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Thank you so much for speaking with us we really appreciate -- but this weekend we did not get a consensus on the global bank tax that the G-20 has been discussing.
Is the fact that we didn't get a consensus on the global bank tax from the G-20 this weekend an indication that the idea is dead or is still very.
-- hope very much but it's a lineup that would be kicking it as well.
If it's the beginning of the process.
The -- -- that the preliminary report on taxation.
Opened a couple of options we certainly a front suggested.
Another option another bases.
And the discussion -- -- gates.
As you know -- a couple of countries that -- -- which is not supporting the project.
I think we need to keep profits.
To make sure that we actually put in place assistant -- Will not be a substitute for capital requirements.
But they'll be in addition -- refinements.
To adjust with specific risks and to include all players because they think that it's not that that -- not just about.
But also the mountains so you support at the US supports it Australia as you -- Canada Japan because their banks didn't have to be bailed out.
Are less inclined to support something like this but.
In what form do we need to see a global bank tax you talked about capital requirements but how much of what would be based on for bank depending on the -- Giving the taxation what they -- What you have you have several options it -- -- of risk -- to -- that's.
It could be liabilities.
With certain exclusions.
You can think of different that the possibilities the IMF is proposing.
At places that could be an additional profits.
So you can see the difference.
To -- exactly what you want to achieve and clearly in my view neither team.
Side of things in other -- Activity with high risks.
Therefore they should it was of this -- prevention.
You could -- that is special franchise.
Which is currently me.
Because banks you know -- -- -- -- -- -- -- at the end of the day things go wrong with states.
To come in and -- out of the state -- to take certain steps about those rights.
-- France and elsewhere on the G-20 nations do they want to eliminate the so called concept of too big to fail.
We need to address it so that it is no longer hurdle if things go wrong.
I might think about is that we need to -- -- Move on on some principles essentially one is clarity transparency -- you want quality because once people know that everything is.
Available visible and accessible it changes -- behavior.
And the second -- principle is accountability.
In do know people should be left.
No bonus without -- That shouldn't be mistakes without substance.
Timothy Geithner Treasury Secretary wants this sooner rather than later get the head of the IMF Dominique Strauss Khan as saying the US is moving too quickly.
Do you think that the US is pushing too much to do too soon.
I think Timmy Timmy is putting in place some very strong position and -- right and so that's not like you.
Having said not.
We we will needs to catch up and be consistent.
In terms of solutions.
And the need to coordinate this is what we've been doing in the crisis we need to keep -- that.
In the off to -- -- the prices and it did just update one country.
Takes the needs and habits.
And addresses some specific issues for instance you know.
I can understand what -- wants to move funds.
My -- in France we have adults.
Create that that net loss for the taxpayer.
So -- unwelcome at the same kind of urgency but equally just as much as he does I want to put in place a system but but but but from happening again.
As you go.
Our congress is working on financial regulatory reform in the form of something called the Dodd bill and there is a lot of pressure on both sides about this issue from what you know about it.
Does -- do enough to make sure that derivatives don't affect our markets and caused global gyrations like they did last time.
Do you like the form that it's taking.
-- -- in favor all.
Finding all of -- of the tips.
I'm in favor -- making -- derivatives.
Funds aren't visible accessible traceable.
I'm in favor of measures that will allow the trading and appearing in a very organized and disciplined fashion.
I'm in favor of market authorities having the ability to step in.
-- margins but scouts.
Professionals if and when necessary to think we could prevent a global meltdown like this in the future everybody seems to think we can put regulations in place to do that but is that really possible.
What would better be.
Able to do that's not to say that they want to be crisis in the future they have been prices innocence finance -- existed.
But we need to put in place a system that is nothing repeat the mistakes from the post and what's more important in my view.
We need to have in place a system where we catch.
What that was going to -- -- tomorrow because.
People about -- -- looking to repeat except for the mistakes that we have made.
A couple of years ago they going to reinvent something and we need to be.
On the alert -- needs to be able to check.
When things that going in the wrong direction of the yields -- to -- when the leverage is too is excessive.
Whenever there -- bubbles popping out someone.
Although coordinate the basis needs to say watch out something's going wrong.
Goldman Sachs as you know we have a situation here -- the SEC has charged Goldman with civil fraud.
France was doing an investigation in the wake of this have you discovered anything about any French bank account for party action within the Goldman Sachs story or.
Is it separate.
We'll have a report that the end -- April that would indicate but it -- particular case the -- -- -- -- -- -- -- Let the SEC is expected back whether there isn't it count whether there's any damage but that itself.
The preliminary indication I was given by -- -- at these problems sesno but.
-- to receive the report that in the paper the banker in question that -- today -- -- apropos of nothing but he has to testify tomorrow before congress.
We -- hearing differently.
Reports that fox businesses like that Goldman may stand by him there -- other people saying they'll make him look what the lone wolf is it possible in this day and age to have.
One single banker.
Who can really do something like that a lot something.
The investigation will lieutenant so about -- want to speak out of this but certainly.
Has something to do with the behavior of each and every office players unless -- completely violated the rules but even if they did.
And so it may -- -- they think that actually got in place systems that effective spot -- And stop it.
-- Obviously there appears to be an opportunity at a plant here for free some sixty billion dollars in in a bailout form.
The market doesn't seem to be embracing that today we see the Greek yields on the spreads just -- big -- was falling.
Now -- -- here was a big bailout and it is not stabilizing.
The European market.
Well I think the markets of the connected thinking is it really going to work -- -- numbers of that you -- going to join forces to actually do it.
And that helps them.
You know public pretty good financial reasons to to.
Alleged that maybe it's not -- -- I can tell you might parts.
That members of that you wrote so no -- to Waltz the positions are today for domestic reasons for parliamentary reasons.
-- -- the thought to do -- the process of democracy.
Willis found out and -- in America actually just -- and public statements.
You know running cavity.
-- -- -- To support these.
As long as these does and delivers on its commitment which is clearly the indication that we have.
So the markets.
And and some people -- making money at the moment.
Which I think is something that we'll need for a number would we look at at CDC on sovereign -- as Republicans -- them.
That habit -- but at the -- -- -- not but aren't you worried about contagion now suddenly everybody's turning their attention to Portugal Spain.
Those spreads are also why there is fear in the markets that those nations might be in trouble -- does -- -- and this is this.
-- simple to -- reasons they adjust to different.
Cases think you're not worried about Ford's council that sense of reliability numbers and statistics.
It's got nothing to look -- different months so.
Of the moment -- on the -- stations and commission ECB.
And TI event at the opening on it will go along for the next few days.
In the united days of may according to a -- -- -- -- the commission that indicates to me -- on that we'll be.
-- delta between them and attendant.
And then from there on the -- -- -- -- but they should be and it could be any doubts.
They will be a -- principal race the question but just to be clear you're not worried about contagion going to Portugal Spain.
Those same problems -- defensively.
And any any confusion to the country.
In terms -- you know.
There is need to be contamination.
But that could -- And finally there are naysayers out there regarding desperate situation -- say that.
That debt is so overwhelming that at some point they will have to do.
Whatever you want to call it rescheduled the debt which is frankly.
Very polite way of saying deep -- that debt that Greece will eventually default on the debt.
I mean that the Euro group numbers of their -- and the IMF is on the same page this is off the table.
Restructuring itself the table.
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