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Friday, January 15, 2010

President Obama's $10BN Banking Bill

Royal Bank of Scotland (RBS), Barclay's and HSBC may find their US operations having to pay up around $10BN to US authorities, as they fall under the net of President Obama's proposed tax on financial institutions bailed out by taxpayers.

The tax ("financial crisis responsibility fee") needs to be approved by Congress, if approved it will net the US administration $90BN over 10 years.

The British banks may also find themselves facing extra taxes, as The White House will lobby G20 nations to introduce their own version of the tax.

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