Obama to raise $90B with bank fee

[kpete]

Source: The Hill


Obama to raise $90B with bank fee
By Silla Brush - 01/14/10 06:01 AM ET

President Barack Obama intends to raise $90 billion over the next decade through a special fee on the largest financial firms.

The administration is proposing the fee on the largest firms, not all of which received direct emergency money, to make up the losses on the government’s bailout efforts during the financial crisis.

“The fee that is put forward here is in many ways a minimum of what is owed back for the significant costs that are borne by the taxpayers,” a senior administration official told reporters on Wednesday night. The administration is calling the new policy a "financial crisis responsibility fee."

The fee would apply to roughly 50 financial firms each with at least $50 billion in assets, the official said. Of those, 35 would be U.S. firms, 15 would be subsidiaries of foreign-owned firms, and 27 would be U.S. banks, the official said.

Read more: http://thehill.com/homenews/administration/75853-obama-to-raise-90b-with-new-financial-fee

[Skink]

1. We know how much they like fees.

late fees. Really late fees. Annual fees.

[notadmblnd]

2. can they match the 30% on balances like they make us pay?

[coyote]

3. Those banks better give out their 80 billion in bonuses stat!!!! N/T

[safeinOhio]

4. Just turn those 50 financial firms into

about 500. I say bust the trust like Teddy did the RRs.

[Xenotime]

5. It's time to fuck them over like they have done us all these years.

Time to take the money away from them.

[bossy22]

6. and while we are doing that

we can fuck over people's retirement funds, jobs, and destroy the economy even more. I'm always amazed at the blind hatred for these companies that i see on this sight. I'm no big fan of them and i do blame them for the mess they got us into but to not realize that every major economic institution in this country is connected to each other is just foolish. If we "fuck them over" we fuck ourselves over. Now i'm all for higher fees on these institutions because they did take our money and we deserve to get something for it, but we have to be pragmatic. We need a policy that controls their risks but doesnt excise revenge on them.\

Unless we want to roll the clock back 200 years, these financial institutions are and will continue to be vital to our economy. We are in a post-industrial economy so get used it

[progressoid]

7. Hmmm. I wonder where they'll come up with that 90 billion?

Cut some bonuses?

Probably not.

[grahamhgreen]

8. Can we just repeal the financial Svs modernization act, and be adult about this? And bust them up.

[Robb]

9. "Financial Crisis Responsibility Fee." Good stuff.

Clearly the work of a corporatist shill. :sarcasm:

[fascisthunter]

10. is Wall Street in Charge or is This Admin in charge

they have no problem throwing all others under the bus, but man o man does Wall Street get their way.

[Regret My New Name]

11. Ennnh... Sadly this is going to be passed back down to us little people though.

Isn't that how it always works? :(

[Romulox]

12. Um, Mr. President, you lost almost $70B in bailouts in 2009 alone. This doesn't cover your losses.