Canada Proposing Alternative to Global Bank Tax at G20

Over the years Canadian Finance Minister Jim Flaherty has alternately played bank toady and scourge to financial interests. Right now Flaherty opposes European calls for a “Tobin tax” type levy on financial institutions to recoup the cost of future bank bailouts. There are several reasons to aim rotten tomatoes at Flaherty, but his idea to require banks to hold “contingent capital” has merit.