France and Germany back UK bonus tax (on Banksters)

[Bozita]

Source: Guardian UK

France and Germany back UK bonus tax
Boost for Brown as Goldman Sachs scraps cash payouts to top executives
Ian Traynor in Brussels, Andrew Clark in New York and Jill Treanor
guardian.co.uk, Thursday 10 December 2009 21.02 GMT
Article history


Gordon Brown claimed a victory for the government tonight after securing the support of France and Germany for its supertax on City bonuses amid signs that major Wall Street firms were attempting to prevent a similar clampdown by the Obama administration.

Goldman Sachs, the highest profile firm on Wall Street, became the first to blink in the face of the public outcry over its expected handout of £14bn in pay and bonuses this year, by suspending cash bonuses for its top 30 executives.

The decision, which will affect six of its executives in London, is expected to set the tone for rivals on Wall Street and could send ripples across the Atlantic. It is believed to be among the options being considered by Barclays as part of a review of remuneration.

The warm international reception for Brown's bonus tax held out the prospect that the prime minister could secure a much-needed political boost, as he did when other countries followed his lead on recapitalising the banks last year.

Read more: http://www.guardian.co.uk/business/2009/dec/10/france-germany-back-uk-bonus-tax

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Get a clue, America!

[santamargarita]

1. They'll do it while we just talk about it

:argh:

[BlueJazz]

2. Shit fire...Boy's...just mosey on over here to the good ol' US of A and..

..we'll let you charge whatever yous wants and your banks can pay you almost as much as you want.
We might even throw in a few loans (wink wink) if you gets in trouble.

[fascisthunter]

3. the people of Europe have more control of their government

[OhioChick]

4. Too bad we don't. n/t

[Bozita]

6. IIRC, Michael Moore said the people fear the govt in the US, but in France it's the other way around

[fascisthunter]

8. and that's how it should be...

[Romulox]

5. Too bad our President argues for the "sanctity" of taxpayer funded bankster bailouts.

Everybody remember when the President promised that we would return to the issue of taxes on the bankster bonuses? :rofl:

[pampango]

7. In a related story, "EU calls for tax on bank transactions"-BBC

http://news.bbc.co.uk/2/hi/business/8407439.stm

"European Union leaders have urged the International Monetary Fund (IMF) to consider implementing a global tax on financial transactions. A so-called "Tobin Tax" has been pushed by France and the UK, but is less popular in the US. A Tobin Tax, named after the Nobel Prize winning economist James Tobin, was originally designed to raise funds for developing nations."

However, following the financial crisis, the tax is now seen by many as a possible way to help insure against future crises. "

""The European Council emphasises the importance of renewing the economic and social contract between financial institutions and the society they serve, and of ensuring that the public benefits in good times and is protected from risk," the draft statement said."

"But while the tax has been promoted by UK Prime Minister Gordon Brown and his French counterpart Nicolas Sarkozy, the US and the IMF have been less enthusiastic. At a meeting of G20 finance ministers last month, IMF head Dominique Strauss-Kahn described a tax on financial transactions as "a very old idea that is not really possible today". The EU's member states are clearly hoping to change his mind.

Earlier this week, the UK announced a 50% tax on bank bonuses above £25,000. France has said it is considering a similar tax on bonuses above 27,000 euros ($40,000; £24,000). Reports suggest the tax could be announced later."

[lovuian]

9. Brilliant

It shows how EVIL America is