Finally someone doing something about the greedy bankers!

[Torquemada]

IMF in 'radical' bank tax plans on pay and profits



Banks and other financial institutions face paying two new taxes to fund future bail-outs, the BBC has learned.



Business editor Robert Peston said the global proposals by the International Monetary Fund (IMF) were "more radical" than most had anticipated.



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 international 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.



"They will also be politically explosive both domestically and internationally."



Insurers, hedge funds and other financial institutions must also pay the taxes, the IMF argues, despite them being less implicated in the recent crisis



If they were not included, activities currently carried out by banks would be reclassified as, for example, insurance or hedge-fund services to escape the levies.



Global impact



It was agreed at the G20 summit in London last year that financial institutions and not tax-payers should pay for bank rescue packages.



Since then several proposals have been put forward by various governments including banks paying levies and the so-called "Tobin tax" on financial transactions.



However no country has yet introduced taxes to pay for future bailouts - arguing that unless the rules were brought in on a coordinated basis, institutions would simply "cherry pick" where they operated, moving to regimes with less tough financial regulation.





BBC News - IMF in 'radical' bank tax plans on pay and profits



AT LAST!

[Torquemada]

Has no one anything to say on this? The very people who have dumped our economy in the toilet and laughed in our faces while we bailed them out are finally going to be held at least in part to account. Surely this is a huge leap forward? Of course there will be plenty of right wing politicians in the US and UK (who are in the bank's pockets) who fight tooth and nail to stop any of this actually going through, but we must not let them get away with it, after all we will be paying for their greed for decades to come, with our jobs and decline in services.

[Moor Larkin]

What's the point? Nobody's listening.....



Labour's high-command has faced a barrage of criticism from opposition politicians and trade unions who argued that Gordon Brown should not employ a bank he described as "morally bankrupt".



Vince Cable, the Liberal Democrat Treasury spokesman, said: "The Government should not be paying for the services of a bank that is being investigated on both sides of the Atlantic. The allegations made against Goldman Sachs are extremely serious. Not a penny of taxpayers' money should be paid while these allegations hang over [the bank]."





Alistair Darling, who has said the allegations against Goldman almost "beggar belief", tried to pour water on the demands.



He told reporters on the campaign trail: "I don't think you can stop doing business with a firm because an individual is accused of doing something."





Alistair Darling resists calls to ban Goldman from Treasury - Telegraph

[Torquemada]

name='Moor Larkin']What's the point? Nobody's listening.....



Alistair Darling resists calls to ban Goldman from Treasury - Telegraph

Not the same thing, but I agree that this is not good. Do you remember the GS CEO claiming he was 'doing God's work'?

[Dame Starry]

I thought you'd already covered this subject on this thread:



http://www.britmovie.co.uk/forums/of...n-bonuses.html

[Torquemada]

name='Dame Starry']I thought you'd already covered this subject on this thread:



http://www.britmovie.co.uk/forums/of...n-bonuses.html

You might think they're the same thing but them awarding themselves huge wodges and them having to give up some of it are two completely different things the last time I looked.

[alan gowdy]

I'm not holding my breath waiting for justice to be done - those w... bankers are as slimy as snails and slippery as eels.

[Torquemada]

name='alan gowdy']I'm not holding my breath waiting for justice to be done - those w... bankers are as slimy as snails and slippery as eels.

And I very much doubt the Tories will endorse it when they come to power next month, majority or not. They are still the fat cat party and Clegg will suck it up just to be allowed to be part of it.