Lawmakers seek DoJ probe into Goldman peers; bank tax debated

05/4/2010 | Financial Times (tiered subscription model)

Rep. Marcy Kaptur, D-Ohio, and other members of Congress, are requesting that the Department of Justice investigate activities of the peers of Goldman Sachs. Meanwhile, Treasury Secretary Timothy Geithner is poised to outline the White House's plan for a levy on the largest banks. Industry groups are trying to get Congress to scrap the plan or at least delay it. One industry insider said a $100 billion bank tax could "mean up to $1,000 billion of loans not made." Steve Bartlett, president and CEO of The Financial Services Roundtable, said that while the exact effect on borrowing costs cannot be estimated, "directionally the results are clear."

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