the issue is never dead. "you can't see" etc. is nonsense. it would do you well and everybody on else on this thread if u would drop your pollyannaish attitude and understand that the FTT is a never ending threat which requires constant monitoring. it requires writing of letters with updates to people who can make a difference in this matter
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
This is all European bullshit. How many times over the last couple of years have they put out press releases saying the momentum is building for a global FTT, or that insiders in the Obama White House support a FTT, blah, blah, blah......... Since the Europeans now control the G-20 itinerary, we can expect to see more false reports being released on this issue. Again, it's all European bullshit. They want this FTT so badly, they will do anything to get everyone on board, including lying to the media about our possibly supporting it to try and pressure us into giving in.
All I can say is THANK GOD the Republicans won the House, as any agreement for our involvement in a global FTT would require Congressional approval.
Although the EU reports on our interest to discuss a FTT is total garbage, it wouldn't surprise me at some point to see Obama come out and voice support for a FTT, as this would provide him political cover with liberals for his 2012 re-election hopes, knowing there's no way this tax would actually happen here as the GOP lead House would instantly kill it. Remember, the liberals in Obama's party are still royally pissed off about his giving in and extending the Bush tax cuts, as well as agreeing to the GOP estate tax ideas. So voicing support for something like a FTT would be perfect political cover for Obama, as he seeks to get his liberal base back on his side. Something to watch for.
It's fishy. There's a continuing EU bullying tone that G20 most likely by now strongly resents. The G20 is a disparate group comprising widely differing political and financial considerations.
Note the rapid counter-attack press release following Cameron's stated position. One-up-manship or desperation?
"We will work with the Fr Presidency of the G-20 .... to promote .... agreement with .... most relevant international partners" (middle finger skywards to Canada and all other flimsy irrelevant piddling little G20's who refuse to do their high-handed politically motivated bidding).
The sacked Brown (recently pressuring US officials) remains foolishly obsessed with his own importance. The G20 already funded IMF high level studies that suggested FAT and discredited the other. Refusal to understand "no" is making them appear as fools.
"Personally discussed....found readiness... (with which un-named US counterparts was readiness found?)....to discuss further....after ECON supplies final (Euro summer) Impact Assessment.
US "counterparts" will receive the Assessment before G20 meets late this year. Their attitude may be: go ahead, tell us again what we already know.
Note the rapid counter-attack press release following Cameron's stated position. One-up-manship or desperation?
"We will work with the Fr Presidency of the G-20 .... to promote .... agreement with .... most relevant international partners" (middle finger skywards to Canada and all other flimsy irrelevant piddling little G20's who refuse to do their high-handed politically motivated bidding).
The sacked Brown (recently pressuring US officials) remains foolishly obsessed with his own importance. The G20 already funded IMF high level studies that suggested FAT and discredited the other. Refusal to understand "no" is making them appear as fools.
"Personally discussed....found readiness... (with which un-named US counterparts was readiness found?)....to discuss further....after ECON supplies final (Euro summer) Impact Assessment.
US "counterparts" will receive the Assessment before G20 meets late this year. Their attitude may be: go ahead, tell us again what we already know.
whatever golden slax wants that is the way it will turn out. don't believe for 1 sec. that your interests and that of GS are the same. if FTT is passed GS will get mostly exempted and the public will end up paying the tax just as in the UK. of course the big hedge funds will find away around it just like in the UK.
NEW YORK (Reuters) - Goldman Sachs' last large proprietary trading team is planning to leave the bank in order to start an independent hedge fund, the Financial Times reported on Sunday.
The paper said that the team, led by Daniele Benatoff and Ariel Roskishas, has got an investment from European hedge fund Brummer & Partners for $300 million. The new hedge fund will be based in London, the paper said.
Goldman declined comment.
The bank, and other Wall Street banks, have been winding down their proprietary trading desks in light of the "Volcker rule," named after the former Federal Reserve Chairman who authored the regulation to limit the extent to which banks can bet with their own capital.
Banks are considering options such as spinning out desks as separate hedge funds or moving them into their asset management units.
