Citigroup Loss Shows Stupidity of Bank Tax

NEW YORK (TheStreet) -- When I look at Citigroup's (C Quote) earnings report, I wonder about the logic of President Obama's proposed bank tax.

Meanwhile. Obama is pushing for a tax against Citigroup and the other big banks in order to "recover every single dime the American people are owed." The structure of the proposed tax targets the biggest banks, many of which have already repaid the American people, including Goldman Sachs (GS Quote), JPMorgan Chase(JPM Quote), Wells Fargo (WFC Quote) and Bank of America (BAC Quote). Obama is leveraging the anger over bank bonuses as a justification for his proposed bank tax, but that's backward logic because the banks paying the bonuses have have already repaid taxpayers plus interest. Let's not forget that the Treasury Department has boasted that fees and dividends from the bailout generated more than $16 billion in revenue so far. So on the one hand, the administration is bragging about the value created for taxpayers through the bailout and on the other hand it is pushing for a tax to cover the cost of the bailout.   Loading Comments...   1 2 Next › Last »

SHARE:

Featured Photo Galleries Go to Slideshow Archive

Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note 10712.21 1147.8 2316.72 37.06 Oil * 77.59 UP 102.56 UP 11.77 UP 28.73 UP 0.3 10 Yr 3.71% SPDR Gold 111.58 0.97% 1.04% 1.26% 0.82% Data delayed 20 minutes More From TheStreet Latest Headlines Top Rated Stocks from TheStreet Ratings if (Math.floor(Math.random() * 100) < 45) { document.write("NEW: Market Data Section"); } else { document.write("Unusual Trading Volume Stocks"); } if (Math.floor(Math.random() * 100) < 45) { document.write("Stock Picks for 2010"); } else { document.write("Complete CES Coverage"); } Find returns with the Dividend Calendar if (Math.floor(Math.random() * 100) < 45) { document.write("UPDATED: Top-rated ETFs from TheStreet Ratings"); } else { document.write("UPDATED: Top-rated Mutual Funds from TheStreet Ratings"); } Twitter RSS Facebook YouTube adsonar_placementId=1341369;adsonar_pid=879768;adsonar_ps=-1;adsonar_zw=320;adsonar_zh=280;adsonar_jv='ads.adsonar.com'; Brokerage Partners YAHOO.util.Event.on(window,"load",function(){ setTimeout(function(){ TSCM.util.attachScript('scr_intellitxt','http://thestreet.us.intellitxt.com/intellitxt/front.asp?ipid=10685'); },1200); }); Sponsored Links var ads = [ { link:"http://www.entrepreneur.com/business-opportunities/index.html?cam=thestreet&cid=Homepagetextlink1109", text:"Be Your Own Boss and Start your Own Business Today!", trk:null }, { link:"http://clk.atdmt.com/TNY/go/175928010/direct/01/", text:"Fly Virgin Atlantic Upper Class where every seat is an aisle seat.", trk:null }, { link:"http://ad.doubleclick.net/clk;221522636;43821936;e", text:"FedEx. We understand. You need reliable shipping options.", trk:'http://ad.doubleclick.net/ad/N3340.TheStreet.com/B3877255.3;sz=1x1' }, { link:"http://ad.doubleclick.net/clk;221025362;4639705;a?http://www.gold101.com/request_information/", text:"Learn How to Buy Gold. Let Us Teach You Today!Superior Gold Group Gold101.com", trk:null }, { link:"http://ad.doubleclick.net/click;h=v2|3BDF|0|0|%2a|h;220770099;0-0;0;44407284;31-1|1;34794952|34812830|1;;%3fhttps://us.etrade.com/e/t/jumppage/viewjumppage?PageName=power_et_for_active_traders_mvt&", text:"100 Free Trades. Open today at E*TRADE Securities.", trk:'http://ad.doubleclick.net/imp;v1;f;220770099;0-0;0;44407284;1|1;34794952|34812830|1;;cs=j%3fhttp://ad.doubleclick.net/dot.gif?' }, { link:"http://ad.doubleclick.net/clk;221388703;44865428;o?http://www.us.hsbc.com/1/2/3/hsbcpremier/prom/jan-10/invest?code=WES0013470&WT.mc_id=HBUS_WES0013470", text:"Wealth Management for HSBC Premier - Build & preserve your wealth", trk:null }, { link:"http://ad.doubleclick.net/clk;221194079;44703744;h?http://www.optionsxpress.com/promos/virtualtrade.aspx?cmpid=tlSTRcopyA", text:"Practice No Risk Trading at optionsXpress", trk:'http://ad.doubleclick.net/ad/N4417.no_url_specifiedOX2537/B4172134.3;sz=1x1' }, { link:"http://ad.doubleclick.net/clk;220815082;44534915;c?http://www.lvcva.com/campaigns?src=4130", text:"Las Vegas is serious about business. VegasMeansBusiness.com.", trk:'http://ad.doubleclick.net/ad/N5664.272508.7284099241621/B4167122.6;sz=1x1' }, ]; function __trackingpixel(url){ var ord = Math.floor(Math.random() * 100000000000); if(typeof url != "undefined") { if(url.indexOf('[timestamp]')!