Wall Street is considering a legal challenge to Obama’s proposed bank tax:
Wall Street’s main lobbying arm has hired a top Supreme Court litigator to study a possible legal battle against a bank tax proposed by the Obama administration, on the theory that it would be unconstitutional, according to three industry officials briefed on the matter.
In an e-mail message sent last week to the heads of Wall Street legal departments, executives of the lobbying group, the Securities Industry and Financial Markets Association, wrote that a bank tax might be unconstitutional because it would unfairly single out and penalize big banks, according to these officials, who did not want to be identified to preserve relationships with the group’s members.
How very strange! I don’t recall them being overly concerned about the massive violations of the Constitution that were involved in bailing them out of bankruptcy in 2008. These men aren’t merely criminals and fraudsters, their foolishness and hypocrisy simply knows no bounds. And their greed makes even the most staunchly right-wing Republican dream of tumbrils and guillotines.
As Karl Denninger says: “Stop the looting, start prosecuting.”