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I added a new post on the WSJ Bogle opinion piece. This opinion piece from a legendary mutual fund founder says you can no longer trust money managers, including mutual fund managers, since they are all part of an institutional-cabal in-bed with corporate managements too. The...

Vanguard’s full court press in the media to promote a financial-transaction tax is anti-competitive and self-serving for their interests. Do we need a new onerous tax burden (financial-transaction taxes) on active traders and investors to force them into buying and holding mutual funds...

Many articles tonight. Vanguard full press. G7 leaning levy over FTT. Sorry links don't transfer with iPhone On Jan 18, 2010, at 10:30 PM, Google Alerts <googlealerts-noreply@google.com> wrote: Google News Alert for: financial transaction tax UK Bonus Impact Still Unclear, Myners Says...

DeFazio will probably ask Dean Baker to write his new bill using Baker's logic in his most recent article posted a few pages back. Now they are counting way off the balance sheet and I know this as an accountant. Let's start counting the trillions saved and created due to TARP and other...

I think the banking industry will lose a lawsuit against the bank tax plan because it's a fee not clearly a tax - after all it's not an income tax or other means of established taxation. It's not a tax on bonuses. Although, tax versus fee in and of itself would be an interesting Supreme Court...

Still DeFazio's new bill HR 4191 is titled "Let Wall Street Pay For the Restoration of Main Street". The main body points refer to the 700 billion provided, wall street high profits and bonuses and says wall street owes Main Street. (5) Following their $700,000,000,000 bailout...

the administration knew the bank's legal argument of selective and punitive taxation, so they called it a fee. Before that they were going to use the term levy but that sounds punitive. Or insurance premium but then they need to set aside the funds for moral hazard insurance. Hence they chose...

From The New York Times: Wall St. Weighs a Challenge to a Proposed Tax Wall Street’s main lobbying arm hired a litigator, who could argue that a tax would unfairly penalize big banks. http://s.nyt.com/u/rFs Get The New York Times on your iPhone for free by visiting...

Fianancial transaction tax FTT bills in the US are structured to address payback of TARP. The bank tax swoops in to handle TARP losses. Does't the bank tax then make the House and Senate FTT bills moot? It's interesting how this winded up so neatly and Treasury really massaged things...

Ps meant to add that even a hedge fund like Long-Term Capital was too-big-to fail in 1998 which led to Asian contagion and curiously soon therafter the tech wreck bubble. I don't think regulators can decouple risk from contagion so they should not believe they can shut down their fire...

Naysayers of the bank tax say it does not address too-big-to fail, high risk and leverage, and moral hazard - the government being the back stop for this risk. But can too-big-to fail and moral hazard feasibly be solved without creating another problem too-small-to compete globally? One...

Secretary Geithner has repeated often that he does not support a FTT. President Obama has sacrificed the banker tax to assuage populist forces. He now must deal with Repulicans stating he is a tax and spender. I think their bank tax is it for 2010 and the rest of his administratio hopefully with...

PS, if traders had to choose a bank tax or FTT, they could afford 15-basis points on debt-financed capital with a bank tax. Plus they pay margin interest rates to banks who themselves get zero interest rates.

I wanted to relax yesterday and toast our apparent victory but then got several new FTT story links in Google alerts on FTT. As expected, the EU FTT proponents had to react to the US administration's budget plan and explain how it's not a good idea for their countries. France said it would do...

Pearlstein. What's intellectually honest about putting market makers out of business without acknowledging that market disruptive fact? All he admits is that some speculation is excessive. He's not intelligent enough to understand that markets will be dysfunctional. I'll tackle him on this soon.

WSJ has some good articles protesting the bank tax. I Commented on several. Here is one link http://online.wsj.com/article/SB10001424052748704281204575003041489144962.html?mod=article-outset-box#articleTabs%3Darticle - The 'Responsibility' Tax Fannie and Freddie are exempt from the White House...

After my last post earlier tonight, I just noticed this article in the WSJ http://online.wsj.com/article/SB10001424052748704381604575005211928270140.html?mod=WSJ_hps_LEFTWhatsNews LONDON—European countries signaled Friday they aren't likely to follow the U.S. government's lead and...

The UK was the first to show courage of leadership in saving its banks with a bailout and the US soon followed suit with its own TARP bailout. Now, when it came time – on a political clock that is – for getting bailouts paid back to taxpayers (voters), the UK acted first again. Once...

With the UK passing the banker bonus tax and it being absorbed by the banks rather than their employees - which snagged US banks doing big business in the UK - the US probably figured it had to move it's TARP Tax payback program up faster. To get their share of the global banker shakedown and...

http://www.huffingtonpost.com/mike-lux/the-curse-of-the-wall-str_b_423302.html give them a finger and the left-progressives want a hand. They make a renewed call for a FTT in this article. For the Nov elections I heard from Democratic campaign people that their strategy is to renew their base.