Obama proposes special fee on financial companies

Obama will propose a special 10-year fee on large financial companies to repay taxpayers for the "extraordinary" assistance they got to keep the economy from collapsing in late 2008, a senior administration official said Wednesday.

The assessment on excess liabilities at big firms is suppose to raise about $90 billion over 10 years. It would remain in place for at least 10 years, or until all losses from the Troubled Asset Relief Program were repaid.

The TARP law gives the Obama until 2013 to come up with a repayment plan, but he decided not to wait.

With tough congressional elections coming up and many voters angry at the bailouts, Obama wants it to look like he supports the tax paying voters and not like another patsy for the Wall Street.

The White House doesn't think the fee would not be passed along to customers. It is obvious that like many in Congress, and the White House, they never ran a business.
Chief Executive Jamie Dimon, of J.P. Morgan Chase & Co., told reporters Wednesday that any fee would be passed along to customers.

"All businesses pass their costs on to their customers. That is not un-normal," he said.

The bottom line is the same as always, protect those that get you elected while looking like you support the voter. The bailouts took care of those who run the show. This new fee, if passed, is another way to extract more money from the regular Joe tax paying citizen. It's always about wanting more. Greed and power is ruining this country, and countries around the world. Little by little we are transferring wealth to the same financial institutions this bill is designed to look like it's penalizing.