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Bankers in favour of paying global fee
Financial Times ^ | January 30, 2010 | Patrick Jenkins

Posted on 01/29/2010 5:39:32 PM PST by Cheap_Hessian

Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe.

Josef Ackermann, chief executive of Deutsche Bank, told the Financial Times on Friday : “To help solve the too-big-to-fail problem I’m advocating a European rescue and resolution fund for banks. Of course, the capital for this fund would have to come from banks to a large degree.”

Bob Diamond, president of Barclays , also supported the idea of a global levy, which could see banks contribute tens or even hundreds of billions of dollars over a period of years.

“I think every G20 country would like to have an insurance scheme that would help cover the cost of any future bank failure,” he told the FT at the World Economic Forum in Davos. “A co-ordinated global system is preferable to an unlevel playing field.”

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: bankers; banks; globaltax; regulations
I guess it is totally lost on them that insurance against failure contributed to the size of this crisis.

“A co-ordinated global system is preferable to an unlevel playing field.”

The ultimate tyranny is when you restrict competition and make the "rules" global because then we can not improve or escape our situation.

1 posted on 01/29/2010 5:39:33 PM PST by Cheap_Hessian
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To: Cheap_Hessian

And what happens when this gigantic fund gets raided by its owner just like every other fund we’ve ever created?


2 posted on 01/29/2010 5:43:53 PM PST by TheZMan (Just secede and get it over with. No love lost on either side. Cya.)
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To: Cheap_Hessian

So.....the Global Warming wealth transfer scheme has stalled, so this is Plan B. Paging, Al Gore......


3 posted on 01/29/2010 5:44:32 PM PST by rbg81 (DRAIN THE SWAMP!!)
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To: Cheap_Hessian

bankers don’t really care about across the board fees; they just pass them on to us.


4 posted on 01/29/2010 5:46:29 PM PST by muir_redwoods (Obama: The Fresh Prince of Bill Ayers)
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To: muir_redwoods

Eggsactly.


5 posted on 01/29/2010 5:47:28 PM PST by cripplecreek (Seniors, the new shovel ready project under socialized medicine.)
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To: muir_redwoods

Undoubtedly.


6 posted on 01/29/2010 5:49:08 PM PST by Cheap_Hessian (I am the Grim FReeper.)
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To: Cheap_Hessian
“To help solve the too-big-to-fail problem...

Well, just make the problem bigger and the problem is solved. Right?

7 posted on 01/29/2010 5:49:38 PM PST by EGPWS (Trust in God, question everyone else)
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To: EGPWS

Well, at that point they will be too big to save. This war on risk is quite foolish.


8 posted on 01/29/2010 5:51:25 PM PST by Cheap_Hessian (I am the Grim FReeper.)
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To: Cheap_Hessian
Well, Bankers are free to donate their private wealth to any place they wish. But if they start to donate corporate cash to some sort of world tax plan I'll change banks if I find mine is participating. But I'm sure they're ok with that, after all, they're businessmen and will be happy to reap the consequences of their business decisions.
9 posted on 01/29/2010 5:51:52 PM PST by highlander_UW (There's a storm coming - little kid at a Mexican gas station in The Terminator)
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To: muir_redwoods

Right.

And the government likes it because it is actually a hidden tax. The bankers get cursed for it, not the congress.

Let them fail.


10 posted on 01/29/2010 5:51:54 PM PST by old curmudgeon
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To: old curmudgeon

all
al gore
connection to barclays (and other banks)
http://www.humanevents.com/article.php?id=22663


11 posted on 01/29/2010 5:57:12 PM PST by wheninthecourse
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To: Cheap_Hessian

worldwide tyranny


12 posted on 01/29/2010 6:02:02 PM PST by GeronL (http://tyrannysentinel.blogspot.com)
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To: steelyourfaith

Ping!

Not global warming, but some interesting Al Gore talk on the thread.


13 posted on 01/29/2010 6:08:39 PM PST by Cheap_Hessian (I am the Grim FReeper.)
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To: Cheap_Hessian
Well here we go. Let the coverup continue.

The financials are incapable of managing their risk due to a complete lack of ethics in the boardroom. So as usual, the little guy is going to be the one screwed because don't you dare believe for a second the banks won't simply raise fees on customers to offset these payments to the global slush fund of stupidity. I'm sure they'll put the UN in charge of this just to make certain its a total trainwreck.

