"FSA Chairman Adair Turner proposed a “Tobin Tax” on banking deals in a Prospect magazine interview. This would redistribute bank profits to the poor and to “public goods” like fighting climate change." -Bloomberg
A culture of entitlement has so permeated our society that a body regulating the financial sector, supposedly the bastion of capitalism, is calling for taxation à la Robin Hood. "Redistributing bank profits" is not the job of the FSA or the government, nor is it the FSA's job to decide that bank profits should be used to fight climate change.
War on Want's executive director called on Gordon Brown to implement Turner's recommendation as an urgent measure to "generate billions for developing countries." Time to cancel your donations to that charity.
Turner's ideas are dangerous for London - imagine how quickly banks and investment firms would be scurrying out of the Square Mile if this tax was put in place. There would be significantly less wealth for Turner and his green cronies to redistribute.
The FSA is already backing away from Turner's statements. "This is a personal view that is not one that reflects any policy developments in the FSA."
Counting down to Turner's resignation.....3.....2.......