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Here Comes Uncle De Gaulle: French Parliament Adopts 10% Tax On Bank Profits
Developing Story: FRENCH PARLIAMENT ADOPTS 10% TAX ON 2009 BANK PROFITS
Is Uncle Sam set to follow?
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Well why not? The banks profits are ENTIRELY due
to the government props, rule changes, and
enforcement holiday.
Freedom fries all around. On me.
L'aléa moral, c'est moi
If the people are Limited Partners, the banks are GPs, then the split should be:
80% to the people
20% to the banksters as a "carry" with a 1.0% management fee.
That would be perfect and just for Goldman Sachs, JPM-Chase an the lot of the bailed out bankosaurs.
But our Senators and Reps are so f'ing bought or stupid (or both) that they got us an a-raping instead of decent LP deal.
Given that bank profits are actually losses, does that mean the French government has some more subsidies to give to their banking system?
bail out,windfall tax.rinse, repeat.
you forgot the spin cycle
Touche'
can't remember which earlier post it was, but all credit goes to CD.
i know this idea is completely ridiculous, but how about the american banks plow all the profits back into their capital accounts, use that money to write down assets, rinse and repeat for a few years, then we can, perhaps, have a "real big boy, no gov't teat sucking" banking system again?
nah, never mind.
Excellent idea. Shocking that it is NOT being implemented ALREADY. The whole Congress deserves to be fired for the deals they are cutting on behalf of the people.
don't change the system; just throw some crumbs. what's the financial press saying - "feed the fountain".
wait a few generations and regurgitate. I don't think that's going to work this time around, but the sooner Goliath gets through his bag of tricks the sooner we can get on with the real work that lies ahead.
creativity is not his strong suit.
http://www.youtube.com/watch?v=WKaJXYAIuj0&feature=fvw
up & down & up & down, a few twists & turns, maybe even a loop-dee-loop. but after the 3rd ride or so, it starts to get a bit predictable & boring yes?
skydiving's much more fun.
evolution is like a series of washing machines. everything comes out in the wash.
the people sitting in the warm water in the middle machine are laughing at the people going through the cycle in the the machines ahead and behind, not realizing the machines are lined up in a series, and their's is about to start. boy, are they in for a surprise.
The blackhole is greed. It continues to collect willing participants as long as they line up to get a ticket. Once the last fool enters, it ignites and releases a gamma burst, wiping everything out. People avoid the blackhole for a few years, then the circus keeper sets up a new gate, and the circus starts all over again.
You want to feel sorry for some of these characters, but they enter of their own free will, and pay rent on their jobs to boot, for a big number in a computer and plenty of face time on tv. The universe is quite ironic: that larry, moe, & curly cup is classic.
best to have an elastic mind, like a kid. only kids can make something from nothing, by investing their time and energy over long stretches of time, with not so much as a nod from those rushing by to get into the circus.
ignorance is contagious. no sense fighting it; just point them to the circus as you stroll by in the opposite direction, following the kids.
3 blocks down & take a left...just past the bread shop...can't miss it...lotsa blinky lights & screaming & shouting...enjoy!
Vampire Squid 1
New Jersey 0
aka how people who live breath and die money bilk political folks into stupid contracts
http://www.bloomberg.com/apps/news?pid=20601110&sid=aL8bFa17XvlM
So goverment wants a 10% pie from the business it was supposed to run itself ?
You wonder how you gonna measure % of FED profit, you audit it first!
The French Fascists are a step ahead in turning on their corporate sycophants.
The US Fascists are a couple years behind.
You think these banksters would have studied history a bit more: Stalin, Hitler, Mussolini.
Those bailouts are going to cost them in the end.
i doubt the "ones at the top" haven't already prepared fully equipped bunkers with no forwarding addresses.
Better than sticking a windfall tax on them is just to require the ones who owe us money to pay it back. To me that's the point, profits and bonus pool come back to Uncle Sam until we're paid off, and then you can go back to handing out bonuses.
Banks could perhaps argue that they still need to stick it in capital reserves and we could hold off repayment for awhile, as long as confirm they're using it for capital reserves.
The ones who don't owe us any TARP money go untaxed. They may be borrowing from us at 0%, but that's still playing by the rules.
feudalism, meet capitalism, capitalism, meet feudalism ....
now, you two, try to get along ...
