on banks...
President Barack Obama said the levy he wants to impose on as many as 50 large financial firms is aimed at getting back “every single dime” that taxpayers put in to bailing out those companies.
Here's a quote from Obama on the matter:
“My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people,” Obama said at the White House.
This doesn't sound like a good idea:
“Using tax policy to punish people is a bad idea,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, 53, said after testifying yesterday at a hearing of the Financial Crisis Inquiry Commission in Washington. “All businesses tend to pass their costs on to customers.”
They're trying to promote bank recovery, but now they're trying to recoup tax payer money? It seems like they're trying to kill 2 birds with one stone, but those birds are in opposite directions.
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