Argument: AIG bailout benefited banks; bank tax justified

Issue Report: 2010 US bank tax


Peter Cohan. “Why Obama’s $90 billion bank tax is fair game.” Daily Finance. January 17, 2010: “The banks, of course, say ‘no fair.’ But I disagree. Despite wriggling in front of Congress yesterday, Wall Street is the primary culprit for the financial crisis and should pick up these losses — especially AIG’s. That’s because many Wall Street banks got a back door bailout through AIG when the government made good on the credit default swap payments AIG owed the banks but couldn’t pay on.”