Obama: Banks Will Have To Pay

By Author: Italo Zanotti
Total Articles: 62
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"We want to recover our money and they will recover." With this sentence shocks, the president of the United States, Barack Obama, announced yesterday in Washington on his plan of tax liability crisis for big banks.
These include global giants like Bank of America, Citigroup and JP Morgan Chase, sal vate the crisis with public money, with which have not gone the way of Bear Stearns and Lehman Brothers have disappeared from the scene. The banks argue that the sector will soon be brought to its knees, crippling the economy, and are therefore announcing a fight without quarter against the draft Obama, who must receive the green light from Congress. In his brief speech of six minutes, the American president, recently criticized by many for being too close to Wall Street, said to have taken a decision prompted by the "huge profits and obscene bonuses" paid by the big banks are generated and saved by public money. Obama has noted that many of these banks had "risky behavior" that led to greater financial crisis of the postwar period. The idea of the President shall impose the so-called tas sa liability crisis until "the American ...
... people is fully compensated for the extraordinary care given to Wall Street." Obama speaks to a minimum period of ten years, more if necessary, to repay the aid of the Treasury TARP (Troubled Asset Relief Program) is intended to raise the banks hit by the crisis. The goal is not to penalize financial institutions, which was keen to stress its importance. And the project will cover only the major financial institutions, those with assets of more than 50 billion dollars. 60% of the fee, according to calculations by the White House, will be provided by the ten largest banks in the country. Obama calculates a maximum of about 117 billion dollars over 12 years amounts to be recovered, but probably it will be a lesser sum. Large U.S. banks have decided to go immediately to the attack. According to the online newspaper The Politico, financial institutions argue that the tax will have negative effects on the economy, costing up to 1,000 billion dollars in loans lost.