You can argue it anyway you like, but it is increasingly clear that the top banks need to acknowledge that they benefited from taxpayer money. The debate can get pretty nuanced, but to dig in now and argue that the banks owe nothing to the public isn't going to fly from a PR point of view. Goldman Sachs is learning this.

So what should the industry do? Well, we suggested early on Goldman Sachs ought to buy CIT and enter the small business lending arena to put some meat on its we-do-God's work bone. It recently announced a charity initiative with Warren Buffet aimed at small businesses. Now, one industry vet suggests that regulators meet with Goldman Sachs, JPMorgan and other appropriate banks to discuss "a multibillion-dollar credit facility for small businesses" to be overseen by the SBA. "If the president can't get some accommodation, he and Congress might consider a windfall profits tax on future earnings. A windfall profits tax has been imposed during wars and when industries benefited unduly from an unusual occurrence. In 1980, Congress passed the Crude Oil Windfall Profit Tax to recoup the revenue earned by oil producers as a result of oil's sharp increase from OPEC's embargo." I'm sure the industry would rather not let it get to that. 

For more:
- here's the commentary in the New York Times

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