Friday, February 1, 2013

European Union Nations say YES To Robin Hood Tax

On 22 Jan 2013, 23 of 27 European Union nations agreed that 11 European countries – including the biggest economies Germany and France – can set up a Robin Hood Tax (financial transaction tax) to make the banks pay back the public for the financial crisis they created. The UK was the only big economy to abstain.

It’s estimated that the tax could raise $47.23 billion (£30 billion) a year.

Robin Hooders at the Senate
Obviously, the proof will be seen in the days ahead as to if the funds are raised and importantly, how they are used. Next, we need a Robin Hood tax passed in the UK and the USA.

Speaking of the USA, Robin Hooders lined the corridors of the Senate prior to JPMorgan Chase chairman, president and chief executive officer, Jamie Dimon’s “contrite” testimony. He was rerouted through a “back” door so as not to confront the Robin Hood contingent. Since his Senate testimony, JPMorgan Chase announced that Dimon’s annual compensation would be reduced from $23 million to $11.5 million due to an embarrassing trading loss at the bank last year, which eventually reached $6 billion.

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