Breaking: French Banks increase interest 10% on French taxpayers.
A profits tax would actually be a good thing because it would create an incentive for banks to report losses and mark to market, thus avoiding taxes. Not sure that is the intent.
Would it increase Uncle Stupid's tax revenues? Uh, no.
or an incentive to pay out more and pad pre tax
Damn straight. Hadn't thought about that kink.
I'm starting to think this is an international conspiracy of accountants to bleed the world dry by increasing billable hours.
vampires gone global, getting hungry for lack of willing participants. for now, they are thinking of bypassing the bombs in their bag of tricks and going straight to the excess profit tax.
September 2009 intramonth looks almost identical to October 2009
almost as if some Wizard of Oz is running the market. His computer needs a reboot since he is just repeating September's program.
Uncanncy stuff
http://bespokeinvest.typepad.com/bespoke/2009/10/groundhog-day-september...
So we get tax money, take a bureaucratic cut on it and send it to the banks... then we get part of it back and take another bureaucratic cut on it.
I'm getting sick of the utter stupidity - or feigned stupidity- of government.
Comments from the french government this evening : this vote of the parliament was a technical error which will be fixed by monday (www.lefigaro.fr)
VAT tax is coming!!!!!!!
the only thing the U.S needs to apply the VAT to are the sale of kindles, ipods, iphones and imacs. because apparently a metric ass ton of those products are going to be consumed and save the US economy .
http://www.youtube.com/watch?v=pnuijDieOvY&feature=related
couple observations:
1) 10% windfall profits tax is less than a slap on the wrist. It's hardly even a scolding. What is the message they are trying to send? We are the French government and we're giant pussies? Yeah, thanks. We already knew that. I hear they also have some rifles for sale. Never fired, only dropped once.
2) let's see if I get this part straight - The French government takes from the populace and gives to the banks to bail them out. Then the banks make extraordinary profits leveraging and trading that money. The gov't decides to "right" the wrong they themselves created by taxing an additional 10% on 2009 profits. Now they can make the argument that the money is no longer the peoples'. It was paid by the corporations on their ill-gotten gains. Therefore, since it was taken from evil companies, we don't have to spend it responsibly. The French gov't has essentially laundered the money to wipe the trace of the population from it. That's beyond perverse.
3) The original intent of any tax code is to raise funds to support the government's activities. Then it became a tool to promote or discourage certains behaviors. Then it became a bribing mechanism to buy votes from special interest groups. Now, finally, the French have decided to use the tax code to punish. That's quite a life cycle, I'm almost afraid to see what comes next.
This will only make the banks influence greater, since government will rely on the tax revenue for their salaries and then try to help the banks find more ways to screw citizens out of their hard earned money. With more money coming from a concentrated industry (FIRE), it becomes that much more important to government.
Restating from an earlier thread: the utility model of banking, and Goldman had better be goddamned careful what they wish for, because they just might get it. Guaranteed (low) returns, guaranteed (low) salaries, guaranteed consumer input at their rate hearings, guaranteed state attorney-general and regulatory crawling-up-their-ass-with-a-microscope, just like electric utilities and phone companies 20 years ago.
A deputy mistake, they want to cancel and vote again. Don't worry france is following america.
We will have it here--the Tobin Tax-- and TD will be happy because if applied across the stock, options, commodities and the OTC derivatives markets it will screw high frequency traders.
Call this one the Jacque Strap tax.
10% TAX ON 2009 BANK is very low, in fact probably considered preferential in some countries
Given that no such tax currently exists in this country (and for good reason), I assert that this tax is unequivocally 100% inappropriate.
Tell me, Mr. Obama, between increasing personal income taxes, corporate taxes, estate taxes, and then creating a new health care tax, a Value Added Tax, a "B.O.H.I.C.A. (bend over here it comes again)" tax, and a "Pay Up, Sucker, If You Want Me To Pull My Cock Out Of Your Ass" tax, where is it going to stop?!
Keep in mind, you still haven't solved Medicare/Medicaid or Social Security. So additional taxes will be levied for those, I'm sure...
Doing this is as stupid as it was when we subsidized tobacco farmers and taxed cigarettes. Forget the tax and do as Ratigan says, CLAWBACK!