Harper, ministers protest global bank tax

which would you prefer a bank tax or a FTT (financial transaction tax) on individual traders. the banks will support an FTT in exchange for no bank tax,
 
You don't need any taxes to prevent the past problems.

Canadian banks did great with their own model under their own domestic regulations.

They should be emulated by others, not taxed.
 
""Instead of raising some bank tax, you should have a higher capital requirement than has prevailed in those countries," he said. "

He's being way too nice.

My solution would be to shoot the individual(s) who proposed this.

Why should asians or south americans pay for European stupidity?

If European banks are way too stupid and under-capitalized. Why are they being allowed to operate?

All these banks should have been ground up and put to rest. Unfortunately we have the irrational nut-wingers to deal with. They'd rather bail out the large corporations with tax dollars than put these crooks out of business.






Quote from Kassz007:

http://news.ca.msn.com/top-stories/cbc-article.aspx?cp-documentid=24274565

Harper is sending ministers to various financial centers to protest the proposed bank tax. Keep up the fight. The last thing the world needs is yet another arbitrary tax. Regulation (enforced regulation) is what's needed, not another way for governments to get their hands on more revenue.
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Simply "Stupidity"

Adding more burdens to the banks will result in less productivity and higher cost to individual investors and customers. Canadian banks DID NOT fail during the crisis. While most banks in the world were suffering huge losses, Canadian banks continued to report profits quarter and quarter. The stock price for the big financial companies in Canada have literally "sky-rocketed" from ONCE-IN-A-LIFE-TIME deal to OVER-HEATED.

Ie. BMO dipped as low as $25-ish a share. With quarterly dividend of $0.70, the yield was freaking 11%! That was a once-in-a-life-time opportunity for those who bought some. Now that the share price has gone passed the pre-doom level. Go figure?

This is such a global scam to impose more taxes on companies that are running just fine. So who gets to spend these new taxes? Another failed instituion caused by Goldman Sach? RIDICULOUS.

The profits should go to the investors, not a global organized crime centre.
 
No global tax will last. The simple reason is that if everyone follows it, there is enormous incentive for a country to win huge amounts of banking business by eliminating the tax. And once one country does it, then others will follow.

Cartels always see cheating. Tax cartels are no exception.
 
Quote from zdreg:

which would you prefer a bank tax or a FTT (financial transaction tax) on individual traders. the banks will support an FTT in exchange for no bank tax,
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No need to choose between the two.
 
Quote from kubchaser:



This is such a global scam to impose more taxes on companies that are running just fine. So who gets to spend these new taxes? Another failed instituion caused by Goldman Sach? RIDICULOUS.

The profits should go to the investors, not a global organized crime centre.
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Exactly. Who do you think is going to bear the brunt of this tax? Ordinary citizens. Ordinary citizens who will pay higher fees to the banks to make up for the higher taxes the banks must pay, who now have zero incentive to control risk because they know they'll be bailed out if they fail! Makes me sick.
 
Quote from Kassz007:

Exactly. Who do you think is going to bear the brunt of this tax? Ordinary citizens. Ordinary citizens who will pay higher fees to the banks to make up for the higher taxes the banks must pay, who now have zero incentive to control risk because they know they'll be bailed out if they fail! Makes me sick.
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It's so sick to see how other countries want to impose more taxes. Tax is like a "bailed-out" pot of money. Who gets to spend that pot? Why should we pay more for other country's stupid decisions? The Europeans can form their tax-pot since their government LOVES taxes, and their banks have FAILED.

What a global scam.
 
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