News Rhode Island to sell Kingdoms of Amalur IP

38 Studios' Kingdoms of Amalur IP is getting ready to be sold off by the state of Rhode Island.
http://www.bit-tech.net/news/gaming/2013/05/21/rhode-island-prepared-to-sell-amalur/1

 

They will struggle to get the cash back as the IP there selling made not even half of what they paid for it.

 

This is why it's such a bad idea for States to gamble with taxpayer money on ill-conceived "incentives" to companies. My state just paid a multi-billion dollar hedge fund company (which is owned by a multi-billionaire) $115m to move from the town of Westport to Stamford (basially equal to moving across the street). $25m of the taxpayer "loan" will be forgiven if the hedge fund creates 1000 jobs over 10 years (and we all know how fudgey the whole "jobs created" statistics are). This was done to keep them from moving out-of-state.

The State of Connecticut plans on re-couping on that investment of taxpayer money by 2031-2036. Meanwhile the state budget is running a deficit and major aspects of our government that people actually care about (like our education fund) is underfunded by about a billion dollars.

CT is regularly rated at one of the worst states in the country to start a business in. Solution: bribe billionaire megacorps (Jackson Labs is another one) to hang around while small and medium sized business owners are buried under an ever-increasing tax burden. Hartford, Bridgeport and New Haven schools are in shambles and have something like a 40% dropout rate. You hear that, Governor? Stop paying off billionaires, we need that money for all the new up and coming welfare burdens you're creating!

/rant