The new bonus tax passed by the House today will apply a 90% rate to bonuses paid at firms that have taken over $5 billion from the TARP. While hundreds of banks and other companies have received capital injections from the TARP, only a dozen have taken enough to get hit by this restriction.
If the bill becomes law, here are the 12 firms that would be hit.
- Citigroup (New York)
- JPMorgan Chase (New York)
- Wells Fargo & Co. (San Francisco)
- Bank of America Corp. (Charlotte, N.C.)
- Goldman Sachs Group Inc. (New York)
- Merrill Lynch & Co. (New York)
- Morgan Stanley (New York)
- PNC Financial Services Group Inc. (Pittsburgh)
- US Bancorp (Minneapolis)
- AIG (New York)
- General Motors (Detroit)
- GMAC Financial Service (New York)
In addition, Fannie Mae and Freddie Mac would be subject to the new tax.
Business Insider Emails & Alerts
Site highlights each day to your inbox.