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

[seasideheights]

Bankers in favour of paying global fee

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe.

http://www.ft.com/cms/s/0/ab5c1fec-0d08-11df-a2dc-00144feabdc0.html

 

[Buzzed]

Quote from seasideheights:

Bankers in favour of paying global fee

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe.

http://www.ft.com/cms/s/0/ab5c1fec-0d08-11df-a2dc-00144feabdc0.html

Great idea...

...until some jackass decides to "invest" the global insurance pool into the very same risks that the insurance is supposed to protect themselves against.

It will need to be heavily regulated to work. Let us hope the AIG lesson will not be forgotten.

 

[listedguru]

Quote from seasideheights:

Bankers in favour of paying global fee

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe.

http://www.ft.com/cms/s/0/ab5c1fec-0d08-11df-a2dc-00144feabdc0.html

I can't view the above article for some reason. Anyway what kind of global fee are they talking about? This isn't a tobin tax correct?

-Guru

 

[Trader666]

[French President] Sarkozy joined U.K. Prime Minister Gordon Brown and German Chancellor Angela Merkel in supporting a tax on trades. In Europe, the money raised could be used to fund climate measures or aid for poor nations, Sarkozy said. He leads the world’s fifth-largest economy.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aUFMGaqiHYaA&pos=15

 

[TPCS]

New Baker response to FTT criticisms.

 

[listedguru]

Quote from TPCS:

New Baker response to FTT criticisms.

Wow very weak arguments from Mr. Baker (IMHO). He basically agrees that volume will plummet and costs will rise back to levels form the 1980's. But he still thinks this tax would raise big bucks. These liberals just don't get it. But I'm glad his arguments are so weak and flawed (just like the tax itself)...


-Guru

 

[jficquette]

Quote from listedguru:

I can't view the above article for some reason. Anyway what kind of global fee are they talking about? This isn't a tobin tax correct?

-Guru

Interesting that the "Worlds Bankers" puke up resistance to the tax about the time we find out how the Fed laundered money to them through AIG.

Maybe they are afraid of a little claw back action.

 

[listedguru]

Quote from seasideheights:

Bankers in favour of paying global fee

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe.

http://www.ft.com/cms/s/0/ab5c1fec-0d08-11df-a2dc-00144feabdc0.html

I was finally able to read the above article. It's nice that they are talking about an insurance type levy and not a transaction tax. This will fall right inline with that the IMF will recommend in it's April report (IMHO). The Tobin Tax is dead

-Guru

 

[drukes1234]

Quote from listedguru:

I was finally able to read the above article. It's nice that they are talking about an insurance type levy and not a transaction tax. This will fall right inline with that the IMF will recommend in it's April report (IMHO). The Tobin Tax is dead

-Guru

Unfortunately it will NEVER be dead. We've done a terrific job fighting this and we have to continue doing so because there are too many idiots out there to keep bringing up the virtues of a tobin tax regardless of the environment.

Keep on fighting ya'll

 

[GCSICLRBC]

Quote from drukes1234:

Unfortunately it will NEVER be dead. We've done a terrific job fighting this and we have to continue doing so because there are too many idiots out there to keep bringing up the virtues of a tobin tax regardless of the environment.

Keep on fighting ya'll

+1

Obama wants to become a two-term president & I find it unlikely he'd ever sign into law a bill that utterly devastates his home base (Chicago).

Moreover, the banks, brokerages & wealthy individuals all oppose such a vehicle. Congress is a bunch of spineless toads & I find it equally unlikely they'll compromise their PAC donations.

It's important we keep fighting, however.

Peffertfly (sp.) of Interactive Brokers was dead on. Such a tax would be ruinous to our financial markets.

There would be wild gyrations nearly every day & traders like myself would go out of our way to CRASH the market as punishment.