Obama calls bank bonuses obscene as he seeks new fee on largest institutions
By Jim Kuhnhenn, APThursday, January 14, 2010
Obama seeks tax on banks; calls bonuses obscene
WASHINGTON — President Barack Obama is calling bank executive bonuses obscene as he proposes a new tax on the largest financial firms.
In remarks Obama prepared for a White House appearance later Thursday, he said such a fee will be used to recoup money spent rescuing banks, automakers and mortgage-burdened homeowners. He said he’s committed to recovering “every single dime the American people are owed.”
Obama also said his determination is heightened by reports of massive bank profits and what he called obscene bonuses. The president is announcing the fee with a populist approach, casting big banks as beneficiaries of government largesse while average Americans continue to suffer the consequences of the recession.
