Thursday, June 14, 2012

Fuck You, Curt Schilling

I've had fun watching Curt Schilling's stupid video game fiasco 'cause fuck Curt Schilling, that's why, but Matt Yglesias pretty much hits it on the head:
What went wrong? On the state’s side, it looks an awful lot like a toxic interaction between stupidity, desperation, and Red Sox fandom...At around the same time, Schilling was looking to raise more cash to kick 38 Studios into high gear. Having struck out with Wall Street and Boston-area venture capitalists, he turned to the Massachusetts State Legislature and was turned down. You would think that the fact that even Boston VCs and even the Massachusetts government rejected a Red Sox legend’s request would signal that his company was a poor investment. But not, apparently, to the desperate little-brother Red Sox fans of Rhode Island.
And saves the biggest zinger for stupid, stupid Rhode Island:
Perhaps the best path would be to take advantage of the fact that the 38 Studios bonds are moral-obligation bonds rather than general-obligation bonds, and simply default and refuse to pay. The big downside to defaulting is that it makes it much harder to borrow money in the future. But considering Rhode Island’s track record of debt-financed economic development schemes, that might be a blessing in disguise.

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