The president is going to announce today a tax on the big banks and financial institutions:

The tax on banks, insurance companies and brokerages with more than $50 billion in assets would start after June 30 and seek to collect $90 billion over 10 years, according to a senior administration official who briefed reporters late Wednesday.

   The Administration is calling the tax a "financial crisis responsibility fee". I like that handle. But, there are two problems. First, the bankers themselves still don’t get it:

"Using tax policy to punish people is a bad idea," J.P. Morgan Chase Chief Executive James Dimon told reporters after a hearing in Washington. Mr. Dimon said it would be unfair for banks to be left shouldering the cost of the auto bailout.

   This isn’t punishment, Mr. Dimon. This is about responsibility. To your country. To the people whose hard-earned money you used to save your institution.

   Second, frankly, the projected $90 billion to be collected over ten years is a pittance–and that cost is being shouldered by the shareholders of the banks and financial institutions and I’m guessing its customers who will end up paying for the tax in higher fees that the institutions slip into their "cost of doing business".

   The tax avoids any personal responsibility on the part of the individuals who created the economic crisis.

   Here is another idea: demand that the Wall Street bonuses go to pay for the recovery efforts in Haiti, and to make taxpayers here whole. After all, the very economic system that Dimon and his peers created over the past several decades is the system that impoverished countries around the world, leaving them with a weak infrastructure to be able to deal with natural disasters. Putting the Wall Street bonuses towards Hait relief will perhaps make Dimon and his peers feel virtuous and not punished–but I would not count on it.