Financial sector should pay for costs of the crisis, say CSOs (November 2009)

Rethinking Bretton Woods | Fri, Nov 6, 2009

Center of Concern joins the 16 members of CIDSE, the transatlantic network of Catholic development agencies, to demand that the financial sector bears its fair share of the burden of the crisis.

Washington DC, 6 November 2009

Mr. Timothy F. Geithner


Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

United States of America

Re: IMF Study on financial sector contribution towards crisis resolution

Dear Mr. Geithner,

At the G20 in Pittsburgh, world leaders answered the call of the public worldwide that the banks must take on their share to pay for the costs of the global financial and economic crisis they brought upon the global economy. In the Leader’ statement of the Pittsburgh summit the IMF was tasked to develop a study on how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system.” A report is due for the next G20 leaders’ summit in Canada in 2010.

 Read full letter.