Gordon Brown calls for global bank bailout fundpublished Sat, Nov 07 2009 07:54 GMT
The prime minister tells G20 taxpayers must be protected from bearing the cost of failure by world's banksThe prime minister, Gordon Brown, has called for a new "economic and social contract" with the world's banks to ensure that the cost of their failure would never again be borne by taxpayers.Addressing a G20 meeting in Scotland, Brown said it was not acceptable that banking success was reaped by the few but failure was "borne by all of us".He called for a fund for future bank bailouts to be set up, possibly paid for by a tax on banking transactions.Brown told the meeting of finance ministers from the world's 20 richest nations in St Andrews that there should be a "just distribution ...
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