Back in May controversy hit Rhode Island as the "Project Copernicus" and its developer 38 Studios shut down and fired all 379 employees of the studio.
So why is this such a big political issue?
Well perhaps its because Rhode Island as just given the studio 75 million dollars in a grant consisting of tax payers money. Worst than that because the studio closed the tax playing public may now be stamped with another bill of 150.7 million dollars. Rhode Island wants nothing to do with paying the 150 million debt so the Rhode Island Economic Development Comission (EDC) has filed a law suit against the parties involved in the deal. This parties include Curt Schilling the 38 Studio founder, CEO Jennifer McLean, Wells Fargo Securities, Barclays Capitol and former EDC executive director Keith Stokes.
It remains to be seen if these parties will be held accountable for their actions or if the state of Rhode Island will have to look to their tax payers to pay off the bad grant.
Personally I think that the parties involved should be paying the bill and not the tax payers. Going along side with the financial crisis our country has been through due to bad loans by these organizations. The tax paying people have bailed out enough bad grants and loans, I dont think one more should be added to the list.
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