= -1) { url = url.replace("[timestamp]", ord); } return ""; } } var counter=-1; var limit = 3; function __write_textlink() { counter++; if(counter >= limit)return; var index = Math.floor(Math.random() * ads.length * 10 % ads.length); var it = ads.splice(index,1); var o = it[0]; document.write(''); document.write( o.text ); document.write( '' ); if(o.trk != null){ document.write(__trackingpixel(o.trk)); } if(ads.length > 0) { __write_textlink(); } else { } }; __write_textlink(); TheStreet Premium Services All Services Action Alerts PLUS Get free access to Cramer's portfolio picks at Action Alerts PLUS - Try it now Free RealMoney Jim Cramer's RealMoney team of 70+ Wall Street pros will give you wealth-building strategies - Get started Free RealMoney Silver Doug Kass + our 5 Premium Services - all in one place - Get a free 14-day trial today Stocks Under $10 David Peltier is ready to help you find affordable Stocks Under $10 which could lead to a big-money payoff - Get access to his portfolio FREE ETF Action Don Dion's brand new service can help investors at all levels build profitable ETF portfolios - Learn more document.write(unescape("%3Cscript src='" + (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js' %3E%3C/script%3E")); var beaconurl=""; if(TSC.util.isDefined(document)){ beaconurl=document.URL; try{ if (top.location != self.location){ beaconurl=document.referrer; } }catch(e){} } COMSCORE.beacon({ c1:2, c2:"6036014", c3:"", c4:beaconurl, c5:"", c6:"", c15:"" }); var pvar = { cid: "us-thestreet", content: "tsc", server: "secure-us" }; var trac = nol_t(pvar); trac.record().post(); View Directory Jim Cramer Doug Kass Market Movers Breakout Stocks Options Alerts Stock Under $10 RealMoney Don Dion's ETF Action Hot Topics: How to Invest in Gold - Fast Money - Motorola Droid - Cramer's Picks - Cash for Caulkers |    Hot Blogs: Undergraduate Investor - Wall Street Social Resources About Us Advertise Corrections Customer Service Employment Investor Relations Make a Suggestion Privacy Policy Readers' Feedback Sitemap Video Sitemap Subscribe Terms of Use Financial News Archive Topic Archive TheStreet Premium Services Compare All Services Jim Cramer's Action Alerts PLUS: Now any level of investor can trade right alongside a Wall Street pro — and enjoy 24/7 access to his portfolio! Learn More Login NEW! Don Dion's ETF Action: A concise two-step strategy for learning and trading in this increasingly lucrative area of investing. For all levels of investors! Learn More Login RealMoney: Jim Cramer's team of 70+ investment pros offer a daily wealth of fast-breaking market news... analyses... red-hot opportunities...and wealth-building strategies. Learn More Login RealMoney Silver: The genius of Doug Kass + 5 Premium Services = an unrivaled group of expert fundamental analysts, technical analysts, and Wall Street observers. Learn More Login Breakout Stocks: Bryan Ashenberg combines sophisticated screening software with eagle-eye analysis to find small and mid-caps ready to break out! Learn More Login Market Movers Deep in the Money Calls Stocks Under $10 Top Gun Trader TheStreet Ratings Daily Swing Trade Top Stocks ETF Shark Alerts Options Alerts try { function DM_onSegsAvailable(segs, cust_id) { for(var i=0;i

Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.

