{"id":5891,"date":"2010-01-23T13:50:38","date_gmt":"2010-01-23T11:50:38","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=5891"},"modified":"2010-01-23T13:50:38","modified_gmt":"2010-01-23T11:50:38","slug":"lets-ask-where-bank-profits-come-from","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/01\/23\/lets-ask-where-bank-profits-come-from\/","title":{"rendered":"Let&#8217;s ask where bank profits come from"},"content":{"rendered":"<p><a href=\"http:\/\/www.guardian.co.uk\/commentisfree\/cifamerica\/2010\/jan\/22\/britain-obama-banks-money-bullies\">Britain must back Obama's stand against the money bullies | Polly Toynbee | \t\t\t\tComment is free | \t\t\t\tThe Guardian <\/a>.<\/p>\n<p>The great unasked question is the incidence of bank and other financial institution profits - who is losing to ensure bankers profit in other words. This is much, much more important than any question on the incidence of taxes paid by banks.<\/p>\n<p>I was discussing this with Polly Toynbee this week:<\/p>\n<blockquote><p>Richard Murphy points out that the London Stock Exchange churns vast numbers of shares daily to the dealers' short-term benefit, while Warren Buffett makes higher profits sitting on his shares long term.<\/p><\/blockquote>\n<p>In 2008 the London stock exchange turned over 1.43 times its entire value. On average a share was owned for 255 days. And yet the overall movement in the make up of the exchange and portfolios was small.<\/p>\n<p>So why the churn? Certainly not for the real benefit of ultimate owners, of that you can be sure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Britain must back Obama&#8217;s stand against the money bullies | Polly Toynbee | Comment is free | The Guardian . The great unasked question is<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/01\/23\/lets-ask-where-bank-profits-come-from\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,29],"tags":[],"class_list":["post-5891","post","type-post","status-publish","format-standard","hentry","category-banking","category-pensions"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5891"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5891\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}