Calls to Tax Banks to Recoup Taxpayer Losses

January 13, 2010

The Obama Administration is moving forward with efforts to tax banks, because they’ve been so tone deaf in calls to help Main Street after receiving billions in aid from taxpayers. Click here to watch an ABC News report on the call to tax the banks.

It is true that many of the banks have paid back their TARP money, but it seems bankers have quickly forgotten they made a fortune because the federal government has allowed them to borrow money for practically nothing. The notion that big bonuses will now be doled out for their financial prowess is not only distasteful, but down right obnoxious.

Click here for more on the effort to tax banks to recoup money the federal government paid out to help save the economy.

Meanwhile, Bank CEO’s made their way to Capital Hill for a grilling before the new Financial Crisis Inquiry Commission, which is tasked with getting to the bottom of the financial meltdown to help ensure it does not happen again. The commission is a 10 member group formed by Congress, much like the 9-11 Commission.

Fanning the flames that they STILL don’t get it, some of bank CEO’s slated to testify made their way to Washington on corporate jets, including Bank of America chief executive Brian Moynihan and JP Morgan Chase chief executive Jamie Dimon.

C-span is offering live coverage of the task force hearing. Click here to see their coverage.