TheStreet.com Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

*Oil Data in Market Overview is Brent Crude Pricing

'); TSCM.ads.AdPlacerx.sz = "728x90"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.calltype = "adj"; TSCM.ads.AdPlacerx.includeDcopt = true; TSCM.ads.AdPlacerx.additionalTargeting = ";;storytype=opinion;kval=opinion"; TSCM.ads.AdPlacerx.writeTag(); TSCM.ads.AdPlacerx.sz = "336x280,336x850,300x250,468x648"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.calltype = "adj"; TSCM.ads.AdPlacerx.additionalTargeting = ";;storytype=opinion;kval=opinion;;storytype=opinion;kval=opinion"; TSCM.ads.AdPlacerx.writeTag(); TSCM.ads.AdPlacerx.sz="336x280,300x250"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.setSite("remnant.thestreet.com"); TSCM.ads.AdPlacerx.additionalTargeting=";box=second"; TSCM.ads.AdPlacerx.calltype="adj"; TSCM.ads.AdPlacerx.writeTag(); var _isIE = false; /** * absolutley positions an ad using an existing container as an 'anchor' * can optionally update the height of the placeholder (cfg.flexibleHeight) */ TSCM.ads.positionToPlaceholder = function(cfg) { var Yud = YAHOO.util.Dom; var ad = Yud.get(cfg.ad); var placeholder = Yud.get(cfg.placeholder); if(!ad || !placeholder) {return}; if(cfg.flexibleHeight === true) { //option to update height of placeholder based on ad //thanks to IE, we can't do this the simple way with getStyle var height; if (_isIE) { //IE6, IE7 var adRegion = Yud.getRegion(ad); height = adRegion.bottom - adRegion.top; } else { height = Yud.getStyle(ad, 'height'); } //set default height for caus if height detect fails if (height === '0px' || height == '0' || height < '220' ||height === 'undefined' && placeholder.id === 'cauContainer') { height = '220px'; } Yud.setStyle(placeholder, 'height', height); } Yud.setXY(ad, Yud.getXY(placeholder)); //position the ad over the placeholder }; /** * function wrapper that places all DART ads using TSCM.ads.positionToPlaceholder * if positionToPlaceholder can't find the elements specified, it just returns and is ready for the next call */ TSCM.ads.placeLazyLoadingAds = function() { // DART 1 (banner) TSCM.ads.positionToPlaceholder({ ad: 'ad728x90', placeholder: 'bannerContainer', flexibleHeight: false }); // DART 1 (expander) TSCM.ads.positionToPlaceholder({ ad: 'expanderAd', placeholder: 'expanderAdContainer', flexibleHeight: false }); //DART 2 TSCM.ads.positionToPlaceholder({ ad: 'customUnit', placeholder: 'cauContainer', flexibleHeight: true }); //DART 3 TSCM.ads.positionToPlaceholder({ ad: 'boxAd', placeholder: 'boxAdContainer', flexibleHeight: true }); //DART 4 TSCM.ads.positionToPlaceholder({ ad: 'secondBoxAd', placeholder: 'secondBoxAdContainer', flexibleHeight: false }); }; TSCM.ads.placeLazyLoadingAds() window.onresize = function() { setTimeout(function() { TSCM.ads.placeLazyLoadingAds(); }, 1000); }; BF_BB_DATA = null; (function( ){ document.write(''); var sid="76IOF7"; var c=""; var b=""; BF_BB_SCRIPT=document.createElement('script'); BF_BB_SCRIPT.type="text/javascript"; BF_BB_SRC="http://buzzbox.buzzfeed.com/wd/BuzzBox?sid=" + sid + c + b + '&it=1&cb=' + (new Date()).getTime(); setTimeout(function() { document.getElementById('BF_BUZZBOX').appendChild(BF_BB_SCRIPT); BF_BB_SCRIPT.src=BF_BB_SRC; },1); })();

After the Bell

Before the Bell

Booyah! Newsletter

ETF Weekly

Midday Bell

TSC Top Ten Stories Newsletter

Winners & Losers

TheStreet Mobile Edition

Take Our Tour

Connect with TheStreet

Read Full Article »