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RI Considering Defaulting 38 Studios Loan

The Boston Herald has word that lawmakers in Rhode Island are weighing the possibility of defaulting on the $75 million loan to 38 Studios that's left the state saddled with about $100 million in debt. This is an interesting approach to a situation where their complaint is about the company's failures of fiscal responsibilty, and the story does reflect an unlikelihood that they will actually default, noting that Governor Lincoln Chafee has said the state must honor its debts. On the other hand: "38 Studios was national news," says Rep. Charlene Lima, sponsor of a bill favoring default. "It was such bad publicity and such an embarrassment. It's the reputation that this state has that only the politically connected get anywhere. It's all about insider deals. That's what's hurting economic development in our state." Thanks GameSpot.

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