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

[tomdavis]

The banks may not be making a big issue of it because they don't see the FTT as an immediate threat.

A friend of mine is a securities lawyer in New York. When I asked him why GS and the other big New York banks kept their mouths shut at the height of the FTT debate, he said that there was no reason for them to interject themselves publically into the conversation (especially when public sentiment was so negative against them). As my friend explained it to me, not only are the Republicans against the FTT, but so are many key Democrats including Charles Schumer, Kirsten Gillibrand and Michael Bloomberg.

The chances of an FTT passing in this country are zero right now, so why should the banks draw attention to themselves? Even though a few democrats keep raising the FTT issue, it's because that's what their constituents want to hear, not because they actually believe the FTT could pass.

According to my friend, the big banks are keeping a wary eye on key democrats and will act accordingly if the need arises. Until then, they'd rather stay below the radar on this issue. My guess is, the European banks are taking the same position.

Quote from listedguru:

It seems the more Semeta talks the more it sounds like he's less likely to recommend the FTT. He keeps saying that it would only make sense if the US is on board. I guess thats a nice way for him to use the US for political cover.

I found this interesting:

"Even though this debate has been raging for at least a year industry sources have grown shy of making comments."

"The European Savings Bank Group in Brussels declined to comment and said it did not have a position regarding an FTT or an FAT yet."

"The European Banking Federation also declined to comment."

I wonder what these groups are waiting for? Maybe they know that the forthcoming report is going to recommend a FAT tax therefore there's so reason to stir the FTT honeypot?

-Guru

 

[Explorer]

Financial Transaction Taxes May Not Be Efficient - IMF Paper

http://online.wsj.com/article/BT-CO-20110311-715843.html

 

[andohmeeta]

http://online.wsj.com/article/BT-CO-20110313-702467.html

"European Union commissioner Michel Barnier Sunday said the introduction of a tax on financial transactions in Europe would be fair".


http://www.cityam.com/news-and-analysis/eu-attack-irish-tax-rate

"The European Council declared.................... and, following the vote in favour of a Tobin tax by the EU Parliament last week, promised to develop a regional financial transaction tax despite warnings that it could devastate European trade".

 

[listedguru]

Quote from andohmeeta:

http://online.wsj.com/article/BT-CO-20110313-702467.html

"European Union commissioner Michel Barnier Sunday said the introduction of a tax on financial transactions in Europe would be fair".


http://www.cityam.com/news-and-analysis/eu-attack-irish-tax-rate

"The European Council declared.................... and, following the vote in favour of a Tobin tax by the EU Parliament last week, promised to develop a regional financial transaction tax despite warnings that it could devastate European trade".

So now their going to forge ahead with a FTT and not even wait for the impact assessment thats due this summer? Wow these idiots are more insane that I had previously thought. I can't wait to see this blow up in their face (if they follow through with it).

-Guru

 

[zdreg]

Quote from listedguru:

So now their going to forge ahead with a FTT and not even wait for the impact assessment thats due this summer? Wow these idiots are more insane that I had previously thought. I can't wait to see this blow up in their face (if they follow through with it).

-Guru [/QUOTE
"I can't wait to see this blow up in their face (if they follow through with it)."
give up your Pollyanna attitude and figure out how to make a living.

 

[Explorer]

Another well argued article by Tim Worstall:

http://www.gfsnews.com/article/1350/1/Securities_transaction_tax_could_harm_emerging_markets

 

[FightTheFuture]

http://www.theregister.co.uk/2011/03/15/eu_parliament_embraces_tobin_tax/

Author presents a lot of good points only to be dismissed by the commentors.

 

[listedguru]

Some more color on the vote by Parliament for the FTT last week. We all know the vote was 529 in favor with 127 not in favor. It sounds like that number for was a bill in which the FTT would be introduced at a global level. There was an amenedment which called for the FTT to be introduced in the EU if global agreement could not be hammered out. Interestingly that vote passed but by a much slimmer margin (361 for, 298 against).

This link has all the details and shows you how the MEP'S from different countries voted:

http://placelux.files.wordpress.com/2011/03/votes-on-ftt-in-the-european-parliament.pdf

To me this much closer vote tells a different story then the large majority for a global FTT bill being reported everywhere.

-Guru

 

[andohmeeta]

http://www.ft.com/cms/s/0/6d69840a-4fe6-11e0-a37e-00144feab49a.html#axzz1GtkbVpSa

Schauble careful not to rule out "failure" of ftt. Wonder of wonders.

 

[jackpearson]

How Japan's quake could make financial markets safer

The crazy post-disaster swings in the value of the yen send a clear message: It's time to tax speculation

http://www.salon.com/news/japan_ear...11/03/17/japan_disaster_yen_and_the_tobin_tax