Obama to announce TARP recovery measures tomorrow

Obama will announce his new tax on banks to “recover” the $120 bln the government will lose on TARP tomorrow around midday.

It is funny that he is going after banks, since most of the big one’s have paid off their TARP loans with interest. The money lost via TARP was on the automakers and AIG. Tax them. Put a tax on Chevys to get your money back…

6 Comments

  1. Taxpayers are entitled to profit on “risk taking.” Big banks used AIG to underwrite insurance against risky debt sales/trades. When big banks came to taxpayer to prop up AIG they transferred “risk” to taxpayers. Without this transfer big banks would have collapsed. Taxpayers must collect a fee for this risk taking service.

  2. Here here!

  3. AIG, didn’t have to insure that junk. The TARP banks (that repaid) need to be left alone.

  4. The big bankers are either corrupt or inept: and Lloyd Blenkfein is usually the smartest guy in any room he’s in. The games that these guys play will continue to evolve, but with one common denominator: when it falls apart they keep the profits and the losses are socialized by taxpayers. Wall St is a casino, and Goldman is both the house and one of the biggest players. It’s too bad that the smartest guys in that room today don’t have the country’s best interests at heart.

  5. Micheal AIG insured, like “purchasers” (other insurance companies, private and public pension funds, foreign financial institutions, etc) of that “junk,” on the belief that AAA ratings were legitimate. Common knowledge that unethical big banks paid fees to Moodys, S&P and Fisk for “phony” ratings.

  6. Good point.

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