President Obama has proposed taxing banks that have benefited from TARP bailouts and restricting banking trading activities so depositor funds are not put at risk. In a Boston Globe op-ed, Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says it would be more effective to make too-big-to-fail institutions return every dollar of the subsidy they get by being able to borrow funds at a lower rate than less complex institutions.
“We must remind ourselves and Obama that the subsidy comes out of taxpayers’ pockets.”
Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu
