Taxing the Top
In a world in which some people keep getting way more than they need, while others can hardly get by, Robin Hood starts to look better and better.
Six of the nation's 19 largest banks have failed the Federal Reserve's "Stress Tests," including Citibank and Bank of America, according to Bloomberg.
The Fed is pushing the banks to raise capital by converting preferred shares (including those held by the Treasury) into common shares, rather than seeking more federal funds.