Word: crisises
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A crucial feature of any British plan: revenue from the tax would be funneled directly into state coffers - remember that $250 billion deficit - and not into an insurance fund to be tapped in the event of any future catastrophe. Such a pool, the U.K. reckons, could simply encourage banks to...
The amount such a levy would raise is unclear. If the Germans use the U.S. plan - which calls for a tax of 0.15% on liabilities at about 50 banks and other financial institutions - Germany could raise as much as $12 billion a year. Would that be enough to protect banks...
The truth is, insuring against future catastrophe is hardly a foolish idea. Putting away at least some of the funds raised in the U.K. or U.S. makes sense. After all, almost all the big lenders who received cash from the U.S. Troubled Asset Relief Program in the current economic downturn...
Convincing every major economy of the virtues of a bank tax, though, remains the biggest challenge. Canadian Finance Minister Jim Flaherty, for instance, rejected a bank tax out of hand earlier this month, favoring instead a wider implementation of some of the tough rules that left his country's banks...
See 25 people to blame for the financial crisis.