What’s wrong with me?! These megabanks have made gazillions of dollars in profits in recent years and are continuing to recover. But these banks with more than $50 billion in assets and TARP fund recipients have a huge target on their bank. Obama is proposing a tax on these financial institutions designed to generate $30 billion over 10 years and cover the remaining TARP costs. These banks are probably regretting taking the TARP “assistance” and those coerced to participate are not happy campers. The administration is calling this a “financial crisis responsibility fee” despite the fact that they recently announced that the federal government will make a substantial profit from its TARP-related investments in banks. I can’t help but think about the bankers who supported Obama’s election – I was mystified then and wondered how in the world they could support someone so against free enterprise. I wondered if they were that gullible, that uninformed, or both. I mean how darn hard is it to dig around and do a little research on the facts? Obama’s record (or lack thereof) is out there so no one should be surprised about what is happening.
I’m not really feeling sorry for them, I just disagree with how they are being subjected to a “responsibility fee” when there is plenty of blame to go around.