Obama Unveils Proposal on Bank Taxes

DAMIAN PALETTA, JONATHAN WEISMAN and DEBORAH SOLOMON
The Wall Street Journal
January 14, 2010

[efoods]Declaring, “We want our money back,” President Barack Obama unveiled a plan to levy a tax on large banks and other companies based on their exposure to risk.

Mr. Obama, in brief comments at the White House Thursday, said his goal was not to punish banks, but to prevent them from a behavior of excess, including new employee bonuses he called “obscene.”

The plan marks the latest in a slew of proposed fees, penalties and constraints the White House envisions slapping on Wall Street during the cleanup of the U.S. financial crisis, and marks a new stage in the White House’s populist assault on the finance industry.

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