What could Chafee have done?

Posted

Reference is to “Failed Leadership” in the Providence Journal, Sunday, Oct. 4.

Ed Achorn’s editorial board takes former Governor Lincoln Chafee to task for failing to monitor the disbursement of Rhode Island Economic Development Corporation (RIEDC) bond proceeds to 38 Studios and, presumably, this alleged failure is a significant cause of our state’s present plight holding the bag for Curt Schilling’s failed adventure. The editorial goes on to state that half of the loan proceeds were disbursed to 38 Studios during Chafee’s term.

One-half, one-third or any other fractional share is not the issue. The real issue, which ProJo deftly avoids, is: What measures could Chafee have taken to throttle the flow of funds? Should Chafee have violated the bond covenants and placed the RIEDC (and the state) in a default situation? To my knowledge, we’re paying these bonds precisely to avoid the state from suffering default.

Fred Joslyn

Cranston

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