Word: taxed
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...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 behave recklessly, safe in the knowledge they'd be covered for any damage. Germany's proposal is different. Having had to nationalize or buy stakes in a string of beleaguered banks since the crisis began, the German government wants to pass the bill for future bailouts to the banks themselves. Lenders...
...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 in the case of another meltdown? Of course, proper government and regulatory scrutiny can guard against a repeat of the recent crisis. But in the event of a disaster on a similar scale, "you're never going to get a fund big enough to cover all that," says Simon Maughan...
...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 relatively unscathed by the crisis. But the publication next month of the International Monetary Fund's recommendations on bank taxes - a report commissioned by the G-20 countries last year - might help coax reluctant nations into considering the measure. "Some countries feel they did their homework," says Arturo De Frias...
...introduce a levy of its own should it win the May elections - with or without global support. "It just means there's less you can do if there's not international agreement than if there is," Conservative leader David Cameron said Tuesday. On the back of a one-off tax on bank bonuses and a hike in income tax for its highest paid staff, you can almost hear the financial sector cheer...
...looming expiration of two major federal programs - the home-buyer tax-credit initiative and the Federal Reserve's $1.25 trillion mortgage-securities-purchase program - likely won't wipe out the recovery currently under way in the battered housing sector, but it could stall it, experts...