The Robin Hood tax

There are a few things that suddenly ignite my urge to blog again.  This piece a couple of days ago by Dominique Strauss-Kahn urging nations to coordinate their approaches to financial regulation almost did it.  Here is a little excerpt:

Imagine a financial holding company that owns a commercial bank, an investment bank, an insurer and a derivatives dealer. In good times, only the consolidated entity matters. In bad times, each subsidiary in trouble must be sorted out individually with rules and procedures that vary by the legal form of the subsidiary and that might work to the detriment of the consolidated entity, financial system and economy. Now imagine trying to deal with a conglomerate with 100 subsidiaries across numerous jurisdictions and you will be closer to the complex reality that was Lehman.

Sounds to me like a great argument for why we should not allow banks to turn into all those things and have 100 subsidiaries.  Here is my argument against international coordination, and here is Stiglitz’s. 

But on a more constructive note, everyone should see the delicious video that the Robin Hood Tax campaign has put together in support of a small financial transaction tax.      

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[Filippos Petroulakis]

I am all for restricting the maximum size of financial institutions. Indeed, the EU is exhibiting a double standard, having had Microsoft broken down all the while allowing banks to grow and grow. Big banking is, after all, an oligopoly.

However, having read you argument against international coordination, I have to disagree, based on the fact that domestic parliaments and policymakers (especially in the US), are much more influential than their counterparts in supranational and international organisations. In addition, I believe that only through coordination can the crackdown on tax havens be achieved.

[Charles N. Steele]

I'm glad you're back blogging.

With international cooperation on regulations we'll end up with a common approach... which amounts to least common denominator. Greek standards perhaps? Might as well go directly to Goldman for regulatory design and cut out the middleman.

[C.Raghavan]

Glad to see you back on the blog. There is also a selfinterest of international regulators: they will be out of jobs. It certainly is time to return financial sectors to national controls - and capital controls too
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I support a small Tobin tax since it creates a small speed-bump which I believe could be quite useful. But having said that I would never dare to sell it as a Robin Hood tax because it should be clear that this tax, at the end of the line, is going to be paid by the citizens, exactly the same way those citizens pay for the bank bonuses.

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