Obama Wants to Bill the Biggest Banks for $90 Billion
President Barack Obama wants the big banks that caused the financial crisis to make reparations. He's proposing that they pay about $90 billion over 10 years though a mechanism he's calling the "Financial Crisis Responsibility Fee." The goal is ensure that the American people are fully compensated for the extraordinary assistance they provided to Wall Street. Says Obama: "My commitment is to recover every single dime the American people are owed. 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."