New York (CNNMoney.com) - Treasury Secretary Tim Geithner told lawmakers Tuesday that banks that took the most risks during the financial crisis, and required government aid, should pay the most toward recouping bailout costs.
In prepared testimony for the Senate Finance Committee, Geithner said the proposed Financial Crisis Responsibility Fee could raise about $90 billion over 10 years.
"We designed the fee so that it would fall most heavily on firms that fund riskier activities with less stable forms of funding," Geithner said in his testimony, adding that over 99% of banks would be excluded from the fee.
Updated: 10:34 a.m.
From CNN Politics
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This tax cheat is still not in jail.
Boy – this should be good – from the tax cheat master himself!!! What a leader.
Republicans against making the banks pay the money back instead of the taxpayer? What a shock....NOT. I bet a dollar to a donut that when the Republicans passed the bailout they told the banks not to worry about repaying the money. They don't want to bite the hands that feed them.
TARP may cost the government (the taxpayers) $100 billion? I thought we were supposed to get the money back with interest. Of course the banks will filter that fee down to the consumer (again, the taxpayers). Maybe if Geitner paid his taxes he would understand why the rest of us have a problem with the way our money is spent.
The failed bail out did not cost the government anything it cost the American taxpayer. The bailout was not supported by the majority of the American people but the government(I use this term loosely)went ahead and did it anyway. Time for nobamby and the demorats to go home.
Looks like another Obama you lie moment. Since most of the bail out funds have been paid back with interest this just another Obama tax to fund his reckless spendings. How about a UAW bailout tax on union members since taxpayers funded the grossly generous uncompetitive union contract.
The tax cheat Geithner is at it again.
While on the Homeland Security front seems that Candy Crowley and Chuck Schumer need to rethink their rush to judgement "lone wolf" theory on the Times Square attack.
Yeah, right, a "lone wolf" who just happened to have $1,800 cash to buy a vehicle off Crigslist and apparently cash to buy his ticket to Dubai. Oh and apparently he is Muslim.
This guy is a "lone wolf" with no support and connections huh? Perhaps the Muslim moddycoddling media had better take a long hard look at how these murdering terroristsare funded and that includes taking a hard look st domestic Muslim fundraising and where that money funnels to.
I love how libs talk trash about the Republicans are in bed with Wall Street. They just hate the truth and facts, like how it was MaObama who got a $1,000,000 in campaign donations from goldman sachs.
Now that the Florida republican party has auctioned off the Crist painting they have a little extra money and may be able to chip in a little of it for their buddies on Wall Street that talked them into deregulations and helped us get into the finanacial mess we are now just coming out of thanks to Obama and the Democrats! The Party of NO has got to go!
Look out, here come the repubs to the rescue of big wall street
My favorite cabinet member – the little deer in the headlights!
He's just a puppet for Lawrence Summers, who the Obamessiah wanted as Secretary, but Barry didn't have the cojones to appoint Summers to a Senate-ratified position because when Summers was presidend of Harvard, he had the temerity to ask why there were so few women in science.
They better do something to recover those billions of tax dollars, as they certainly haven't created any jobs to raise taxes on.
Bill them for every penny.
Enough of this corporate welfare the Repubs love so much.
And we must correct the wrongs of he Bush administration that created all this crap.
Timothy Geithner is probably the smartest public figure in Washington. (President Obama ranks up there also.) That may be why so many politicians (and other loudmouths who don't matter) are after his head.
His economic bailout plan (called the Obama plan, first by Repugs when it looked impossible to bail out their mess, then by all when it started working) saved the US and world economies.
Can't wait till I hear another new way for the GOP to say no.
All banks should bear their own burden. In today's economy, these financial institutuions need to knwo they will sink or swim on their own. The taxpayer is not coming to the rescue anymore.
What about some arrests for fraud! Why are these thieves being allowed to get away with their crimes?
A poor kid smoking a joint will become a felon for life. Steal billions and trillion of dollars by grifting is rewarded with billion dollars bonuses?
Keep up the good Tim and lets bring order and decorum back into the financial sector for the good of all americans.
They never should have been balied out in the first place. Free markets don't work without failure. I speak not only for 2008 but ofr many years prior where government got in the way of a failure setting the table for the big one. Excessive risk taking was not nearly as risky when you know failure is not likely. Failure is a necessary part of the system. WE SHOULD BE REGULATING CONGRESS FOR BAD IDEAS, both moronic parties, more than we need to regulate banks.
That, as a good politcian, is what he says in public, but when he meets with Golden Sachs and his owners, he promises, as it's the case with republicans, that they will regulate the banking institutions over their dead bodies. Who is going to pay them the millions that lobbyists and corporate America pay them? Washington is a very expensive place and they have become, ever since they became elected representatives, to a certain status, way of living and they are not ready to give that up. Not for America, not for the Constitution, not for the voters. Take it or leave it, but change is in the extinct words dictionary and nobody dares to resuscitate it a la Lazarus. No way, Jose!
AMEN!! Let the risk takers take those risks with their own $$ included!