Thursday, January 14, 2010

What is seen & what is not seen

here's the BIG print...

Obama: ‘We want our money back’
In earlier remarks prepared for the appearance, Obama said he was determined that every dollar spent from the $700 billion Troubled Asset Relief Program to rescue Wall Street firms, auto companies and mortgage holders is either repaid or paid for in some fashion.

"My commitment is to recover every single dime the American people are owed," Obama said in his prepared remarks. "My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people who have not been made whole, and who continue to face real hardship in this recession."

The president is proposing a levy of 15 basis points, or 0.15 percent, on the liabilities of large financial institutions. The tax, which officials are calling a "financial crisis responsibility fee," would apply only to financial companies with assets of more than $50 billion.

Here's the small print:

Those firms — estimated to amount to about 50 institutions — would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back what the government lent to them.

That's not payback -- that's pure theft. It's outright stealing.

No comments: