.

This prompted Democratic candidate Frank Caprio to snap at Chafee, saying, “You don’t have your facts straight. You don’t understand the deal. You don’t know the first thing about this.”

Caprio then insisted that the 38 Studios transaction was not complete and he attempted to wager Chafee a cup of coffee over who was correct about the deal.

More importantly, the newspaper reported:

It turns out that there was a closing scheduled for Tuesday in which a commercial lender, not the state, was to hand over $15 million to 38 Studios, according to Melissa Chambers, spokeswoman for the EDC. She said the closing has been postponed until mid-September.

Republican runner John Robitaille said that while he wants to see 38 Studios succeed, the government should not be picking winners.

Fellow Republican candidate Victor Moffitt saw no reason to question the judgment of the EDC since it vetted the project.


 
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Matthew Wilsonthe issue is when is doesn't work it can screw over millions in new york city's case. more often than not it is better to let the free market run its course without market distortion.04/16/2014 - 9:36am
NeenekoTrue, and overdone stagnation is a problem. It is a tricky balance. It does not help that when it does work, no one notices. Most people here have benifited from rent controls and not even realized it.04/16/2014 - 9:23am
ZippyDSMleehttp://www.afterdawn.com/news/article.cfm/2014/04/15/riaa_files_civil_suit_against_megaupload04/16/2014 - 8:48am
ZippyDSMleeEither way you get stagnation as people can not afford the prices they set.04/16/2014 - 8:47am
Neenekowell, specifically it helps people already living there and hurts people who want to live there instead. As for 'way more hurt', majorities generally need less legal protection. yes it hurt more people then it helped, it was written for a minority04/16/2014 - 8:30am
MaskedPixelantehttp://torrentfreak.com/square-enix-drm-boosts-profits-and-its-here-to-stay-140415/ Square proves how incredibly out of touch they are by saying that DRM is the way of the future, and is here to stay.04/16/2014 - 8:29am
james_fudgeUnwinnable Weekly Telethon playing Metal Gear http://www.twitch.tv/rainydayletsplay04/16/2014 - 8:06am
ConsterTo be fair, there's so little left of the middle class that those numbers are skewing.04/16/2014 - 7:42am
Matthew Wilsonyes it help a sub section of the poor, but hurt both the middle and upper class. in the end way more people were hurt than helped. also, it hurt most poor people as well.04/16/2014 - 12:13am
SeanBJust goes to show what I have said for years. Your ability to have sex does not qualify you for parenthood.04/15/2014 - 9:21pm
NeenekoSo "worked" vs "failed" really comes down to who you think is more important and deserving04/15/2014 - 7:04pm
NeenekoThough I am also not sure we can say NYC failed. Rent control helped the people it was intended for and is considered a failure by the people it was designed to protect them from.04/15/2014 - 7:04pm
NeenekoIf they change the rules, demand will plummet. Though yeah, rent control probably would not help much in the SF case. I doubt anything will.04/15/2014 - 1:35pm
TheSmokeyOnline gamer accused of murdering son to keep playing - http://cnews.canoe.ca/CNEWS/Crime/2014/04/15/21604921.html04/15/2014 - 11:50am
Matthew Wilsonyup, but curent city rules do not allow for that.04/15/2014 - 11:00am
ZippyDSMleeIf SF dose not start building upwards then they will price people out of the aera.04/15/2014 - 10:59am
Matthew Wilsonthe issue rent control has it reduces supply, and in SF case they already has a supply problem. rent control ofen puts rent below cost, or below profit of selling it. rent control would not fix this issue.04/15/2014 - 10:56am
NeenekoRent control is useful in moderation, NYC took it way to far and tends to be held up as an example of them not working, but in most cases they are more subtle and positive.04/15/2014 - 10:24am
PHX CorpBeating Cancer with Video Games http://mashable.com/2014/04/14/steven-gonzalez-survivor-games/04/15/2014 - 9:21am
Matthew Wilsonwhat are you saying SF should do rent control, that has never worked every time it has been tried. the issue here is a self inflicted supply problem imposed by stupid laws.04/15/2014 - 8:52am
 

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