Seinfeld

In a market economy, I believe state run economic development can sometimes be a good thing. But I suspect it’s usually a bad thing. Here’s why, in which a Rhode Island state treasurer cautioned against backing a celebrity owned company that would ultimately become a $75 million bath for taxpayers:

“In general, I would proceed very carefully on this.  [The company] is in the Boston area where there are 200 venture capital firms, and it is in a very hot area of gaming so if it were in fact a compelling investment I would have to think it would be well funded already by venture capitalist; the fact that many have looked at it and passed is a red flag.”  Continue reading…