The flurry of interest this week around ways to tax Big Banks is important, because officials in the US are – for the first time – recognizing that reckless risk-taking in our banking system is dangerous and undesirable.
But the possibility of a tax on bonuses or on “excess profits” that are large relative to the financial system should not distract us from the more fundamental issues.
The intruder who climbed a fence made it farther inside the White House than the Secret Service has publicly acknowledged, the Washington Post and New York Times newspapers reported Monday. The disclosures came on the eve of a congressional oversight hearing with the director of the embattled agency assigned to protect the president’s life.
Dylan Matthews is writing Wonkbook while Ezra is in China.
The U.S. and Europe are taking different approaches to FinReg. Can this work in a global economy? Meanwhile, Obama promises stricter rules governing offshore drilling. And Steve Pearlstein thinks industry should stop fighting regulation.
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Editor’s Note: The following post comes to us from John White, partner in the Corporate Department and co-chair of the Corporate Governance and Board Advisory practice at Cravath, Swaine & Moore LLP. This post is based on a Cravath memorandum by William P.