Trump threatens 50% tariffs on Brazil if it doesn't stop the Bolsonaro 'witch hunt' trial    Trump praises 'good English' of Liberian president, prompting criticism across Africa    Saudi, Hungarian defense ministers discuss military ties    Al-Rajhi: Cabinet's decision is supportive to most vulnerable groups    King Salman appoints Dr. Majid Al-Fayyad as Royal Court advisor    Alkhorayef emphasizes Saudi Arabia's growing role as global industrial investment hub    Saudi Arabia adopts World Drowning Prevention Day as national health priority    GACA imposes SR2.8 million in fines for 87 civil aviation violations in Q2 2025    Desperate Gaza doctors cram several babies into one incubator as fuel crisis reaches critical point    Total e-messages sent to parties in lawsuits reach over 11.8 million during first half of 2025    3 arrested in assault case in Riyadh    New Property Ownership Law will take into effect in January 2026 Al-Hogail thanks King and Crown Prince for the updated law    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Riot Games responds to match-fixing allegations in VALORANT    BLAST responds to BESTIA Visa controversy ahead of CS2 Austin major    Christophe Galtier named NEOM SC head coach ahead of historic Saudi Pro League debut    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Obama proposes Wall Street tax, slams bonuses
Published in Saudi Press Agency on 14 - 01 - 2010


US President Barack Obama today proposed
a tax on Wall Street"s biggest banks to recover more than 100 billion
dollars in bail-out funds handed out at the height of a devastating
financial crisis, according to dpa.
Obama slammed the financial industry for returning to "business as
usual," earning huge profits and paying out big bonuses just months
after Wall Street"s collapse sent the world economy hurtling into a
deep recession.
But Obama also said the emergency government loans that have
propped up the industry since October 2008 were now projected to cost
just 117 billion dollars, down from 341 billion dollars forecast in
August.
Congress had approved up to 700 billion dollars for the financial
rescue, but most major banks have repayed their loans more quickly
than expected as the industry stabilized over the past year.
"My commitment is to recover every single dime the American people
are owed," Obama said at the White House, flanked by Treasury
Secretary Timothy Geithner.
If approved by Congress, the Financial Crisis Responsibility Fee
would be in place for at least 10 years, until the 117 billion
dollars is paid back in full. It applies only to the country"s
largest banks - those with assets of more than 50 billion dollars.
The tax level will differ from bank to bank. The biggest firms,
and those with the highest debt levels, will face the largest fees in
a bid to curb excessive risk-taking. About 60 per cent will be raised
from the country"s 10 largest financial firms.
Obama suggested the new tax was in direct response to the billions
of dollars in bonuses that Wall Street"s banks are expected to hand
out to their executives this year, prompting widespread anger among a
US public that is still weathering tough economic times.
"We want our money back, and we"re gonna get it," Obama said.
"My determination to achieve this goal is only heightened when I
see reports of massive profits and obscene bonuses at the very firms
who owe their continued existence to the American people - folks who
have not been made whole, and who continue to face real hardship in
this recession," he said.
Britain and France have also imposed a one-time tax of 50 per cent
on bank bonuses paid in 2009 in an effort to discourage the practice.
The financial industry has been up in arms over the proposals.
"This proposed tax will do nothing more than stifle economic
recovery and encumber more pressing concerns, such as covering new
regulatory costs," said Steve Bartlett, president of the Financial
Services Roundtable, a lobby group for the industry.
Executives of Wall Street"s four biggest banks - Goldman Sachs,
JPMorgan Chase, Morgan Stanley and Bank of America - appeared before
a combative congressional panel on Wednesday to answer for their role
in the financial crisis. They offered regret for "mistakes" but no
outright apology for the turmoil unleashed on the world economy.


Clic here to read the story from its source.