Nice

[Aoami]

BBC News - Obama outlines $117bn bank levy

Wonder if we'll get anything like this. Not that I pay any tax anyway xD

 

[Ingafgrinn Macabre]

Not sure that's the way to go. That money's gotta come from somewhere, and that's generally the customer's wallet. Not from the executives' bonuses. I'm partial to bringing in a legally binding code of conduct of sorts to which all financial and insurance institutions should adhere.

 

[Raven]

Wonkey Gordon wouldn't have the balls. I doubt Cameron would either though.

 

[Ch3tan]

Wonder if we'll get anything like this. Not that I pay any tax anyway xD

Wonkey Gordon wouldn't have the balls. I doubt Cameron would either though.

Well, if you read the detail, it's as much spin and hype as Gordon's one-off tax on bankers bonus'. The tax only applies to the 50 or so US banks with assets of over $50bn, of these, only a few needed bailing out by public funds, and the majority have paid this money back already, or are in the process of doing so.

So, as the US government is basically taxing the banks not responsible, they will simply pass the cost on to customers.

They also have 10 years to pay the money, which means it won't affect the banking sector in reality at all.

What should be happening if politicians had any balls, would be new laws to stop the banking system making gross profits without passing on the money to people that bank with them. A nice start would be forcing banks to offer the interest rates set by the country they operate in.

 

[kiliarien]

A nice start would be forcing banks to offer the interest rates set by the country they operate in.

But then no major bank would consider setting up there. Catch 22. Like the idea though.

 

[Ch3tan]

But then no major bank would consider setting up there. Catch 22. Like the idea though.

If enough countries adopted the practise then the banks wouldn't have much of a choice.

 

[Lamp]

A lot of high earning bankers will either set their own hedge funds up or migrate out of investment banking into Asian private banking or small HFs, and the really sick earners already have 8 figures in their bank account anyway.

 

[cHodAX]

Not a chance sadly Aoami, Gordon is lining up his next job which will be on the board of a financial institution. They all do it, every living prime minister is a multi millionaire not based off earnings whilst in office but from money they 'earn' after they leave politics and either get 'jobs' on boards of directors via the old boys network or go on the lecture circuit and sell some political dirt on collegues.