Wednesday, September 28, 2011

Latest EU fix: Bankers to be taxed 100%

70% APR © fintag

News comments:
It is clear the polititians are running out of ideas.

Squabbles between Germany and the USA ("you sort your own mess out") is quite amusing given the original TARP fund helped out lots of European banks. You see, apart from printing money, the euro-TARP is just not going to be big enough. Unlike the Lehman inspired TARP, we are talking about governments dipping into a fund of cash.

I have been trying to work out what the Banks paid out in bonuses last year. It is something like 60bn. If we assume 50% tax, that is 120bn the banks gave away to undeserving bankers.

So why not force the banks to put their bonus pools into the new Euro-TARP. That should keep Greece going for another 6 months.

Today's shorts:
Big hedge funds (hedgeweek)

Today's longs:
Fed is the new god (bloomberg)

King to demand 100% taxes on people who work in banks, look shifty and drive red cars (telegraph)

Obama to see the EU presidency when he loses the 2012 elections (he is European isn't he?)


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