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

Quote from cstfx:

LaGarde the next favorite for the IMF chair:

http://blogs.reuters.com/felix-salmon/2011/05/16/why-lagarde-will-be-the-next-imf-managing-director/

not good for the anti-ftt argument?
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From what I understand, countries like the U.S. and Canada have veto power over any IMF director nominee, which means either country could say no, and LaGarde will not get the job. My bet is that Canadian Prime Minister Stephen Harper will say NOOOOOOOOOOOOO to Lagarde getting the IMF chair!!! Harper is 1000% against any FTT, and has been rather vocal about it with the G-20.
 
And even with Lagarde defending FTT at the IMF...

Did the IMF study stopped France and Germany from promoting FTT? Will they make the US, UK, Canada, Korea, Japan, Sweden change their mind if they promote it? No.
 
This woman would be a disaster for us.


http://www.cnbc.com/id/43087955


Lipsky: Christine Lagarde 'excellent choice' for IMF
http://www.bbc.co.uk/news/business-13463835


The "transaction tax" idea is not dead, she insists...
"There are multiple transactions going on every day, at lightning speed ... and that could constitute a very large [tax] base if everyone was to play the game. We could assess a teensy tiny, minute tax... on every transaction.
http://www.independent.co.uk/news/p...oo-much-testosterone-in-one-room-2206357.html
 
Quote from jackpearson:

This woman would be a disaster for us.


http://www.cnbc.com/id/43087955


Lipsky: Christine Lagarde 'excellent choice' for IMF
http://www.bbc.co.uk/news/business-13463835


The "transaction tax" idea is not dead, she insists...
"There are multiple transactions going on every day, at lightning speed ... and that could constitute a very large [tax] base if everyone was to play the game. We could assess a teensy tiny, minute tax... on every transaction.
http://www.independent.co.uk/news/p...oo-much-testosterone-in-one-room-2206357.html
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Interesting compromises from this notorious individual:
http://www.montereycountyweekly.com/news/2011/may/19/no-free-ride-finance/
:)
 
Quote from andohmeeta:

Interesting compromises from this notorious individual:
http://www.montereycountyweekly.com/news/2011/may/19/no-free-ride-finance/
:)
More...

So now Dean Baker is jumping on the FAT tax bandwagon? I think his numbers of raising $115 Billion in the US from a FAT tax are highly inflated. A FAT tax is a tax on profits and renumeration. Surely a 5% FAT tax as Baker is calling for doesn't add up to $115 Billion? Not to mention he wants to have individual states carrying out this FAT tax.

As far as replacement of DSK at the IMF I haven't taken a look at the entire 'short list' but I'm sure most of them are pro FTT. All of the IMF studies that were recently done said a FTT was no good so now they are conduct new studies in favor of an ftt with a pro FTT person at the helm?

I think that would hurt the credibility of the IMF - kind of like a politico flip flopping in issues. But really no matter who is tapped to head up the IMF and no matter what their FTT position is I think it's really a non issue. I say the FTT is dead and will remain so.

-Guru
 
Quote from listedguru:

So now Dean Baker is jumping on the FAT tax bandwagon? I think his numbers of raising $115 Billion in the US from a FAT tax are highly inflated. A FAT tax is a tax on profits and renumeration. Surely a 5% FAT tax as Baker is calling for doesn't add up to $115 Billion? Not to mention he wants to have individual states carrying out this FAT tax.

As far as replacement of DSK at the IMF I haven't taken a look at the entire 'short list' but I'm sure most of them are pro FTT. All of the IMF studies that were recently done said a FTT was no good so now they are conduct new studies in favor of an ftt with a pro FTT person at the helm?

I think that would hurt the credibility of the IMF - kind of like a politico flip flopping in issues. But really no matter who is tapped to head up the IMF and no matter what their FTT position is I think it's really a non issue. I say the FTT is dead and will remain so.

-Guru
More...

the FTT is never dead. it is too attractive to politicians and populists and to the man on the street.. this thread is/will be the longest thread on ET.

(the IMF being an international organization with socialist leaning policies is likely to be embraced by Obama. )
 
Financial Times today.
Financial regulation: G20 unified approach threatens to unravel

Financial Times cites G20 countries not being able to find consensus over financial reform, even after several attempts over several years. Countries can't agree on capital rules, compensation to bankers, and much more.

FTT is the riskiest financial reform (really deform) to pass without having full G20 consensus and deployment. That’s because it's easier to move (regulation arbitrage) financial transactions than bank headquarters, bankers or balance sheets (FAT).

If G20 financial reform is failing, that bodes well for no FTT.

If Lagarde gets the IMF appointment, she will have a different constituency (global), rather than being finance minister of France. Hopefully, Lagarde will take a different posture on FTT, and not flip flop on current IMF naysayer positions over FTT. With all the sexual harassment cited in the IMF, they may want a woman chief now to change the culture.
 
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