Why not? They obviously have much too much money, so maybe we should all thank them for being so flash about spreading it around during such hard times. Just as they lacked common sense during the build up to the bubble, they're too arrogant to figure out that by standing so far above the rest, they're going to be targets when the world starts looking for cash. While some EU leaders are on board, we can probably already guess how Obama and the US will feel about it. Somewhere, someone is making excuses for the bankers and while the talk will continue to be tough, we all know who is going to cave in and protect Wall Street. Same as it ever was.
The proposal, from Meles Zenawi, Ethiopia's long-standing ruler who is now one of Africa's elder statesmen, concerned one of the crucial sticking points in the negotiations for a new treaty to fight global warming, which have to end on Friday – the financial deal which must be a key part of any new climate agreement.
Rich countries have agreed in principle that they will create a massive new international Climate Fund to help poor countries cut their carbon emissions and adapt to the damage likely to be caused by climate change but negotiations are stuck on who should contribute and how much.
Mr Zenawi, who arrived in Copenhagen last night to represent the 53 member states of the African Union at the talks, suggested that much of the money could be raised by new taxes on aviation and shipping and an innovative global tax on all financial transactions – known as a "Tobin tax". Research has suggested that such a tax could raise up to $100bn a year.
