Barack Obama channelled popular anger against Wall Street bonuses yesterday as he announced a $117bn (£72bn) tax on the finance industry.
The levy will hit about 50 institutions and be spread out over at least the next 10 years, with bigger and riskier institutions forced to pay the most, something that the President said would help to change behaviour and prevent a repeat of the credit crisis.
"My commitment is to recover every single dime the American people are owed," Mr Obama declared. "And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people."
Compare and contrast Chancellor Darling's half-hearted attempts to recover a measly £500 million.