It's official: Merkel seeks German F.T.T. at NYSE

[tortoise]

Quote from Tom B:

+1

A foreign owned company based in the US must follow US laws.

An exchange can impose whatever fees it wishes. There's no law against that.

 

[tortoise]

Quote from clacy:

There is a ZERO percent chance that the US will allow Germany to impose anything like this on US securities regardless of who owns the NYSE.

Even the Dems wouldn't want to allow that to become a political issue in the 2012 elections and after that it's a moot point, as the Republicans will likely control both houses of congress, and it's a coin flip on the Presidency.

Well, you're probably right. But this is Germany's plan, though it may be destined to fail. Just look at the language in Merkel's party's statement--first EZ, then EU, then US. It's conspicuously expansionist, an avowed strategy to meddle in the domestic affairs of its competitors.

Certainly wouldn't be the first time Germany, misreading the enemy, has shot itself in the head. If memory serves, they've launched and lost a couple of world wars that way.

"History does not repeat itself, but it does rhyme." -- Mark Twain

 

[d08]

Quote from tortoise:

An exchange can impose whatever fees it wishes. There's no law against that.

If so, that's great news for NASDAQ.

 

[JamesL]

Last I heard, this merger is near dead.

 

[tortoise]

Quote from tortoise:

Well, you're probably right. But this is Germany's plan, though it may be destined to fail. Just look at the language in Merkel's party's statement--first EZ, then EU, then US. It's conspicuously expansionist, an avowed strategy to meddle in the domestic affairs of its competitors.

Certainly wouldn't be the first time Germany, misreading the enemy, has shot itself in the head. If memory serves, they've launched and lost a couple of world wars that way.

"History does not repeat itself, but it does rhyme." -- Mark Twain

From the article:

"The introduction in the euro zone alone should be a first step to be followed by efforts to get the EU as a whole and also the U.S. later on board, the declaration said."

My God, what arrogance. A unified Germany has been the past century's single greatest menace. The world enjoyed a blessed respite when she was divided during the cold war. But now, re-unified, she's back to form.

Too bad we didn't listen to Henry Morgenthau when we had the chance.


ok, end of rant.

 

[Random.Capital]

If the point of the tax is to fund future inevitable bailouts, it's fine. Somebody has to pay for it...

 

[JamesL]

Quote from Random.Capital:

If the point of the tax is to fund future inevitable bailouts, it's fine. Somebody has to pay for it...

Taxes rarely ever go to their intended purpose

 

[tortoise]

Quote from Random.Capital:

If the point of the tax is to fund future inevitable bailouts, it's fine. Somebody has to pay for it...

You're joking, right?

In any event, just for the record...

No, that's not the point of the tax. And there are many ways to get "Wall Street" to "pay" for future "bailouts" than through tax that would devastate Main Street's retirement accounts (for starters).

By the way, "Wall Street," as you may know, has paid back its TARP bailout money, with interest.

General Motors, by contrast, is still in hoc to the feds. Anyone in favor of a special automobile transaction tax to fund inevitable future auto industry bailouts?

 

[Random.Capital]

Quote from JamesL:

Taxes rarely ever go to their intended purpose

Dollars are fungible. So are Euros.

 

[Random.Capital]

Quote from tortoise:

by the way, "wall street," as you may know, has paid back its bailout money, with interest

Nonsense.

"Wall Street" hasn't even paid back yet the developing-debt backstops from 30 years ago.

This industry is based on an endless stream of handouts, and that needs to change, ASAP.