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EU Tax To Hit Banks?

Wednesday, 28 Sep 2011 | 12:00 PM ET

The European Commission is out with a proposal today that would tax any financial transaction where at least one party involved is located in the EU. According to the proposal, the tax would go into effect in January 2014 and could raise $57 billion euros each year. Rich Repetto, of Sandler O'Neill, weighs in.