For two years, European leaders have sought to tax financial transactions as a two-fer: simultaneously to raise revenue and to tame speculative market behavior. French President Nicolas Sarkozy and German Chancellor Angela Merkel emerged from a meeting in Paris today backing the idea.
U.K. Prime Minister David Cameron used his first meeting with new French President Francois Hollande to urge him to back euro region-wide bonds and to warn that he’ll veto any attempt to introduce a European Union financial transactions tax.
South Korea needs to be cautious in adopting so-called Tobin tax on financial transactions and increasing bank levies as it’s time for the nation to encourage more capital inflow from overseas, the Financial Services Commission Chairman Kim Seok Dong said at a parliamentary audit today.
Bank of America Corp., sued by U.S. attorneys in August over an $850 million mortgage bond, faces three more Justice Department civil probes over mortgage-backed securities, according to two people with direct knowledge of the situation.
The U.K. needs a “robust public discussion” about whether it should introduce a so-called Tobin tax on financial transactions as opposed to the U.K. government’s proposals for direct taxation of banks’ assets, Archbishop of Canterbury Rowan Williams writes in the Financial Times.