FSA’s Turner Wades Into Political Debate With Tobin Tax Comment

FSA Chairman Adair Turner proposed a “Tobin Tax” on banking deals in a Prospect magazine interview. This would redistribute bank profits to the poor and to “public goods” like fighting climate change. The remarks grabbed the attention of lawmakers and bankers who say the regulator might have a short political future.

Poverty campaigners say the tax would raise money to help developing economies, and they welcomed Turner’s most recent comments.

“As well as restraining bank excesses, such a tax could generate billions for developing countries to use in the fight against poverty,” John Hilary, executive director at War on Want, a charity that fights poverty, said yesterday in a statement. “We call on Gordon Brown to implement this tax as an urgent measure amid the growing world economic crisis.”
Full article from Bloomberg.com here: http://www.bloomberg.com/apps/news?pid=20601102&sid=aJqRedRZpa5c