Monday, January 18, 2010

Wall Street To Hire Lawyers With Your Tax Money To Fight The Plan To Make Them Pay Back Your Tax Money

I guess this shouldn't even surprise us anymore:
Wall Street’s main lobbying arm has hired a top Supreme Courtlitigator to study a possible legal battle against a bank tax proposed by the Obama administration, on the theory that it would be unconstitutional, according to three industry officials briefed on the matter.
I guess the suggestions just don't work:
...President Obama urged the financial lobby to stand down when he introduced the tax proposal last week: “Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities.”
Obama, of course, might want to consider not taking any more campaign contributions from banks. That might help his case.
Republicans have remained unusually silent on the tax, hoping to avoid a choice between supporting a tax increase and defending big bankers. Meanwhile, some liberal Democrats have gone further than the administration has, proposing a heavy tax on bank bonuses. Political analysts expect the bank tax to pass easily in the House but face resistance in the Senate.
Painting Republicans as friends of rich bankers would be so easy, a high school class president campaign manager could do it before breakfast. But Democrats like those bank lobby campaign checks just as much as the Republicans do. So don't expect much to change.

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