Nov 28, 2011
“Occupy” protesters in California, joined by college students organizing against endless tuition increases, have targeted Bank of America and Wells Fargo, demanding that these banks pay back the billions of bailout dollars they got from the government.
BofA and Wells Fargo also got money from the IRS. Last year, Bank of America got a 666-million-dollar tax refund, with a profit of more than 10 billion dollars. Wells Fargo, in 2009 and 2010, was “taxed” by the IRS at a rate of “minus” 6.8% – while showing a profit of 37 billion dollars.
This continuous handout is one of the reasons the government is cutting programs and services.
So the protesters are right. The banks should pay for the deficits their bailout created!