Unlike most people in the world, I’m not a rabid fan of U.S. President Barack Obama. He did well in his first year as but it's still early in his presidency and there’s no need to give out prizes (cough, Nobel Peace, cough) before he exactly achieved something.
However, President Obama has struck me as a guy who tried hard to be fair and his announcement of a levy on Wall Street banks to raise 90 billion dollars to recoup the bailout struck me along this line.
Personally I think this is a great idea. The U.S. government dished out billions to help Wall Street from going down, now things are better so it’s only fair the banks pay back the money.
Not only will this stop (or at least dent) huge corporate bonuses, the money is sorely needed to tackle the U.S. deficit. President Obama is at last trying to make the banks accountable for their actions.
U.S. taxpayers gave the companies money and want them returned. Seems very fair to me. Now if only the Singapore government will do the same to GIC (Government of Singapore Investment Corp) for the S$850 million loss in New York.
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