It is utter audacity for the nation's major financial institutions to cry foul about President Obama's proposal to impose a modest tax - $1.5 million for every $1 billion in assets - to try to recover some of the vast taxpayer investment that saved the banking system and economy.Bank executives, who began announcing their huge bonuses last week, argue that their institutions have started repaying the bailout money. They warn the tax will stifle their ability to provide loans and hurt the economic recovery. Excuse us while we distribute the cashmere, monogrammed crying towels.

Bank executives, who began announcing their huge bonuses last week, argue that their institutions have started repaying the bailout money. They warn the tax will stifle their ability to provide loans and hurt the economic recovery. Excuse us while we distribute the cashmere, monogrammed crying towels.While it's true the banks are repaying some bailout money, the Treasury anticipates losses from the $700 billion Troubled Asset Relief Program could reach $117 billion. It would take the special tax program 12 years to recover that much money. The president said he wants it in place at least long enough to get the money back.

While it's true the banks are repaying some bailout money, the Treasury anticipates losses from the $700 billion Troubled Asset Relief Program could reach $117 billion. It would take the special tax program 12 years to recover that much money. The president said he wants it in place at least long enough to get the money back.And these fat-cat bankers should not forget that they helped inflate the housing bubble, enabling them to make billions of dollars by bundling and trading the bad mortgages that resulted from the bogus equity the bubble created. When the pyramid scheme collapsed, the world economy went with it.

And these fat-cat bankers should not forget that they helped inflate the housing bubble, enabling them to make billions of dollars by bundling and trading the bad mortgages that resulted from the bogus equity the bubble created. When the pyramid scheme collapsed, the world economy went with it.The cost of that reckless and greedy behavior is incalculable. That these same institutions would now complain about having to pay a small "financial crisis responsibility fee" is outrageous.

The cost of that reckless and greedy behavior is incalculable. That these same institutions would now complain about having to pay a small "financial crisis responsibility fee" is outrageous.The legislation would exempt small banks, as it should, because they largely did not take part in the reckless behavior. And such a strategy will help the smaller banks compete with the big guys, providing an incentive for them not to pass along the cost of the tax to customers.

The legislation would exempt small banks, as it should, because they largely did not take part in the reckless behavior. And such a strategy will help the smaller banks compete with the big guys, providing an incentive for them not to pass along the cost of the tax to customers.As for inhibiting their ability to loan, it's a specious argument. These large financial institutions have ample money to lend, but are currently enjoying better returns on investments.

As for inhibiting their ability to loan, it's a specious argument. These large financial institutions have ample money to lend, but are currently enjoying better returns on investments.We also see no reason that Congress should not pursue the proposal by some House Democrats to impose a 50 percent windfall tax on the bonuses. After all, there would be no bonuses if not for the taxpayer-backed bailout, so why shouldn't the executives share the money?

We also see no reason that Congress should not pursue the proposal by some House Democrats to impose a 50 percent windfall tax on the bonuses. After all, there would be no bonuses if not for the taxpayer-backed bailout, so why shouldn't the executives share the money?There are positives signs that the banks learned some lessons. Some are providing bonuses in stock, providing recipients an incentive to grow the institution through prudent long-term strategies, rather than gravitating toward high-risk, quick-reward schemes such as those that created the fiscal calamity. Some banks are even tying payouts to future performance results, how revolutionary, and sensible.

There are positives signs that the banks learned some lessons. Some are providing bonuses in stock, providing recipients an incentive to grow the institution through prudent long-term strategies, rather than gravitating toward high-risk, quick-reward schemes such as those that created the fiscal calamity. Some banks are even tying payouts to future performance results, how revolutionary, and sensible.If the American public accepts quickly going back to Wall Street's pre-crisis modus operandi, it deserves the next economic disaster that follows.

If the American public accepts quickly going back to Wall Street's pre-crisis modus operandi, it deserves the next economic disaster that follows.The Financial Crisis Inquiry Commission, the bipartisan panel appointed by Congress to evaluate the causes of the meltdown, has begun public hearings. Its findings are necessary to help drive the reforms that will be necessary to prevent a repeat of history.

The Financial Crisis Inquiry Commission, the bipartisan panel appointed by Congress to evaluate the causes of the meltdown, has begun public hearings. Its findings are necessary to help drive the reforms that will be necessary to prevent a repeat of history.The last time such a special committee took a hard look at an economic collapse - the stock market crash of 1929 - it ended with indictments and jail sentences, as well as reforms.

The last time such a special committee took a hard look at an economic collapse - the stock market crash of 1929 - it ended with indictments and jail sentences, as well as reforms.Rather than complaining about sharing bonuses, some of these executives should be happy they're not going to jail.

Rather than complaining about sharing bonuses, some of these executives should be happy they're not going to jail.