Geithner, Brown Split on Tobin Tax at Group of 20 Meeting

Nov 7th, 2009 - Bloomberg

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Nov. 8 (Bloomberg) -- Group of 20 governments split onwhether to tax financial trading as part of a broader strategyto ensure the global economy’s expansion is less crisis-prone.

U.K. Prime Minister Gordon Brown told a meeting of financechiefs in St. Andrews, Scotland yesterday that such a levy couldprevent excessive risk taking and fund future bank rescues,adding momentum to a debate begun by France. U.S. TreasurySecretary Timothy Geithner said a “day-by-day” tax onspeculation is “not something we’re prepared to support.”

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