Posts Tagged ‘Tobin Tax’

Who will pay: Wall St or Main St?

Wednesday, June 30th, 2010

Full story here from Ellen Brown via CounterPunch.

The financial reform bill agreed to on June 25 may have carved out some protections for consumers, but for Goldman Sachs and the derivatives lobby, the bill was a clear win, leaving the Wall Street gambling business intact.  In a June 25 Newsweek article titled “Financial Reform Makes Biggest Banks Stronger,” Michael Hirsh wrote that the bill “effectively anoints the existing banking elite. The bill makes it likely that they will be the future giants of banking as well.” (more…)

The Social Security Fixation

Tuesday, June 22nd, 2010

Full story here from Dean Baker via CounterPunch.org.

The deficit hawks have been pushing the line in recent months that we have to make cuts in Social Security, along with some revenue increases, in order to reassure the bond markets about the creditworthiness of the U.S. government. According to this argument, by taking tough steps (i.e. cutting Social Security benefits) we will have shown the bond markets that we are prepared to do what is necessary to keep our budget deficits within manageable levels. (more…)

Goldman Sachs faces ‘Robin Hood tax’ vote-rigging claims

Friday, February 12th, 2010

Full story here from the Telegraph UK.

“The Robin Hood Tax campaign alleged that a Goldman computer was one of two computers that allegedly “spammed” the internet poll with more than 4,600 “no” votes in less than 20 minutes on Thursday. (more…)

The vampire banks rise again

Tuesday, November 24th, 2009

Full story here from CounterPunch.org.

“There are more than 15 million people unemployed and almost 2 million people set to lose their homes to foreclosure this year. But there is good news: the Wall Street banks are as profitable as ever and set to give out record bonuses this year. The taxpayer bailouts worked. (more…)

Tobin Tax speculation creates flurry of criticism

Friday, August 28th, 2009

Full story here from Zero Hedge. Apparently it’s not enough to have your hedge fund taxed at 15% (rather than up to 39% for average schmucks), but any transaction tax or fee on nine- and ten-digit incomes is too much to bear. Oh well, a million dollar greasing of the palms of crooked pols will be cheaper in the end.

“A new page in the fight between HFTs and everyone else was turned recently, after Adair Turner, Chairman of Britain’s Financial Services Authority, said that he would consider the implementation of a “Tobin tax” on banking transactions. As a reminder, James Tobin introduced the idea of the Tobin tax in 1971, as a tax on cross-border currency trade, which at its core was meant to moderate short-term speculation in currency trading. Its latest incarnation, however, would strike at the heart of the speculative bubble that has gripped global markets. (more…)