Obama seeks 15bp charge on bank debt to recoup $117bn outstanding Tarp fund

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The White House has proposed levying a new 15-basis-point tax worth up to $117 billion on the largest US financial institutions in an effort to compensate taxpayers for “massive profits and obscene bonuses” being awarded at US financial institutions that benefited from extraordinary public assistance during the worst of the financial crisis.

The Obama administration plans to impose a Financial Crisis Responsibility Fee on the debt of the largest financial firms for at least 10 years, but even

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