Opinion: Global bank tax wouldn't cut risk

04/29/2010 | Wall Street Journal, The

Treasury Secretary Timothy Geithner told participants at a Group of 20 summit in Washington, D.C., that the nation is committed to a tax on banks' balance sheets. Geithner expressed confidence that other countries would be in favor of the tax, but several nations, including Australia, Japan, Canada and Brazil, have come out against the tax. The idea has several faults, including that it would not help reduce risk in the financial system, according to The Wall Street Journal.

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