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From the staff of the Tampa Bay Times

Troxler: Clean up scandal-plagued investment board



Howard Troxler: Call me kooky, but I do not want to learn about a formal investigation of the state of Florida's investments by the Securities and Exchange Commission — 16 months late.

One more bombshell. One more delayed revelation. The feds seem to be looking into whether Florida and Wall Street were misleading investors about the risks that were being taken here.

This is what should happen when that kind of letter shows up in Tallahassee:

Alarm bells go off. Air-raid sirens sound. Gov. Charlie Crist, Chief Financial Officer Alex Sink and Attorney General Bill McCollum — who sit as the board overseeing the investments — hold an emergency joint news conference.

Instead, this became public well more than a year later, only in a response to a public records request from the St. Petersburg Times.

The state's explanation is lame. Hey, it says, this is old news — it disclosed a preliminary SEC inquiry on its Web site, didn't it? The formal letter itself was, you know, confidential. Apparently until it wasn't.

If the people of Florida ever get their arms around this scandal, they might riot.

[Last modified: Thursday, September 9, 2010 1:05pm]


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