Who puts obscenity limits on the taxman’s bonuses?
Sir in “Obama attacks ‘obscene bonuses’” January 15 it says that the President pledges “to recover every single dime the American people are owed” from the government support given to the banks.
Sounds fair, but unfortunately he will not be recovering those amounts from those who made the money on the crisis, that’s long gone now, but from the future depositors and borrowers who will have to pay for it all by means of receiving lower returns and paying higher interest rates.
Our banks should be efficient financial intermediaries, not fiscal cash-cows, and the government should collect its taxes only from the final economic growth that banks have helped to foster. It is indeed worrisome to see how, instead of correcting the regulatory actions which has helped the banks to generate monstrous margins the taxman seems more set upon participating in the feast.
Sounds fair, but unfortunately he will not be recovering those amounts from those who made the money on the crisis, that’s long gone now, but from the future depositors and borrowers who will have to pay for it all by means of receiving lower returns and paying higher interest rates.
Our banks should be efficient financial intermediaries, not fiscal cash-cows, and the government should collect its taxes only from the final economic growth that banks have helped to foster. It is indeed worrisome to see how, instead of correcting the regulatory actions which has helped the banks to generate monstrous margins the taxman seems more set upon participating in the feast.
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