Friday, 6 July 2012

Two Inquiries and Not a Blade of Long Grass in Sight

So there is to be a Parliamentary inquiry and a Serious Fraud Office inquiry (the Chancellor of the  Exchequer is ensuring that there is a funding boost to the Serious Fraud Office for this, the FT reports) into the fixing of the LIBOR.

This is much more satisfactory than a judicial inquiry, their usual  purpose being to make nasty, embarrassing, even criminal stuff slip out of sight and as far into the future as possible while everybody says they can't say anything as its all in the judicial inquiry maw.

Now who might be required to come and tell Parliament and/or the SFO all about it?  Imagine prepping some likely candidates before their appearances.

The damage to the City is already done but the damage to the Labour party has barely begun; and the more the Labour party and those in the Labour administration during the first decade of this century are made to face up to the damage that they did -  which cannot be made good for years to come - the more the City will cease to be blamed for the political  purblindness and economic puerility of policy-makers seeking to join international political elites.  They hadn't the stature, they wouldn't have been Labour politicians if they had.  There is not a single Labour politician who has ever been of anything but local importance, not one.

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