Friday, December 15, 2017
Editorials

AIG bailout begins to bear fruit

The historic taxpayer bailout of American International Group in 2008 was vilified by its critics as a reckless overreach of federal power that was doomed to fail. But that controversial investment to protect the world's teetering financial markets is proving to be worth the risk. The AIG rescue package, instead of hemorrhaging red ink, could eventually result in a $15.1 billion profit to the American people, according to Congress' Government Accountability Office.

History will judge whether the multinational insurance and financial services giant AIG was too big to fail. But this much is known: Allowing the cratering of the company with 57,000 employees around the world would have set off another economic tsunami. The $125 billion rescue package cobbled together in the waning days of the Bush administration gave the federal government an 80 percent ownership stake in AIG and prevented an already dire economic crisis from getting even worse. Today, the GAO reports, AIG is returning to profitability. A number of AIG assets have been sold to pay off the bailout money at a profit to taxpayers, and the company's stock value is improving. The federal government's ownership position has been reduced to about 61 percent.

The bailout of AIG was not without risk. But the payoff is proving twofold. Greater economic disruption was spared, and now it looks as if taxpayers could make a little profit to boot.

Comments
Editorial: MOSI faces a clean slate and should give everyone a piece of chalk

Editorial: MOSI faces a clean slate and should give everyone a piece of chalk

For three years, the only news about finances at Tampa’s Museum of Science and Industry was bad news: "Struggling MOSI asks Hillsborough County for $400,000 loan," one headline read, "Audit sees MOSI finances slipping," read another, and "MOSI donor ...
Updated: 2 hours ago
Editorial: Rubio should make good his threat to oppose tax cuts without changes

Editorial: Rubio should make good his threat to oppose tax cuts without changes

For once, it would be nice to see Sen. Marco Rubio stand up as the independent leader he aspires to become. For once, the Florida Republican should hold his position rather than bow to pragmatic politics. Rubio can stick with his threat Thursday to v...
Published: 12/14/17

Another voice: A shameful anniversary

Josephine "Joey" Gay should have celebrated her 12th birthday this week. She should have been surrounded by friends and family in a place festooned with purple, her favorite color.Chase Kowalski should have been working toward a Boy Scout merit badge...
Published: 12/13/17
Updated: 12/14/17
Editorial: Congress should block efforts to expand offshore drilling

Editorial: Congress should block efforts to expand offshore drilling

Timing is everything, and Sen. Bill Nelson seized the right moment this week to call on his colleagues to pass legislation he filed earlier this year that would block the Trump administration from opening additional areas to offshore drilling. With t...
Published: 12/13/17

Another voice: Alabama picks an honorable man

THANK YOU, Alabama.In Tuesday’s special election, the state by a narrow margin chose to spare the nation the indignity of seating an accused child molester in the U.S. Senate. Though the stain of electing Republican Roy Moore would have sullied Alaba...
Published: 12/12/17
Updated: 12/13/17
Editorial: Tax cuts aren’t worth harm to Tampa Bay

Editorial: Tax cuts aren’t worth harm to Tampa Bay

As congressional negotiators hammer out the details on an enormous, unnecessary tax cut, the potential negative impact on Tampa Bay and Florida is becoming clearer. The harmful consequences stretch far beyond adding more than $1.4 trillion to the fed...
Published: 12/12/17

Another voice: Privacy in the internet age

How much information about you is on your cellphone? Likely the most intimate details of your life: photographs, internet searches, text and email conversations with friends and colleagues. And though you might not know it, your phone is constantly c...
Published: 12/10/17
Updated: 12/11/17
Editorial: Grand jury could force reforms of juvenile justice system

Editorial: Grand jury could force reforms of juvenile justice system

Confronted with documentation of sanctioned brutality and sexual abuse in Florida’s juvenile detention centers, the reaction from Gov. Rick Scott’s administration was defensive and obtuse. So it’s welcome news that Miami-Dade State Attorney Katherine...
Published: 12/08/17
Updated: 12/11/17

Editorial: U.S. House sides with NRA over state’s rights on concealed weapons permits

With the horror of the mass shootings at a Las Vegas country music concert and a small Texas church still fresh, the U.S. House finally has taken action on guns. But the bill it passed last week won’t make Americans safer from gun violence. It is an ...
Published: 12/07/17
Editorial: Hillsborough cannot afford pay raises for teachers

Editorial: Hillsborough cannot afford pay raises for teachers

There is no satisfaction for anyone in the standoff over pay raises between the Hillsborough County School District and its teachers. Most teachers across the nation already are underpaid, but this district simply cannot afford the raises teachers ex...
Published: 12/07/17