IMF proposes two big new bank taxes to fund bail-outs

dipsydoodle

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Wed Apr-21-10 02:56 AM
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IMF proposes two big new bank taxes to fund bail-outs

Source: BBC News

All institutions would pay a bank levy - initially at a flat-rate - and also face a further tax on profits and pay.

The measures are designed to make banks pay for the costs of future financial and economic rescue packages.

The IMF documents were made available to governments of the G20 group of nations on Tuesday afternoon and seen by the BBC soon afterwards. The plans will be discussed by finance ministers this weekend.

"The proposals are likely to horrify banks, especially the proposed tax on pay," our business editor said.

http://news.bbc.co.uk/1/hi/business/8633455.stm

Read more: http://news.bbc.co.uk/1/hi/business/8633455.stm

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truedelphi

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Wed Apr-21-10 03:00 AM
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1. But I would not be surprised if these plans hurt the smaller banks the most -

Edited on Wed Apr-21-10 03:01 AM by truedelphi

The bigger banks would just apply for either another round of Bailouts or some kind of tax breaks.

Neil Barofsky was pointing out just tonight that some of the paid off TARP monies were arrived at by that bank doing the pay offs using other, newer TARP money to accomplish that. For whatever reason, the news media didn't mention that scam (Maybe it has to do with hw beholden the news media is to the Big Banks.)

We can never win against the Bigger Banks - they are the people writing the rules after all.

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aquart

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Wed Apr-21-10 04:05 AM
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2. Which is why we have to break up the bigger banks.

Preferably with a sledge hammer.

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dkf

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Wed Apr-21-10 05:15 AM
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3. If this is going to bail out Greece I say no go.

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xchrom

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Wed Apr-21-10 05:19 AM
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4. And from the IMF -- well they say the first cut is the deepest. Nt

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naaman fletcher

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Wed Apr-21-10 08:55 AM
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5. This is a really bad thing..

What it will do is create a permanent source of revenue for bank bailouts, which guarantees that the banks will continue reckless behavior, knowing the money is there to bail them out.

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truedelphi

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Wed Apr-21-10 01:34 PM
Response to Reply #5

6. Ding Ding Ding - we have a winner.

Edited on Wed Apr-21-10 01:34 PM by truedelphi

But look how wonderful it is that the SEC is going after Goldman... are they really? Or is it just a way to make sure the lobbyists come in from CanCun or Maui in time to force the "regulations" beinmg considered this week to get thoroughly watered down.

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