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Home Publications Blogs Beat the Press President Obama Proposes a Bank Fee Equal to 20 Percent of Goldman's Annual Bonus Pool

President Obama Proposes a Bank Fee Equal to 20 Percent of Goldman's Annual Bonus Pool

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Tuesday, 15 February 2011 06:14

The Washington Post noted that President Obama's budget called for a $30 billion bank fee to recoup losses from the TARP. It would have been helpful to give readers some context for this number.

It would raise approximately $3 billion a year, this is less than one-fifth the size of the $17.5 billion bonus pool at Goldman Sachs in 2010.

Comments (4)Add Comment
...
written by Ron Alley, February 15, 2011 6:48
Frankly I'm surprised that President Obama would propose any tax, however slight, on financial entities. Totally out of character.
drowning in stratification
written by frankenduf, February 15, 2011 8:11
i guess marx used the wrong terminology- apparantly when a capitalist exploits a worker by extracting excess labor value, this 'profit' should be called a 'bonus pool'
Jeff Sachs
written by BT, February 15, 2011 2:51
Check out Jeff Sachs on Bloomberg - Wow!!!

http://www.youtube.com/watch?v=bCPz2SzROFQ
Check out Jeff Sachs - Wow!!
written by BT, February 15, 2011 2:52

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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