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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:49 AM
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Banking on fairness (Spartanburg SC Herald-Journal)
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 ...
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