Canada Kills the 'FAT'

http://www.futureofcapitalism.com/2010/06/canada-kills-the-fat

Opposition led by Canada killed the idea of a global bank tax -- the so-called Financial Activities Tax, or FAT, the Financial Times reports. Says the FT: "The main proponents of a global banking levy - the UK, Germany, France, the US and the International Monetary Fund - were surprised at the degree of hostility from opponents....Bank levies are still likely to be introduced in the US to pay back the taxpayer cost of the bank bail-out, in the UK and in many, if not all, European Union countries. Without global agreement, the size of the levies is likely to be smaller than otherwise to keep a reasonably level playing field."

We'll wait for the Paul Krugman column praising Canada for this one, but it may be a long wait.

by Ira Stoll  |  Jun 7, 2010 at 10:06 am Related Topics:  Banking, Capital Markets Regulation, Europe, Paul Krugman, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list