UK FSA chair slams City of London's 'socially useless' excesses, floats Tobin tax

Separately, French President Sarkozy proposes ‘bonus-malus’ for French banking sector.

Lord Turner
Lord Turner

The UK’s top financial regulator has lambasted some of the City of London’s banking and finance activities as ‘socially useless’ and suggested that a version of the controversial Tobin tax idea could be used to reign in its excesses. Speaking at a debate held by Prospect magazine…

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