The WSJ reports that the Air Transportation Stabilization Board (the government entity set up to give airlines loans after 9/11) was somehow able to turn a $300 million profit on the $1.6 billion in loans it gave out to America West and others. The board was widely derided (ok, derided by me and a few others) for handing out taxpayer-backed loans to prop up ailing airlines. But it turns out they did their homework, denying loans to airlines that were not financially fit (United) and making smart investments. Well done. Now please, let poorly performing airlines fail.