14 posted on 01/29/2010 6:09:27 PM PST by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
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To: AuntB; Willie Green; cripplecreek; neverdem

This really doesn’t inspire confidence in the American business community.


15 posted on 01/29/2010 6:17:14 PM PST by Clintonfatigued (Liberal sacred cows make great hamburger)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...

Nice spin in the headline, which SHOULD BE, “A Couple of European Bankers In Favor of Paying Global Fee”. Let the Euros pay any kind of fee they think they should, and leave us out of it. Thanks Cheap_Hessian.


16 posted on 01/29/2010 6:19:48 PM PST by SunkenCiv (Happy New Year! Freedom is Priceless.)
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To: SunkenCiv

The large banks hope to control the financial field and really will go along with any govt scheme as long as they have protection from their smaller competitors. They will just pass along the costs. Your local credit union never looked so good. They don’t charge you for a checking account or your savings. They give good car loans and they can do the same mortgage terms as the so called big banks..since they all sell them to Fannie and Freddie..eliminate them from your financial affairs. Be gone Citi, Wells, BofA etc. Go to hell.


17 posted on 01/29/2010 6:28:15 PM PST by Oldexpat
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To: Oldexpat

We are, alas, out of the golden age of credit unions. Right after the Savings and Loans failures and scandals, and as the Carter-era usurious lending rates came down but were still far higher than today, there was room in there for credit unions to thrive and grow, and still offer more services and no (or much lower) fees than banks, and I remain in the same credit union after 30 years. But we’ve had ever-lower interest rates for the past twenty years or so, really more, with very little in the way of an uptick for over ten years (over twelve, come to think of it). My mortgage is an ARM, and has trended lower over the past 13 or 14 years (however long it’s been), the only increases in my house payment having been due to property tax increases (the payment has risen occasionally to cover the escrow w/d, even though I always get a check for the balance).

Our low interest rates have been made possible by huge growth, tax cuts (things like accelerated depreciation, one of the more important cuts from the Reagan years), and in spite of budget deficits that were at the time stunning (chump change now). Even when the dollar has slid, and tax receipts have dropped, interest rates have barely budged. The savings rates have dropped and remain low — except for foreign governments which buy US securities with the cash from trade surpluses vs the US. Individual savings shifted into mutual funds and direct stock investments since about 1982 — the beginning of the historically unprecedented 28 year bull market (even when it’s bearish, it’s remained a bull market).

This is some weird stuff here.


18 posted on 01/29/2010 6:49:31 PM PST by SunkenCiv (Happy New Year! Freedom is Priceless.)
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To: Cheap_Hessian

Alright!

More of our money will be taken to support things we oppose.

Thank you world libs. :D


19 posted on 01/29/2010 6:53:35 PM PST by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: SunkenCiv
LOL!
I am certain several European, and certainly many other nations banks/bankers, find the idea of a nebulous UN agency having the power of taxing ALL the worlds banks quite attractive.

After all, some bank has to be designated to temporarily hold and administer those acquired funds, don’t they?
And with the UN involved, the level of potential corruption becomes...worldwide.

And the UN already has the best available working system for the corrupt hiding of any and all financial transactions.

20 posted on 01/29/2010 6:53:57 PM PST by sarasmom (No incumbent re-elected, at any level of government office.(Period))
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To: sarasmom

:’)


21 posted on 01/29/2010 7:15:03 PM PST by SunkenCiv (Happy New Year! Freedom is Priceless.)
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To: TheZMan
And what happens when this gigantic fund gets raided by its owner just like every other fund we’ve ever created?

Precisely the problem, there is no war the political class will not use the funds for other vote buying schemes, leaving it again on the taxpayer to pick up the mess. It gets paid by the consumer the first time and the taxpayer the last time.

22 posted on 01/29/2010 8:15:58 PM PST by depressed in 06 (Tea parties today, Lexington tomorrow.)
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To: Cheap_Hessian

Banks are not being robbed, They have always robbed the little people. Took their money and bought power, more money= more power= more money and it never stops! Every thing trickles town to the poor people who will have to pay more and more until they have nothing more to pay with.... then what ? Slavery ?
They know it’s not about global warming, it’s about power and more wealth !


23 posted on 01/29/2010 9:40:41 PM PST by Macgedos
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To: Cheap_Hessian
Thanx !
24 posted on 01/30/2010 6:26:17 AM PST by steelyourfaith (FReepers were opposed to Obama even before it was cool to be against Obama.)
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