Obama profit tax is fair, says BGC business head

President Barack Obama’s plan to impose a profit tax on banks is “reasonable”, according to the head of business development at London-based interdealer broker, BGC Partners.

At a press briefing on regulation on March 1, Jeffrey Hogan said, at a minimum, all banks that benefited from government handouts should have their profits taxed in future.

On January 14 Obama proposed a ‘Financial crisis responsibility fee’, to be imposed on major banks with more than $50 billion of assets. The tax will be

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