05:37 Obama proposes new transaction fees for financial firms' riskiest investments - WSJ The Wall Street Journal reports President Obama said for the first time that the government might assess new fees against financial companies engaging in what he labeled "far-out transactions," in order to protect taxpayers from future bailouts. Mr. Obama on Wednesday compared the possible fees to the assessments that more than 8,000 banks pay the FDIC to guarantee deposits. He didn't describe what sorts of transactions might trigger the fees, though the way he described it suggests the proposal could cover exotic instruments such as credit derivatives that some believe played a key role in escalating the financial crisis. He also indicated that the fees might be levied against transactions the government wants to discourage. Administration officials declined to elaborate on Mr. Obama's remarks regarding the fees. It is unclear if there is a concrete proposal pending, or what the details would be. Mr. Obama threw some harsh words at Wall Street, expressing a growing sense of frustration that more industry practices haven't changed in the wake of the financial crisis.