Banks aren’t liable for auto industry woes

WALL STREET IS recovering from the Great Recession, but the U.S. financial sector might not exist at all if Congress had not enacted a $700 billion bailout, the Troubled Assets Relief Program (TARP), on Oct. 3, 2008. In President Obama's view, the financial industry owes the American taxpayer not only a debt of gratitude — but a debt, period. His fiscal 2013 budget proposal includes a plan to charge large banks $61 billion over the next decade, to recoup the expected net cost of the TARP program.

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