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Wall St. Weighs a Challenge to a Proposed Tax

Posted By admin On January 18, 2010 @ 4:52 am In Money Watch | Comments Disabled

ERIC DASH [1]
NY Times [2]
Mon, 18th Jan, 2010

Wall Street’s main lobbying arm has hired a top Supreme Court [3] litigator to study a possible legal battle against a bank tax proposed by the Obama administration, on the theory that it would be unconstitutional, according to three industry officials briefed on the matter.

In an e-mail message sent last week to the heads of Wall Street legal departments, executives of the lobbying group, the Securities Industry and Financial Markets Association, wrote that a bank tax might be unconstitutional because it would unfairly single out and penalize big banks, according to these officials, who did not want to be identified to preserve relationships with the group’s members.

The message said the association had hired Carter G. Phillips of Sidley Austin, who has argued dozens of cases before the Supreme Court, to study whether a tax on one industry could be considered arbitrary and punitive, providing the basis for a constitutional challenge, they said.

Administration officials and other legal experts have called those claims dubious.

Full article here [2]

Wall St. Weighs a Challenge to a Proposed Tax 040110banner2 [4]


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URLs in this post:

[1] ERIC DASH: http://topics.nytimes.com/top/reference/timestopics/people/d/eric_dash/index.html?inline=nyt-per

[2] NY Times: http://www.nytimes.com/2010/01/18/business/18bank.html?hp

[3] Supreme Court: http://topics.nytimes.com/top/reference/timestopics/organizations/s/supreme_court/index.html?inline=nyt-org

[4] Image: http://www.prisonplanet.com/2009_christmas_special.htm

[5] Lobbying Firm’s Memo Spells Out Plan to Undermine Occupy Wall Street: http://www.prisonplanet.com/lobbying-firm%e2%80%99s-memo-spells-out-plan-to-undermine-occupy-wall-street.html

[6] WWE wrestler ‘Kane’ reportedly weighs Senate challenge to Lamar Alexander: http://www.prisonplanet.com/wwe-wrestler-kane-reportedly-weighs-senate-challenge-to-lamar-alexander.html

[7] Wall Street protest plans global rally before G20: http://www.prisonplanet.com/wall-street-protest-plans-global-rally-before-g20.html

[8] SCOTUS opens door to a new Obamacare challenge: http://www.prisonplanet.com/scotus-opens-door-to-a-new-obamacare-challenge.html

[9] Appeals Court Fast-Tracks Obamacare Challenge: http://www.prisonplanet.com/appeals-court-fast-tracks-obamacare-challenge.html

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