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AP source: Obama seeking tax on biggest banks [AP]

Thursday, January 14, 2010 - 6:50 AM
From AP News:
Mindful of soaring deficits and an anti-Wall Street mood, President Barack Obama wants a new 10-year tax on the country's largest banks to cover a projected $117 billion shortfall in the government's financial crisis bailout fund.
According to the article, most banks wouldn't be hit with this proposed tax since the tax "would apply only to financial companies with assets of more than $50 billion." One potential unintended consequence I see is that the FDIC could have a harder time finding buyers of failed banks if the acquisitions would put the buyers over the $50 billion asset level.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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