Obama Proposes Bank Tax to Recoup Every Last Penny for American Taxpayers

[bik0]

WASHINGTON, DC- President Barack Obama will join his economic team today to propose a Financial Crisis Responsibility Fee to be imposed on the debt of the largest financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.

"My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people - who have not been made whole, and who continue to face real hardship in this recession," said President Barack Obama. "That's why I'm proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street."

The fee will be in place at least 10 years, but even longer if needed to pay back every penny of TARP. This will not be a cost borne by community banks or small firms; only the largest firms with more than $50 billion in assets will be affected. In fact, 60% of the revenue will come from the 10 largest financial firms.


http://www.whitehouse.gov/sites/default/files/financial_responsibility_fee_fact_sheet.pdf

[Marr]

1. Is this meant to recover the obscene profits and assets they gained with our money as well,

or just the initial investment?

[bik0]

2. Initial investments.

[doc03]

3. Why not use that to pay for the HCR instead of taxing

the Union health-care plans? Just an idea.

[Cyrano]

4. Are we really stupid enough to believe that the banks won't get every

penny they must pay back from us? There will be new fees for everything imaginable. And they'll probably install toll booths at the drive-thru lanes. Trust me. What they have to pay back will come right out of our pockets. Unless we move our accounts to small, local banks.

[kenny blankenship]

5. Yes we are.

for the most part. This would be just the latest confirmation of the thesis.

[bvar22]

6. Well, if you are NOT going to do ANYTHING about...

...Too Big to Fail, I guess asking for our money back after they have used it for FREE for a year is something. :shrug:

This "FEE" should be applied to the individuals rather than the Banks themselves.
The Banks will simply pass it on.