We’re all going to find out about the tens of billions that were passed through AIG to Goldman et al. But we’ll have to wait until 2018 according to an SEC Secrecy Order. That sounds about right.
Here are some more details about Obama‘s Too Big To Fail Tax Levy, which he’ll be proposing today…
As many as 50 financial firms with assets greater than $50 billion each would be hit by a levy President Barack Obama will propose today to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said.
The levy based on bank liabilities would be imposed starting June 30 and the administration estimates it will raise $90 billion over a minimum of 10 years, said the official, who briefed reporters on the condition of anonymity.
I’d be curious to see which pols have the guts to vote against this. Even Chuck Schumer, the NY Democratic senator who has been a staunch supporter of Wall Street (like he has a choice) will probably not make any noises.
Now, on the bonus issue, communist munchkin Dennis Kucinich writes to the NYT:
“That is why I have introduced the Responsible Bankers Act, which would impose a 75 percent tax on the outsized bonuses bankers are paying themselves from windfall profits earned from government support of their industry.”
He will have more support for this measure than he normally does as jobless, homeless Americans still don’t understand why the bailout was essentially conducted as a free-for-all for the bankers that got us into this mess.
I’m a New York City-based financial advisor at Ritholtz Wealth Management LLC. I help people invest and manage portfolios for them. For disclosure information please see here.
Get a Full Investor Curriculum: Join The Book List
Every month you'll receive 3-4 book suggestions--chosen by hand from more than 1,000 books. You'll also receive an extensive curriculum (books, articles, papers, videos) in PDF form right away.
