Friday, July 06, 2012

LIBOR banking scandal deepens: Barclays releases damning e-mail, British govt. implicated...

This Libor-manipulation story grows crazier with each passing minute. We have officially disappeared now down the rabbit-hole of the international financial oligarchy.

Former Barclays CEO Bob Diamond is testifying before parliament in London today, and that's sure to bring some shocking moments. But there's already been one huge stunner. In advance of that testimony, Barclays released an email from October 29, 2008, written by Diamond to then-Chairman John Varley and COO Jerry del Messier (who also stepped down yesterday). The email from the CEO to the other two senior Barclays execs purports to detail the content of the conversation Diamond had with Bank of England deputy governor Paul Tucker that same day.

In the email, Diamond essentially tells the other two execs that he has been given permission by Tucker – encouraged, actually – to rig Libor rates downward. What’s even worse is that Diamond’s email suggests that Tucker was only following orders, i.e. that Tucker had received phone calls from "a number of senior figures within Whitehall" – that is, the British government – expressing concern about Barclays' high Libor rates. Tucker in this version of events was acting as a middleman for the British government, telling Diamond to fake his borrowing rates in order to preserve the appearance of financial stability, for the good of Queen and country as it were.

(...)

This email amazes for a few reasons. One, it suggests that Barclays, which is currently carrying the standard in the LIBOR-manipulation scandal, was actually bringing up the rear -- that all of the other banks were in on it, and Barclays only attracted the government's notice because they were last. Full story...

Related posts:
  1. Jailing bankers is the best way to curb market abuses...
  2. Put bankers in the dock!
  3. Tony Robinson: Are bankers human at all?
  4. Barclays boss under pressure to quit after interest rate cheating...
  5. World's top bankers handed 12% pay rise to average $12.8MILLION...
  6. The scam Wall Street learned from the mafia...
  7. The $2 billion UBS incident: 'Rogue Trader' my ass...
  8. Femen topless activists protest against " fucking oligarchs..."

No comments:

Post a Comment