Frias Calls for End of Moral Obligation Bonds in RI
GoLocalProv Political Team
Frias Calls for End of Moral Obligation Bonds in RI
"I have been campaigning for two months on a platform calling for the end of moral obligations in order to prevent a repeat of 38 Studios. After speaking to over a thousand voters, I believe that many voters, regardless of party affiliation, never want to see a repeat of 38 Studios, and support banning moral obligation bonds. If I am elected, I pledge to support legislation prohibiting moral obligation bonds," said Frias.
The moral obligation bonds use in financing 38 Studios came as a result of 2010 legislation which was supported by Nicholas Mattiello when he was the House Majority Leader said Frias.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"Moral obligation bonds are simply a tool used by politicians to put the public into debt without its consent. To help us move beyond 38 Studios, the public must feel confident that such a debacle will not repeated. One way to do that is by prohibiting moral obligation bonds. Speaker Mattiello should show he learned a lesson from the costly mistake he made in 2010 when he backed the 38 Studios legislation and agree that moral obligation bonds should be prohibited in future. 38 Studios must never happen again."
38 Studios - Wells Fargo and Barclays Settlement
