1/4% Tax on all stock trades pushed in NY Times today

I'm sorry to say that, but if the CEOs of major banks are not debating ( John Mack didn't really object) in the video against what would be the greatest threat to their activities, it's because Anaconda is right and the banks are backing it with exemptions.

Our fate is already sealed if they decided so.
 
Quote from TraDaToR:

I'm sorry to say that, but if the CEOs of major banks are not debating ( John Mack didn't really object) in the video against what would be the greatest threat to their activities, it's because Anaconda is right and the banks are backing it with exemptions.

Our fate is already sealed if they decided so.
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I guess time will tell whether this tax becomes a reality or not. You can bet the exchanges, ecn's, etc will lobby against this with all their might. I think when that Senator asked those bankers about it yesterday they we're caught off guard as most had never even heard of it.

I say if it ever came up for a vote it would never make it out of the senate. Summers, Geithner, and others will not allow this to happen (I'll just leave it at that)...

-Guru
 
Yes, I think in the end it will come down to whether or not the big players decide to fight this thing with force. There could be enough exemptions where they won't feel the need. Please, take the stocks. Just leave the futures alone. Or if you're gonna take the futures too, at least leave spot fx alone. Something!!!!
 
Quote from jj69:

Yes, I think in the end it will come down to whether or not the big players decide to fight this thing with force.
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Wow you guys are dense.

The big players are behind the tax.
 
Quote from Anaconda:

Wow you guys are dense.

The big players are behind the tax.
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Why are the big players as you put it behind this tax? So they can squeeze out the little guy? Something else?

I'm just asking? Seriously.

-Guru
 
I think under current backdrop of banks coming under fire from public/congress, it is unlikely they have the power to initiate any agenda. And there's all the other retail trading related entities that should want to fight this. Do they have enough firepower, that's the issue.
 
I just had an interesting chat with IB about this, trying to fish for what may or may not be going on or talked about behind the scenes regarding the tax. Every one of my comments/questions was met with "IB has no comment on that". It was frustrating - I was trying to convey to this person I was chatting with that they could very well be out of a job in the near future.

I wonder what the chances are of getting the CEO's from all the major brokerages and exchanges to band together and plead their case before Congress.
 
I posed the question of the transaction tax over on the blog at nyse.com - the guy who runs the blog (ray) posted this response:

Guru -- We hear talk of that from time to time, but have not seen any proposals.

As you said, we oppose the idea of a transaction tax, but that opposition goes way beyond what it might do to trading volume; such a tax would be counter-productive to individual and institutional investors, market stability and liquidity, capital raising, ...don't get me started.


by Ray Pellecchia on February 13, 2009 5:28 PM



http://exchanges.nyse.com/archives/2009/02/first_ipo.php#comments
 
Quote from listedguru:

Why are the big players as you put it behind this tax? So they can squeeze out the little guy? Something else?

I'm just asking? Seriously.

-Guru
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I have tried to explain this several times, why is it so hard to read it in the thread?
 
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