Obama May Impose Bailout Fee on Banks. Wait. What?
Didn’t these banks get to choose if they took bailout money and when it was paid back. Obama already screwed them over by deciding when he would allow them to pay it back.
So my question is to the banks. Did the last page of the agreement you signed with the government say “We reserve the right to change any of this contract, in any way, at any time, when ever the f*** we feel like it, up to, and including taking over your bank and charging you fees to do so.”? Did you have to sign it while bent over a conference table with your pants around your ankles while Barney Frank stood behind you?
Seriously. What were the terms you accepted this bailout money under. Were you that stupid or does Obama just change the rules as he sees fit. Actually, I am sure its both.
WASHINGTON (TheStreet) — The Obama administration is planning to impose a bailout fee on banks to recoup losses from the government’s bailout program, administration officials said.
The White House hopes the fee will soothe the public anger at financial firms which have resumed paying big bonuses to employees, the Wall Street Journal reports. Aided by taxpayer support, the industry is now enjoying a profit rebound even as the economy struggles.
House Financial Services Committee Chairman Barney Frank told the Journal, "Given the mood of the country it is essential that we do it. That was part of the deal."
The proposal currently under discussion is likely to be included in the White House’s budget next month, the Journal says. White House spokesman Robert Gibbs on Monday declined to comment for the Journal on whether the budget would include a new fee on banks.
The details of the fees to be imposed remain uncertain. The administration is reportedly pondering over what companies would pay the fee, whether it would be passed on to customers and when it should be imposed.