AFR Press Statement: Wall Street Titans Support Financial Speculation Tax
Date: March 30, 2012
Contact: John Carey John@ourfinancialsecurity.or
Wall Street Titans Support Financial Speculation Tax
Top Bank CEOs Express Contrition for Financial Crisis and Willingness to “Pay Their Fair Share”
Washington, DC – On the eve of Tax Day, as millions of Americans are still struggling with hard times and worrying about how to pay the IRS, some of the most prominent players on Wall Street held a press conference announcing that they were stepping up to support a financial speculation tax to “pay their fair” share and help put America back to work.
These titans of Wall Street expressed remorse and shame for collapsing the global economy and putting 8 million Americans out of work and 9 million on the path to foreclosure. They embraced the idea of a small tax on trading both to discourage reckless trading and to bring in hundreds of billions of dollars of revenue that could be put to work rebuilding our economy, creating jobs, preserving Social Security and Medicare, and meeting other urgent needs.
“These flash crashes are just too damned scary,” said Goldman Sach CEO Lloyd Payfines. “Even the muppets are worried. This tax would put the brakes on high-speed, reckless trading and bring a greater degree of stability to the financial system.”
“Frankly we are ashamed,” said Brian Moneybags of Bank of America. “We misled millions of American homemakers into believing they were getting quality mortgages that would secure their future. Instead, the ARMs and subprime dreck we sold blew up in their faces and led to millions of foreclosures and untold misery and misfortune. I am happy to throw my weight behind a financial speculation tax.”
“The Pope called me and really just laid it on the line. It is time that Wall Street started to make amends for collapsing the global economy. A financial speculation tax is the right thing to do and now is the right time to do it,” agreed Jamie Diamonds of JP Morgan Chase.
Vikram Bandit of Citigroup noted that many nations in the European Union were moving ahead to apply a 0.1 percent tax to stock trades. “Many countries in Europe are moving ahead on a financial speculation tax and will use revenues for creating jobs and providing essential services like health care and education,” said Bandit. “America’s economy is also urgently in need of a boost; we can’t afford to be left behind!”
APRIL FOOLS! It’s no surprise that the heads of the largest Wall Street banks remain opposed to a financial speculation tax and to paying their fair share. But the time has come for Wall Street to help rebuild Main Street. This week the Congressional Progressive Caucus embraced the tax as part of “Budget For All.” Senator Tom Harkin included the tax in his “Rebuild America Act.” People across the country are taking action, standing up to Wall Street, and calling on President Obama to support a financial speculation tax.
Click here to tell President Obama that the Wall Street Speculation Tax is the right thing to do! We will deliver the petition on Tax Day, April 15, 2012.Tags: congress, Financial Transaction Tax, Wall Street lobbying