Phantom Finance

The Legislation Enabling the 38 Studios Guarantee Didn’t Magically Push Itself Through the Legislature

By Carroll Andrew Morse | November 4, 2012 |

Based on some chatter in the Twittersphere over the weekend, it appears the claim is still alive and well that Rhode Island Speaker of House Gordon Fox didn’t know that the state’s Economic Development Corporation would consider awarding $75M in loan guarantees to a single company (that eventually went under), utilizing a $125M pool that…

The Insanity Will Never End, Until We At Least Begin to Think About It

By Carroll Andrew Morse | October 18, 2012 |

RI Public Radio reporter Ian Donnis‘ recap of the last night’s Gordon Fox/Mark Binder debate includes this gem of Rhode Island fiscal insanity…6. [House Speaker Gordon Fox], in the first time that I heard him mention it, raised the possibility of using the state income tax to reduce the high burden of property taxes. He…

Speaking of John C, When Will That $75,000 Get Paid Back?

By Monique Chartier | May 5, 2012 |

So as you probably heard, Congressman David Cicilline’s brother, John, made the news yesterday. Which reminds me. When is either John Cicilline or David Cicilline going to pay Providence back that $75,000 – or is it $150,000 (two checks @ $75,000)? Is there any question that this highly questionable maneuver would never have taken place…

Note to the General Treasurer: If George Nee Supports It, It Is Definitively Not “Sound Fiscal Policy”

By Monique Chartier | March 22, 2012 |

Kudos to WPRI for bringing this to light. Treasurer Gina Raimondo is urging lawmakers to reject a little-noticed proposal by Governor Chafee to shave $2.6 million off the amount taxpayers must put into the pension fund next year. The governor’s proposed 2012-13 budget would scrap a seven-year-old law mandating that if the state’s required pension…

It All Makes Sense if you Understand They’re Planning to Sell Their Rights to the Gold Mines Under Kennedy Plaza

By Carroll Andrew Morse | December 15, 2011 |

Ted Nesi of WPRI (CBS 12) notes two developments in the the collapse of ProCAP, an organization that is supposed to address poverty issues that, while outside of the government-proper, receives “96% of its…revenue from taxpayers”…Superior Court Judge Michael Silverstein granted ProCAP’s request and named Thomas Hemmendinger as the agency’s temporary court-appointed receiver during a…

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