Obama to target banks with new levy

The Obama administration is planning to impose a new levy on top US banks,to pay for the financial bail-out as part of the budget to be presented in February.

The surcharge will aim to recoup the full cost of the Tarp bail-out fund, which the administration estimates at $120bn, although officials expect the ultimate cost will be less than $100bn.

Catch up guys. Some of us have been calling for this since 2007.

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