Goldman Sachs star trader Morgan Sze in December was planning to raise over $1 billion for an Asia hedge fund."
http://ca.reuters.com/article/businessNews/idCATRE7090E920110110
http://snipurl.com/1tgyyv
NEW YORK (Reuters) - Goldman Sachs' last large proprietary trading team is planning to leave the bank in order to start an independent hedge fund, the Financial Times reported on Sunday.
The paper said that the team, led by Daniele Benatoff and Ariel Roskishas, has got an investment from European hedge fund Brummer & Partners for $300 million. The new hedge fund will be based in London, the paper said.
Goldman declined comment.
The bank, and other Wall Street banks, have been winding down their proprietary trading desks in light of the "Volcker rule," named after the former Federal Reserve Chairman who authored the regulation to limit the extent to which banks can bet with their own capital.
Banks are considering options such as spinning out desks as separate hedge funds or moving them into their asset management units.
Goldman Sachs star trader Morgan Sze in December was planning to raise over $1 billion for an Asia hedge fund."
http://ca.reuters.com/article/businessNews/idCATRE7090E920110110
http://snipurl.com/1tgyyv
I think it's important to note that the EU Tax Chief is differentiating between an activities tax and a transaction tax (as indicated in bold above). Blurring the language between the two (as well as "levy", "fee", etc) has persisted in these articles since the topic started heating up a couple years ago.
Excellent analysis.
'...global taxes, and specifically the Tobin Tax, may have seen its chance pass it by.â
http://www.taxjournal.com/tj/articles/bank-levy-draft-guidance1001
http://www.taxjournal.com/tj/articles/bank-levy-draft-guidance1001
Transcript of UK Chancellor when being asked about bonuses mentions FTT in the House of Commons:
Dr Julian Huppert (Cambridge) (LD): What progress has the Chancellor made in discussions about implementing a Tobin or Robin Hood tax either with other countries or alone?
Mr Osborne: The financial transaction tax is something that the international community is looking at and it is on the agenda for the G20 discussions. Almost everyone who looks at the idea accepts that it would have to be done internationally or else business would probably disappear overnight. It is on the international agenda and we are engaging in that discussion.
http://www.publications.parliament....110111/debtext/110111-0001.htm#11011161000004
That was the the only reference to the FTT in the transcript. Note how this was distorted in a Daily Mail article today:
The Chancellor was summoned to the Commons yesterday to answer an urgent question on the bonus crackdown.
He said the Government would be prepared to raise the levy on banks â likely to cost them £1.25billion this year and £2.3billion next year â unless they agree a plan to help taxpayers.
Mr Osborne also mentioned a possible financial transaction tax on the banks if they do not sign the deal, although this would require agreement across the EU.
http://www.dail*****.co.uk/news/art...onuses-climbdown-coalition-left-disarray.html
Dr Julian Huppert (Cambridge) (LD): What progress has the Chancellor made in discussions about implementing a Tobin or Robin Hood tax either with other countries or alone?
Mr Osborne: The financial transaction tax is something that the international community is looking at and it is on the agenda for the G20 discussions. Almost everyone who looks at the idea accepts that it would have to be done internationally or else business would probably disappear overnight. It is on the international agenda and we are engaging in that discussion.
http://www.publications.parliament....110111/debtext/110111-0001.htm#11011161000004
That was the the only reference to the FTT in the transcript. Note how this was distorted in a Daily Mail article today:
The Chancellor was summoned to the Commons yesterday to answer an urgent question on the bonus crackdown.
He said the Government would be prepared to raise the levy on banks â likely to cost them £1.25billion this year and £2.3billion next year â unless they agree a plan to help taxpayers.
Mr Osborne also mentioned a possible financial transaction tax on the banks if they do not sign the deal, although this would require agreement across the EU.
http://www.dail*****.co.uk/news/art...onuses-climbdown-coalition-left-disarray.html
Yeah Lucky for us France holds the chair for the G20 so they'll be bringing up an FTT at every chance they get
I just don't see the how they would ever get the entire G20 onboard with this. Let's just hope the G20 pans the FTT again. I mean how many times do you really have to say no?I find it hard to believe that the US is at all interested in an FTT.
-Guru