The plan, if approved by Congress, would levy the tax on up to 50 financial services companies based on the total size of their liabilities. White House officials estimates it will raise at least $90bn over the next decade and wrest back for the taxpayer the money given the banks as part of the $700bn Troubled Asset Relief Programme (TARP).
Mr Obama said the move is aimed at preventing Wall Street firms from going back to "business as usual"...
Um yeah that should do it.
"My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people."
Hey you know who actually does owe their existence to the American people...
I need a drink.