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Obama Wants a Wall Street Recovery Tax

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Posted on Jan 14, 2010
commons.wikimedia.org / Ramy Majouji

Wall Street has largely bounced back from crisis-era failings, and many firms have shelled out millions in bonuses to executives.

President Barack Obama wants to slap a new tax on the country’s largest financial institutions in an ostensible attempt to “recover every single dime” given away in 2008’s Wall Street bailout. The tax was met with predictable fat-cat jeers, despite the fact that the industry has largely recovered from the crisis.

As Wall Street fortified its defenses to fight the tax, Obama delivered a sharp rebuke: “Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities.” —JCL

The New York Times:

President Obama on Thursday called for collecting a new tax for at least a decade on about 50 of the largest financial institutions, saying he wants “to recover every single dime the American people are owed” for the bailout of Wall Street.

Flanked by his economic advisers at the White House, Mr. Obama spoke in some his harshest language to date against the resurgent financial industry.

“We’re already hearing a hew and cry from Wall Street suggesting that this proposed fee is not only unwelcome but unfair, that by some twisted logic it is more appropriate for the American people to bear the cost of the bailout rather than the industry that benefited from it, even though these executives are out there giving themselves huge bonuses.”

Mr. Obama continued, “What I say to these executives is this: Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities.”

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By Dave, January 15, 2010 at 11:53 am Link to this comment
(Unregistered commenter)

By rollzone, January 15 at 3:03 am
of course the tax payer gets any of these bank taxes passed
down upon them, of course the bankers are not going to have
to pay.

________________________

Only the large banks took bailout money.  Most of the banks in this country did not take any money and would not be effected by any ‘recovery tax/fee’.

If the big banks want to pass the fee/tax on to their customers then let them do it.  it will only increase the rate at which people are closing their accounts at the big banks and moving their money into FDIC insured small community banks or credit unions.

The American people have the capability to turn ‘too big to fail’ banks into ‘wish we hadnt screwed the American people’ banks.

Let the people decide.

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By Mike, January 15, 2010 at 9:27 am Link to this comment
(Unregistered commenter)

It’s too late now - they were handed the money with no strings and of course took it and ran, laughing all the way to their own banks.  The tax is just a pathetic, desperate attempt to assuage the public’s outrage and repair the political damage.

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By rollzone, January 14, 2010 at 11:03 pm Link to this comment

hello. i am convinced this administration is for lawyers. everything done has to be worked over by teams of high paid lawyers. it is not about a win or a loss, it is about establishing a precedent, a controversy, an argument against legal teams. both teams profit into the horizon. of course the tax payer gets any of these bank taxes passed down upon them, of course the bankers are not going to have to pay. it is about how much money in the argument they can make for the lawyers. they are the big winners in all the garbage coming out of Washington,D.C..

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By glider, January 14, 2010 at 9:35 pm Link to this comment

The Banksters are receiving institutionalized too big too fail status, and preservation of their lucrative business model obtained from the dismantling of the previous regulatory structure.  Forget correcting these Bankster excesses and the ongoing risk and dysfunction.  Instead Obama will be pushing a superficial partial payback plan as a populist campaign strategy.  A classic example of too little too late.  If a payback was done honestly there whould be a proper accounting of the aid rendered these Banksters, which would include the guarantees on the mortgage backed securities, and the costs of the Feds massive money printing operation used to ameliorate the effects of the disaster.  As it stands this is a smart win win strategy for Obama.  He will be able to reap the benefits of a populist “tax the bankers” line while while relying on the legislation getting watered down in the corrupted legislative branch to serve his corporate funders.

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DieDaily's avatar

By DieDaily, January 14, 2010 at 7:56 pm Link to this comment

What a joke. Obama the sad puppet.

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By Old Geezer Pilot, January 14, 2010 at 5:55 pm Link to this comment
(Unregistered commenter)

Right on, Walter. The banksters will squeal like stuck
pigs, but BHO is letting them off cheap. This bill
seeks to recover around $100 billion in 10 years. Hell,
we taxpayers have put out around $11 TRILLION in less
than one year.

“And the banks—hard to believe in a time when we’re
facing a banking crisis that many of the banks created
—are still the most powerful lobby on Capitol Hill.
And they frankly own the place,” - Dick Durbin

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By walter ponthaus, January 14, 2010 at 12:49 pm Link to this comment

As usual, what a crock from BO and his team of corrupt, corporate-beholden cronies.

This is nothing but empty lip service to quell rising public fury about the banksters and Wall St. fraudsters and their fat, filthy, unearned profits and bonuses.

Wanna bet that (once again) BO’s actions won’t match his nauseating rhetoric…

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