Divisions are emerging among large investment banks over the Obama administration's banking levy, with one industry lobby exploring legal action even as some individual companies urge caution in face of the growing political backlash.
The Securities Industry and Financial Markets Association confirmed that it has hired Carter Phillips, a managing partner at the law firm Sidley Austin, to study how to respond to what it called a “very targeted and punitive tax”.
But in a sign that all its member banks may not support the kind of constitutional challenge that an attorney such as Mr Phillips could mount, Sifma yesterday said that it was “premature” to discuss what action it might take.
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