Banking on fairness (Spartanburg SC Herald-Journal)

[struggle4progress]

Ultra-profitable banks shouldn't fight new tax or pass it on to customers
Published: Sunday, January 17, 2010 at 3:15 a.m.
Last Modified: Friday, January 15, 2010 at 6:54 p.m.

When President Barack Obama unveiled his proposal Thursday for a new tax on big banks, he said what many Americans have been thinking: "We want our money back" ...

"This is a punitive tax on companies that repaid TARP (the Troubled Asset Relief Program) in full or never took TARP," said Scott Talbot, the chief lobbyist for the Financial Services Roundtable, a group representing the largest Wall Street institutions.

That argument clearly and purposely misses the point. TARP, which doled out $247 billion to banks and has recouped $173 billion, is not the issue.

The crux of the matter is the (currently) $182 billion bailout of AIG, because that's where many of these companies are getting the money to pay such large bonuses ...

http://www.goupstate.com/article/20100117/ARTICLES/1171012/1128/OPINION?Title=Banking-on-fairness