A legislative committee Wednesday held the fourth in an ongoing series of oversight hearings on Rhode Island’s investment in failed video game company 38 Studios. Committee members had different views on the value of the meeting.
Legislative testimony shows that independent monitoring wasn’t put in place for 38 Studios before bonds were sold to fund the ill-fated video company. The state Economic Development Corporation told investors that IBM would perform third-party monitoring of 38 Studios.
The issue of independent monitoring was discussed during a House Oversight Committee meeting earlier this month. In a document similar to a prospectus, the EDC told investors it hired IBM in September 2010 to monitor 38 Studios’ performance.