Sunday, 8 July 2012

Investigate Wider Involvement in the Libor Rate-fixing

A commenter, JJ Forest,  in today's Telegraph, cannot be bettered for summing up the minimizing slant that is being attempted in the media over the Libor scandal.

'It's amazing to me to read this article which implicates the BOE and Whitehall in a Libor scandal that existed at least a year prior to the Barclays Libor rate-fixing and see that for whatever reason most commenters still draw the conclusion that the scandal revolves around Bob Diamond. It does not....  BD was only a small part of this. It seems to pass over most of the media heads that it is obvious the nationalized banks were rigging libor in Sept 2007 as it was impossible for them to have libor rates lower than Barclays at that time and yet they did. At least with this article it is finally becoming recognized in the mainstream.
When will the full scale firings and political massacres begin in earnest throughout the financial industry in the UK? Enough of the scapegoating of one particular individual at one bank. Bob Diamond is gone. Now lets get on with the real investigation.'

Angels would add:

If it wasn't the Chancellor or the Treasury under Darling, if it wasn't Vadera, if it wasn't Balls - and all downright deny that it was - who in government had the authority and the contacts to suggest, indeed call for, the Libor rate fixing? Diamond says it was senior figures, ie more than one.

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