Thursday, February 22, 2018
Letters To The Editor

Friday's letters: S&P has not lowered standards

Slipping back into bad financial habits | Aug. 9, editorial

S&P has not lowered standards

S&P has not lowered its standards to attract business, as a New York Times article claimed. On the contrary, last year S&P actually increased the amount of credit support required to achieve a AAA rating on commercial mortgage-backed securities.

Since S&P implemented its new methodology, there are no bonds to which it has assigned a AAA rating and another agency assigned a lower rating to the same bond. In fact, based on the dollar value of the transactions cited by the New York Times, 97 percent of the commercial mortgage-backed securities that S&P has rated since changing its methodology were rated the same as or lower than other rating agencies.

Concerning the issue of how credit rating analysis is funded, S&P and the vast majority of credit rating agencies have employed the issuer-pays model since the 1970s, when the Penn Central Railroad bankruptcy demonstrated the need for greater transparency in credit ratings.

The SEC, which regulates credit rating agencies, pointed out that the issuer-pay model has many benefits. It is unique in its transparency compared with the alternatives. It enables ratings to be publicly available and free of charge to all market participants and fosters more efficient debt markets and coverage of emerging companies.

S&P has made many changes since the financial crisis in order to strengthen its independence from issuers, monitor global credit risks and improve its methodologies. Based on what S&P learned, it changed the way it rates almost every type of security that was affected by the financial crisis, making it more difficult for securities to achieve high ratings.

Public disclosure of our ratings to a broad audience of market participants means our opinions are subjected to market scrutiny every day from every corner of the capital markets.

Paul Coughlin, executive managing director, global analytics and operations, Standard & Poor's, New York

Teachers cash in on failing kids | Aug. 11

Mend, don't end, tutoring

As the former assistant secretary of education for civil rights and an advocate of federal tutoring programs with Tutor Our Children, I am concerned by the alleged conflicts of interest brought to light in the Times article on educators running government-funded tutoring companies.

Through a provision included in the Elementary and Secondary Education Act called Supplemental Education Services, or SES, states are eligible to offer subsidized tutoring to low-income and minority students who are not receiving the individual attention and instruction they need in the classroom.

For so many children, federally funded tutoring services are nothing short of an educational lifeline in an otherwise failed education system. Equally as important, free tutoring is a statutory parental empowerment right for the families of Title I children who are trapped in failing schools. These are exactly the students who need the sort of personalized academic attention tutoring provides in order to close the achievement gap.

Because ethics concerns have been brought to light in Florida, it is imperative that the SES system is reformed not just on a state-by-state basis, but nationally so students can continue to receive the critical instruction they need while bad actors are prevented from exploiting the program for private gain.

As the national debate continues in Congress to reauthorize the Elementary and Secondary Education Act, it is imperative that SES and free tutoring services are restored and that the program is included, with reforms, in the bill that ultimately reaches the president's desk.

Stephanie Monroe, Washington, D.C.

War on poverty' not sustainable Aug. 12, letter

Assistance in many forms

I would like to take issue with the letter writer who questions the logic of assisting the poor, calling them "captives of government" and "nonproducers" and citing U.S. Census data that show 49.1 percent of American households are receiving some form of government assistance.

What types of assistance are we talking about? Our national poverty rate hovers at approximately 16 percent, so we are really just talking about food stamps and Medicaid? We are also talking about Medicare and Social Security. Are we suggesting that the elderly who have paid taxes their whole working lives suffer from "a sense of entitlement"? Does this same percentage include retired military and veterans of war receiving disability pensions and VA services? I'd hardly include those as "gimmes."

What about the full-time working poor who still need help making it — so that the rest of us can get low prices at big-box stores? Considering that CEO compensation hit an all-time high last year, while many American households are considered low-income, I think we as a society need to be careful about the language we use — government assistance, handouts, takers, nonproducers, etc.

What we don't want to see as decent caring Americans is "the haves" turning the "war on poverty" into a war on the poor.

Tamara Craddock, Brandon

Russia's antigay law hazy | Aug. 13

Church-state trouble

Under Vladimir Putin's leadership in Russia, the Orthodox Church has assumed an increasingly important role. The new antigay and blasphemy initiatives may be the first of many religious dogmas to be forced on the Russian people.

Is Putin using the church, as Adolf Hitler did in the 1930s, to consolidate power and become the new czar? As Napoleon said when he reinstated the Catholic Church as the official state religion in France, "Religion is great stuff for controlling the common people." This is a glaring example of why separation of church and state is so important.

Frank Prahl, St. Petersburg

Comments

Wednesday’s letters:

House Bill 21Opioid proposal merits supportIn 2016, Florida recorded 952 heroin-related and 1,390 fentanyl-related deaths. Four in five new heroin users began by misusing prescription pain medications, also known as opioids. Despite the widespread op...
Published: 02/20/18

Hernando Letter to the Editor for Feb. 23

Re: Hernando business leaders push to loosen development rules | Feb. 9; Re: Deny Brooksville mine expansion, planning commissioners say | Feb. 16Wish to register my opposition to both the draft of the new Hernando County Comprehensive Plan that elim...
Published: 02/20/18

Tuesday’s letters: Making politics personal is one way toward reasonable gun control

The Parkland shootingMake gun politics personalAs an educator of 32 years, it encourages me to see our young people engaged after the horror at Stoneman Douglas High School. The tragedy at Parkland has awakened the sleeping giant that is the millenni...
Published: 02/19/18

Sunday’s letters: Congress must act on firearms

Deadly toll: 17 | Feb. 15Congress must act on firearmsIt’s time for Congress to be counted.The failure of Congress to act to: (1) limit access to assault rifles and (2) require meaningful background checks for all gun purchases is appalling.Surel...
Published: 02/17/18

Monday’s letters: Call it by its name: terrorism

Deadly toll: 17 | Feb. 15Call it whatit is: terrorismLet’s just call it what it is. It’s terrorism. No school in the country is immune. They all have procedures for sheltering in place or emergency evacuation from a shooter. It’s prudent to be pr...
Published: 02/16/18

Saturday’s letters: Payoff to porn star not front-page news?

Lawyer: I personally paid porn star | Feb. 14Where we’re at: This is 4A newsOnly under the Trump presidency does a story about the president’s lawyer paying off a porn star to cover up an affair with the president show up on page 4A. Never mind t...
Published: 02/16/18

Friday’s letters: Water quality too important to gamble on

State to update water rules | Feb. 10Don’t gamble with water safetyI wondered whether this front-page article was an early April Fool’s joke. The Florida Department of Environmental Protection "updated" its pollution regulations in 2016, with str...
Published: 02/15/18

Thursday’s letters: Bill protects pharmacy customers

House Bill 351Bill protects pharmacy customersWe all need the protections provided in Florida House Bill 351 to ensure pharmacy benefit managers, or PBMs, are transparently operating with patients. Currently, PBMs are not regulated by the state and o...
Published: 02/14/18

Wednesday’s letters: The ocean is no place for amateurs

Youthful dream sinks in two days | Feb. 12Ocean is no place for amateursFirst of all, let me say I am sorry this couple lost their boat and I do applaud their adventurous spirit. However, I have spent over 20 years at sea and would like to commen...
Published: 02/13/18

Pasco Letters to the Editor for Feb. 16

A vote against Pasco’s jail bond issueThere are two stories on the front page of the Feb. 9 Pasco Times that drew my attention.The top headline reports that the Pasco County commissioners are discussing submitting a $185 million bond issue to the vot...
Published: 02/13/18