Obama Says Banks Need Pay For Automaker Bailouts

The White House wants the nation's largest financial institutions to repay taxpayers for the costs of bailing out banks and automakers.

Under the proposal, the largest 50 banks -- including GMAC Inc. -- would pay $90 billion over 10 years to cover taxpayer losses under the $700 billion Troubled Asset Relief Program.

Despite receiving bailout money, General Motors Co. and Chrysler Group LLC would not be required to pay new taxes; the banks would repay taxpayers for the anticipated $30.4 billion loss on the $86 billion auto bailout.

"My commitment is to recover every single dime the American people are owed," President Barack Obama said today. "And 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, who have not been made whole, and who continue to face real hardship in this recession."

HSCenterconsole - 1/15/2010 9:39:05 AM

+2 Boost

Obama is indebted to the unions and the UAW so he will tax the banks instead (most of which have ALREADY REPAYED their TARP funds with interest).

EL34 - 1/15/2010 1:51:37 PM

+1 Boost

The UAW can burn in HELL.

Whelan - 1/15/2010 10:36:40 AM

+1 Boost

over 2/3 (thats over 60% for simple minds) of the loans have been paid back. Some of these companies about to incur this tax are paid in full even. What a croc, he is just appeasing to this because the Caddy tax is going to hit some of the people they are claiming to help and he wants to find a way to cover it up.

Not to mention he needs to quit talking to me about this money as if it is going to be sent to me in a check. It is not for me, it is for his USSR (United States Socialist Republic) fund.

Agent009 - 1/15/2010 12:57:42 PM

-4 Boost

Still it is the bank paying back the "loans" to the automakers.

So in simple terms:

We both get into financial debt and go to the loan shark for bailouts.

I pay my loans back in record time due to me making hard choices.
You on the other hand still have issues and can't pay it all back.
So rather than the shark making you accountable, he milks me for your inability to pay.

Sounds like mafia tactics to me.

Hose - 1/15/2010 12:02:30 PM

+2 Boost

Obama's an azzhole. Give hime the "bums's rush"...

EL34 - 1/15/2010 1:52:27 PM

+1 Boost

That pig is a one termer!

LexSucks - 1/15/2010 2:51:14 PM

+4 Boost

Maybe not. There isn't a decent Republican alternative. I'm an independent and I can't stand the Obama administration. That's doesn't mean that I'll vote for Sarah Palin.