Tuesday, January 12, 2010

AP source: Obama considers levy for rescued firms (AP)

FILE - In this Feb. 11, 2009 file photo, from left, Goldman Sachs & Co. Chief Executive Officer and Chairman Lloyd C. Blankfein; JPMorgan Chase & Co. Chief Executive Officer James Dimon; Bank of New York Mellon Chairman and Chief Executive Officer Robert P. Kelly; Bank of America Chairman and Chief Executive Officer Ken Lewis; State Street Corporation Chairman and Chief Executive Officer Ronald E. Logue; Morgan Stanley Chairman and Chief Executive Officer John Mack; Citigroup Chief Executive Officer Vikram Pandit, and Wells Fargo & Co. President and Chief Executive Officer John Stumpf, testify on Capitol Hill in Washington, before the House Financial Services Committee. President Barack Obama is weighing a levy on financial institutions to help recover shortfalls in a $700 billion bank bailout fund and to help balance a budget that is looking increasingly grim amid an ongoing economic crisis. (AP Photo/Manuel Balce Ceneta, File)AP - Targeting an industry whose political deafness has vexed his administration, President Barack Obama is weighing recovering tax dollars from government-rescued financial institutions with a levy.



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