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5. Re: etc. May 29, 2012, 12:33 Jim
Agent.X7 wrote on May 29, 2012, 12:18:
nin wrote on May 29, 2012, 11:36:
Schilling says he could lose $50 million of his own money in 38 Studios implosionů

I'm sure all the people that didn't get paid and/or lost their jobs feel just horrible for him...

Don't blame Schilling. Read about this story before you comment. The current governor was opposed to the loan before he took office. When he took office he basically fucked 38 studios over. He refused to release part of their loan, refused to give them tax credits they had been promised, and then made public comments bashing the company which scared away private investors.

If Schilling made a horrible error, it was moving the company and taking a co-signed loan with RI. The people who lost their jobs know exactly why, and from the posts by former employees, they know Curt did everything he could to save their jobs. If you want a scapegoat, look no further than your friendly neighborhood fucking politician. He basically fucked RI residents into paying off this loan because he wanted to act like a child.

While I'm not defending the governor, I place blame for this whole mess on the EDC. No one in their right mind would have given Schilling a $75 million loan guarantee for an unproven and highly unrealistic business venture in the first place. Everyone knew this before the deal was signed.

The tax credits were intended to lure the film industry into Rhode Island, and even if extended to 38 Studios probably wouldn't have saved them.
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