Yesterday, President Obama announced our proposed Financial Crisis Responsibility Fee on the country's largest banks: "My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people...We want our money back, and we're going to get it." The fee would recover every penny loaned to Wall Street during the financial crisis and stop the reckless abuses and excesses that nearly caused the collapse of our financial system in the first place. But the banking industry -- among the most powerful lobbies in Washington -- is already launching attacks to stop Congress from enacting the proposal. Barack and I aren't backing down. But to win, we'll need the American people to add their voice right away. Thankfully, OFA supporters are already signing on to a bold statement of support: "We want our money back -- and we stand with President Obama to make sure we get it." The proposal is expected to recoup billions from the big banks, most of it from the ten largest. As the President said, "If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers." There is much more work to do to reform the financial system and create a new era of accountability. But the Financial Crisis Responsibility Fee is a crucial step. And with the banks already working to tear it down, I hope that I can count on you to speak out to show that Americans stand with us as we take them on. Change isn't easy, but it's certainly worth fighting for. I'm glad you're in this fight with us. Thank you for making it possible, Vice President Joe Biden
It appears flip-flopping is the new sport in the Obama administration. Despite earlier chest-thumping by Treasury Secretary Tim Geithner that Uncle Sam's $700 billion bailout was profitable, the White House and Geithner now say their rescue will become a money-loser unless they get their tax on Wall Street. Critics are pointing to a flip-flop at the heart of the change. When the bailout law was passed in October 2008, it allowed the government to impose taxes on recipients that failed to pay it back after five years. It seems, though, that five years was more like 14 months. Read more: http://www.nypost.com/p/news/busine...n_at_the_Mz804OUoVihWqMDM36WpTM#ixzz0cpToKElR