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15 Jan, 2010 02:46

Obama bank tax pointless?

The new Obama bank tax is not necessarily an effective move, said financial author Michael Panzner.

“Banks are very clever. They are going to figure out a way to hide their profits, figure out a way to avoid the tax, figure out a way to do something that really makes it come out to be less that what it is worth,” he said.

Saying "We want our money back,'' US president Obama added that he wants to tax US banks to recoup the money that the American public spent on bailing out big financial firms, AP reported on Thursday.

Obama said the big banks showed irresponsibility that lead to a crisis of their own making. Further, he said that his goal is not to punish, but rather prevent banks from excessive behaviors such as “obscene” bonuses to their executives.