MaggieMae
Reality bits
- Apr 3, 2009
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Obama to unveil bank tax to recoup losses
By Kara Rowland
In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )
( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.
( You have to LOVE this next part. You can't punish the unions you know )
The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."
Obama to unveil bank tax to recoup losses - Washington Times
Sounds like a pretty good idea to me, rampaging Wall Street has brought our nation to its knees, they need more regulating and this tax is a good start.
As it presently stands, the fee would only be levied on the debts of financial firms with more than $50 billion in consolidated assets, such as Goldman-Sachs and Bank of America. "Consolidated assets" is the jargon now used instead of "bundling." Same ol' same ol' shit, however prettied-up.