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Author Topic: Why not tax the $615 Trillion in derivatives? 10%?  (Read 1280 times)
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WhiskeyGirl
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« on: May 26, 2010, 06:27:26 PM »

German derivatives ban/crackdown- $615 TRILLION 'off exchange' traded in July

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EU supervisors split over German derivatives ban

LONDON (Reuters) - There is no consensus among European Union securities regulators for introducing a German-style ban on trading credit default swaps linked to euro zone government bonds, a top supervisor said on Wednesday.

"I am not sure if there is a clear majority for following the German approach," Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR), told reporters.

"It's not off the cards but it's not on the cards," Wymeersch said.

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Some central bankers and policymakers want a repository on EU soil and the bloc's financial services chief, Michel Barnier, will signal his stance in a draft law to crackdown on the $615 trillion off-exchange traded derivatives in July.

$61.5 trillion would go a long way to eliminating the US debt/monetary obligations.

more here - http://www.reuters.com/article/idUSTRE64P2WW20100526
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WhiskeyGirl
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« Reply #1 on: May 26, 2010, 06:29:08 PM »

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On Tuesday, leaked documents from the Finance Ministry showed that Germany wanted to go further, extending the ban to cover all shares listed on its stock exchanges and certain other financial instruments.

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"In doing this, we want to send out a clear signal to the markets that we want to act where we are able to, where we are able to act on a national basis, in order to tackle excessive speculation, speculation in general ... and to calm markets and to boost confidence in capital markets."

more here - http://www.thelocal.de/money/20100526-27435.html

It seems like some folks put their citizens before the profits of speculators...

Why doesn't the Obama/Dodd reform bill put Main Street in the USA first?  End the greed and speculation?

Just say no to the global casino?
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It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #2 on: May 26, 2010, 07:56:54 PM »

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Because of course (and sorry to point out the obvious) anyone favoring a strong derivatives rule would embrace Sen. Blanche Lincoln’s recent proposal. The amendment, which is part of the Senate’s reform measure, would make banks separate swaps-trading from their traditional banking activities. This buffer is, as Robert Reich says, “critical”:

    For years the big banks have relied on taxpayer-funded deposit insurance to backstop their lucrative derivative businesses. Obviously they want the subsidy to continue. [Ben] Bernanke argues that “depository institutions use derivatives to help mitigate the risks of their normal banking activities.” True, but irrelevant. Lincoln’s measure would allow banks to continue to use derivatives. They just could not rely on their government-insured deposits for the capital.

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He sent a letter to Frank, House Speaker Nancy Pelosi  and other key legislators urging them to strike Lincoln’s proposal. Wrote Ackerman:

    We are deeply concerned by the very real possibility that, as a result of the Senate derivatives provision, America’s largest financial institutions will move their $600 trillion derivatives businesses overseas, at the expense of both New York’s and the United States’ economy.

Because Wall Street and Main Street are one, you see. And it’s in taxpayers’ interest to subsidize big banks by guaranteeing their losses at the poker table. Maestro, music please!

Can anything save the derivatives ban? Probably not. Besides Frank and every last congressional Republican working to mesh the two bills, the amendment is also opposed by Bernanke at the Fed, Treasury Secretary Tim Geithner, Paul Volcker and FDIC chief Sheila Bair. On with the show.

more here - http://industry.bnet.com/financial-services/10009676/death-wish-barney-frank-deals-fatal-blow-to-wall-street-derivatives-ban/

When will Congress, Treasury, Fed, and the White House work for Americans?

Why do they protect $600 TRILLION in derivatives? 

Why don't they tax it at say 10% a year and pay off the nation's financial obligations, and set up a bail out fund?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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