Why did Frank Caprio change his mind about 38 Studios?

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RIREPUBLICAN.COM - Individual Liberty, Fiscal Conservatism, and Self-Reliance: Why did Frank Caprio change his mind about 38 Studios?

Why did Frank Caprio change his mind about 38 Studios?

      I've been rather critical of the plan to offer $75 million in loan guarantees to 38 studios, which is a video game company owned by former Red Sox pitcher Curt Schilling. Why am I opposed? Rhode Island's taxpayers will be taking on a lot of risk for what I perceive to be a small chance of success. We also need to be realistic. Would a company that never had a product receive $75 million if it weren't headed by a World Series hero? I doubt it.

     Despite all these issues, General Treasurer Frank Caprio thought it was a great idea. Here are Frank Caprio's thoughts at the time:

“I’m optimistic about it. The [EDC] board knew more than anybody. They voted almost unanimously for it. So now, in my role as a candidate and future governor, I’m going to be a cheerleader for it.”

     That was then, this was now. It looks like Frank "The Cheerleader" Caprio has put his pom poms away and jumped to the other side:

“When the details of the transaction became known, the deal became totally unacceptable,” he said. “That’s why I’ve taken these steps. It’s all about the details of the transaction, which were held very close to the vest.”

I would love to know which details "became known" that changed Caprio's mind. Is it that 38 Studios has never sold a product? That the company is operating in a risky industry? That the company is using up a majority of the $125 million in funds, at the expense of the small businesses Caprio is constantly talking about helping? Is it the lack of an equity stake? How about Rhode Islanders being on the hook if the company goes bankrupt?

It could have been any of these things. Of course, all of these facts have been known for quite some time, Did Frank Caprio not understand the risk? As the General Treasurer, why is he learning about the financial aspects now? Shouldn't this have happened before? There are lots of questions I would like to have answered, but I wouldn't expect an answer any time soon.