POLITICS - Attention, Now Hear This!

"Obama To Banks: 'We Want Our Money Back, And We're Gonna Get It'" by Ben Frumin, TPM 1/14/2010

President Barack Obama had some tough words for banks this morning as he unveiled a fee on the country's major financial institutions -- a fee that the president said will recover the estimated $117 billion that the TARP program is expected to cost American taxpayers.

"My commitment is to the taxpayer," the president said. "My commitment is to recover every single dime the American people are owed."

Obama said the fee will be imposed on major financial firms -- only those with more than $50 billion in assets -- and would be in effect for 10 years "or as long as it takes to cover that taxpayer loss."

--- Ben's comment:
If these companies are in good enough shape to afford massive bonuses, they surely are in good enough shape to afford paying back every penny to taxpayers.
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Obama stressed that the majority of the $700 billion in TARP money that was originally dished out has been recovered, though the program is still expected to cost taxpayers roughly $117 billion.

"We've now recovered the majority of the funds provided to banks," Obama said. "As far as I'm concerned however, that's not good enough."

That's especially true, Obama said, because of reports of "massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people."

"We want our money back," Obama said. "And we're gonna get it."