The International Monetary Fund proposed a draft of two global taxes — a bank tax, and a “FAT” tax against what politicians deem to be excessive salaries or bonuses in the financial sector — at the Washington G-20 meeting last weekend. The final version of the proposal to create what the IMF calls a “stable global financial system” will be discussed by G-20 nations at the Toronto summit in June.
Some of the opponents of the recently enacted health care legislation may have been premature with their warnings about "death panels." A death panel of sorts can be found in the Restoring American Financial Stability Act of 2010, the financial regulation bill that has Congress divided once again along partisan lines. The bill would establish in the U.S Bankruptcy Court in Delaware an ominous-sounding Orderly Liquidation Authority Panel to preside over the (presumably) orderly process of putting out of business a large bank or non-banking financial firm whose "financial distress or failure" could create "risks to the financial stability of the United States..."
The Securities and Exchange Commission filed a lawsuit April 16 against New York-based investment bank Goldman Sachs. The SEC alleges that Goldman committed systematic fraud in marketing a package to investors without revealing a major conflict of interest.