White House wants banks to pay for auto bailout losses

[kpete]

Source: The Detroit News

Last Updated: September 19. 2011 2:37PM
White House wants banks to pay for auto bailout losses
David Shepardson/ Detroit News Washington Bureau

Washington— The Obama administration said Monday it wants to make the nation's largest banks pay for the losses incurred in the $85 billion auto bailout and other bailout programs.

As part of the administration's proposal to cut the deficit by more than $3 trillion over 10 years, the White House has resurrected a proposal to create a "Financial Crisis Responsibility Fee" — a move that would raise $30 billion over 10 years.

The fee is aimed at recouping losses from the government's $700 billion Troubled Asset Relief Program — the emergency fund created in 2008 by Congress to rescue banks, insurance companies and automakers.

In January 2010, President Barack Obama first proposed imposing a fee on big banks to cover auto losses. At the time, the fee was expected to raise $90 billion over 10 years, from the 50 largest institutions, including Ally Financial Inc., the government-owned Detroit-based auto and mortgage lender.


From The Detroit News: http://detnews.com/article/20110919/AUTO01/109190394/White-House-wants-banks-to-pay-for-auto-bailout-losses#ixzz1YRcJZNmu

Read more: http://www.detnews.com/article/20110919/AUTO01/109190394/White-House-wants-banks-to-pay-for-auto-bailout-losses

[JNelson6563]

1. Good.

Rock on Mr. President.

[davidwparker]

2. Me too. I also want the divide between banks and Wall

Street put back up. And, I want the too-big-to-fail banks broken up.

[Marie Marie]

3. Yeah, and the Banks have been laughing since Monday.

That'll happen

[timtom]

4. Top of my head -- sounds like a damn good idea. (NT)

[Romulox]

5. Why even bring up the automakers when TRILLIONS more were funneled DIRECTLY to the banks?

This is more misdirection.

[Romulox]

6. As the Obama admin is set to bail out Greece, please remember the auto bailouts!

(and not the geometrically larger Bankster bailouts!)