Pilgrim Progress

Alistair Darling boasted about LIBOR falling in December 2008…

“The measures that I announced in October have stabilised the banking system, and inter-bank lending rates have fallen. The three-month LIBOR rate halved to just over 3 per cent. this week.”

The Shriti Hiti the Fan

Downing Street are drawing attention to this email in Barclay’s evidence to tomorrow’s Treasury Select Committee:

Click to Enlarge

“Mr Tucker stated the levels of calls he was receiving from Whitehall were ‘senior’ and that while he was certain we did not need advice, that it did not always need to be the case that we appeared as high as we have recently.”

As Guido said this morning, you have to distinguish between the nickle and dime LIBOR fixing scandal of traders trying to massage their end of day mark-to-market and the Treasury / FSA / Bank of England policy of fixing LIBOR. Tomorrow Bob Diamond is likely to point out that manipulation of LIBOR rates was in the national interest and sanctioned by Downing Street and the regulators.

Gordon Brown’s Downing Street economic adviser Shriti Vadera was driving the policy…

Diamond Says: 'Hold My Dick'

The Diamond backlash wasn’t expected until tomorrow’s Treasury Select Committee, but the first blows have been struck from an unlikely source: his daughter. Nell Diamond, a twentysomething Deutsche Bank employee, has hit back at the politicians laying into her dad. In a swiftly deleted tweet, Nell told George Osborne and Ed Miliband to “HMD“, or “hold my dick“:

The photos of Nell and Bob are still up

UPDATE: Neo-Guido was at the same Kanye gig pictured above and returns from lunch to report Daddy Diamond and Nell are displaying the “Diamonds are Forever” sign.

Rachel Reeves' Lap Dancing Campaign Defeated

Labour prude Rachel Reeves has suffered a new blow in her killjoy campaign to shut down lap dancing clubs in Leeds city centre. The Shadow Chief Secretary to the Treasury has called for premises that offer adult entertainment services to be refused licenses and be forced to move out to “less conspicuous” areas.

Guido is pleased to report that all seven lap dancing clubs in Leeds have retained their licenses as, hilariously, the online e-petition for Reeves’ campaign has mustered only three signatures as we go to pixel. The people have spoken…

Tom Watson finally escapes from his News International bubble:

Banking is bigger than Murdoch“.

Salmond's Joan's Darling Gaffe

Alex Salmond’s favourite columnist Joan MacAlpine MSP was off on one this morning about new union poster boy Alistair Darling. In a particularly unhinged rant, MacAlpine lambasted the former Chancellor for “being asleep at the wheel while the bankers screwed the rest of us”. That’s all very well, but poor old Joan then got slightly ahead of herself:

Quite why he thinks he has the right to come to Scotland and lecture us about how to run our affairs is breathtaking in its arrogance.”

Perhaps because the fact that Darling is, er, Scottish…

Unions Defeat Progress in Labour Skirmish

It appears that Progress has bowed to pressure from the unions and admitted defeat in the party’s damaging civil war. The Blairite faction this morning acknowledged the grievances of the GMB and announced a raft of reforms in response to their criticism. Labour’s enemies-of-the-people will now publish unprecedented information on their sponsorship and donations. Presumably that declaration will be “it’s all from Lord Sainsbury”.

VIDEO: Farage Batters Van Rompuy (Again)

“With everyone of your predictions it goes on getting worse, I’m sorry sir you don’t have the presence, the credibility or the standing for the international markets to believe you can provide a solution. And Mr Barroso here, who stood up at the G20 and said “we don’t need any lessons on democracy”.[…]

+ READ MORE +

Labour Tell Donors How to Dodge Tax Too

Yesterday it was the Tories advising their top donors on how to avoid tax through a controversial “legacy” scheme. The story had considerable traction and unsurprisingly provoked considerable outrage among Labour MPs:

[…]

+ READ MORE +

PIC: Balls Cutting Ribbon at 'Flagship' Barclays

This is from Balls’ own website in 2009. He was “delighted” to praise Barclays for “changing the face of banking”.

Via @ToryRadio 
[…]

+ READ MORE +

LIBORgate: Diamond v Tucker at Treasury Select Committee

After resigning as CEO of Barclays this morning, Bob Diamond may yet exact some revenge on the government when he testifies tomorrow in front of the Treasury Select Committee.

There are two LIBOR fixing scandals – the first involves traders massaging the settling of LIBOR rates a few basis points, mere hundreths of a percent, off market reality to flatter their trading books.[…]

+ READ MORE +

Diamond Is Not Forever

Don’t buy a newspaper this morning – it’s already out of date with the musical chairs:

“Barclays today announces the resignation of Bob Diamond as Chief Executive and a Director of Barclays with immediate effect. Marcus Agius will become full-time Chairman and will lead the search for a new Chief Executive.

[…]

+ READ MORE +



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Quote of the Day

David Cowling, the BBC’s head of political research, in an internal memo…

“It seems to me that the London bubble has to burst if there is to be any prospect of addressing the issues that have brought us to our current situation. There are many millions of people in the UK who do not enthuse about diversity and do not embrace metropolitan values yet do not consider themselves lesser human beings for all that. Until their values and opinions are acknowledged and respected, rather than ignored and despised, our present discord will persist. Because these discontents run very wide and very deep and the metropolitan political class, confronted by them, seems completely bewildered and at a loss about how to respond (“who are these ghastly people and where do they come from?” doesn’t really hack it). The 2016 EU referendum has witnessed the cashing in of some very bitter bankable grudges but I believe that, throughout this 2016 campaign, Europe has been the shadow not the substance.”

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