A couple weeks ago I met with potential clients at an investment bank in New York. President Obama had just announced that he was going to levy a $120 billion fee on Wall Street Banks to recoup money lost in the initial $700 billion TARP bailout.
The bankers were understandably upset. After all, they'd already paid back their share of TARP, but now they were being told they'd have to pay back money that had been paid to OTHER organizations. Huh? I'll admit that angry as I was about the crazy Wall Street bonuses I was hearing about, that still didn't make a lot of sense.
I mean, I get that we taxpayers bailed out the banks, but the banks paid back everything they'd been loaned, plus interest. So why the lingering anger from DC?
Then I drew the pictures and (as always) when we stop talking and start looking, things have a tendency to become real clear real fast. See the full story in this clip I just recorded for BNET / CBS Interactive...
Anybody wondering about my sources? Read the Wall Street Journal, January 13 & 15, 2010.