Latest on Obama bank tax
The U.S. bank tax isn’t dead on arrival, amazingly. Congress, particularly the Senate, has been a graveyard for punitive financial reform. And banks are betting the new levy will suffer a similar fate. Don’t count it. A clever design, along with a determined White House push, means Wall Street may have to pay up. A few more points:
– Goldman Sachs, Morgan Stanley get hurt the most
– Tax is likely to be permanent despite WH claim
– Republicans may not be as opposed as what you might think. Watch Grassley and Snowe.
– Could be paired with a tax cut bill.
–part of broad WH political push to run against Wall Street to help 2010 Dems