Posts tagged as:

banking crisis

Brits Will Greenlight Bank Tax In Spite of G-20

8 June 2010

Despite opposition from the G-20 to a global bank tax, the UK will move ahead with its own version of the tax. Chancellor George Osborne is widely expected to include the tax in his June 22 budget. The tax, which is similar to the one proposed in the US, would be levied on banks in [...]

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Support Growing for Bank Tax

23 April 2010

As the headlines continue to batter Wall Street this week (my favorite story du jour being this one from CNN: “SEC staffers watched porn as economy crashed”), politicians are taking the opportunity to take a second look at a tax aimed at punishing slapping on the wrist warning sending some kind of message to the [...]

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Is the White House Banking on a Financial Industry Tax?

12 January 2010

I can’t imagine that this looked all that good on paper… Apparently, in an effort to recover the TARP money from banks and other groups that the White House is anticipating won’t actually be paid back to taxpayers, they’re going to tax the banks, who will likely pass along the tax to taxpayers – to [...]

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Big Banks Move On… With a Little Help from Their Friends?

15 December 2009

Wells Fargo announced early this week that it will repay $25 billion received under the Troubled Asset Relief Program (TARP). The announcement comes on the heels of a similar announcement from the Bank of America. Citibank rushed to join the ranks of those banks committed to repaying TARP funds over the next few months. So, [...]

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US Clashes With UK Over New Tax Proposal

8 November 2009

When it comes to economics, the US and UK tend to find themselves on the same page. A recent example is their consolidated front over the need for banking transparency – both countries took a tough approach with respect to the banking secrecy laws of in Switzerland and Luxembourg. But this weekend, the US and [...]

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And The Most Secretive Financial Jurisdiction in the World Is…? (Hint: there’s no cheese involved)

2 November 2009

The Tax Justice Network has recently released its list of the most secretive financial jurisdictions in the world. And who topped the list? Luxembourg? Switzerland? Hong Kong? Caymans? Nope, it’s the United States. Yeah, of America. But don’t get too excited with your finger pointing. It has little to do with most of the US. [...]

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Banks Get Approval To Repay TARP funds

9 June 2009

Earlier today, ten of the nation’s largest banks received permission from the Treasury to repay a fraction of the amounts loaned out. I know, it’s kind of bizarre. Permission to pay back a loan early? You’d think the feds would be thrilled. Here’s the scoop. While some of the banks were begging for funds, others [...]

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Looking for Bank Bailout News?

9 February 2009

You won’t get it today. Newly confirmed Secretary of the Treasury Timothy Geithner was slated to announce details of the revised bank bailout plan on today but that’s not going to happen. The Treasury is moving the planned speech ahead to tomorrow in order to focus on the economic stimulus bill. The bill is being [...]

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PNC and Other Banks Benefit from Bad Debts

3 November 2008

Boy, am I glad that the government pumped billions of dollars into the banking industry! Since that time, borrowing has become significantly easier. Wait, that hasn’t happened? Well, at least the Dow regained its faith in the market. Wait, that didn’t happen either? What did happen? Oh yeah, banks made more money. Need proof? I [...]

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You Get a Tax Perk! And You Get a Tax Perk!

8 October 2008

I’ve been tossing around blog post after blog post in my head, trying to figure out what to write exactly about the tax provisions in the most recent bailout package. And I think I’ve finally figured out what’s been bothering me: the darn thing just doesn’t make sense. I knew that the bill was going [...]

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