The South African Civil Society Information Service

Former Goldman Sachs Trader Supports Robin Hood Tax As a Way to Move Away from Financialised Economy

28 Oct 2013

The American Congress is set have a congressional briefing in March next year on a proposed "Robin Hood Tax", which is essentially a tax of less than one-half of 1% on Wall Street transactions -- the goal being to generate revenue from Wall Street speculation rather than cut spending on social programs. Jessica Desvarieux of the Real News Network discusses the impact of the prospective tax with former employee of Goldman Sachs, Wally Turbeville.

According to Turbeville, the tax will likely affect trading in a positive manner as it will "change excessive churning - trading in the marketplace, (which) means that all of the investments will be more valuable." Turbeville argues that it will be interesting and informative to see what impact the Robin Hood Tax would have on some of the larger trading environments such as New York, London, Tokyo and Hong Kong.

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You can find this page online at http://sacsis.org.za/site/article/1827.