(Thumbnail image: DSNews.com)
“We want the tax payers money back. All of it. And we’re going to collect every dime of it.” (WhiteHouse.gov)
Better hold on to those large bonuses bankers, U.S. President Barack Obama has a plan in store to recover some of the bailout money given to top financial firms in 2008. Echoing the sentiments of millions of angry Americans who lost their jobs and salaries in the financial crisis while the government bailed out large banking institutions, Mr. Obama proposed a bank tax to recover nearly $120 billion of the federal money banks received.
We’re looking at reactions to the bank tax from CNBC, CBS News, ABC News and FOX News.
CNBC reports that Wall Street is set to pay out record bonuses this year as a result of what taxpayers sacrificed.
“It’s kind of easy to make record profits when you’re getting free money from the taxpayer. Doesn’t that free money from the taxpayer carry some sort of responsibility to the taxpayer?”
CBS News reports that Mr. Obama’s message comes at a time when outrage over bank bonuses is strong enough to push the bill through congress.
“The banks are expected to launch a major lobbying effort on Capitol Hill to try to block the tax, but administration officials say they are confident that there’s so much anger directed at the banks that that will overwhelm any opposition.”
From ABC News comes the perspective that if banks are taxed, that tax burden will then fall on consumers.
“Here’s the big problem if this does pass, how does this not end up getting passed on to consumers, you and me, and all our viewers and other people too, instead of just being eaten by financial institutions themselves?”
CNBC argues that banks should be the ones accountable for their mistakes and banker bonuses are evidence that they can afford to pay back the money.
“That’s a very convenient argument for the banks, they caused the problem and then they say if you make us pay for our sins then we’re just going to pass it on to the consumers, bottom line they’re setting aside in their bonus pool about $100 billion to $160 billion this year. They made that because of taxpayer generosity. --Then why not tax their bonuses?”
But is the tax burden on the right group? FOX News reports that the auto industry should be the ones taxed, not the banks.
“You know the TARP money that’s not coming back is from Chrysler and General Motors. If we should be taxing anything it’s cars, not banks. However, you know the bankers are hauling in $150 billion in bonuses this year and the tax is going to come to 9 billion, it’s a paper cut for them.”
So are these bank bonuses obscene? Or is business just doing business?
Writer: Jennifer Herseim
