Geithner, Brown Split on Tobin Tax as G-20 Seeks Rebalancing

Group of 20 governments split on whether to tax financial speculation as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

U.K. Prime Minister Gordon Brown told a meeting of G-20 finance chiefs in St. Andrews, Scotland today that such a levy could prevent excessive risk taking and fund future bank rescues, adding momentum to a debate begun by France. Treasury Secretary Timothy Geithner said a “day-by-day” trading tax is “not something we’re prepared to support.”