Big banks are today's designated villains, widely blamed for creating the financial crisis and criticized for sopping up government bailout money and then indulging in a new orgy of extravagant bonuses. To prevent the banks from acting carelessly and taking excessive risk, President Obama has proposed restricting bank activities, like prohibiting them from trading for themselves and limiting the size of liabilities.
These proposals, made late in January, come on top of others: a $90 billion tax over 10 years on the 50 largest banks to pay back bailout money; efforts to assure executive compensation doesn't encourage excessive risk taking; and a proposal for a new consumer protection agency, among others.
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