July 3rd, 2012

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. It appears to have been going on for years and not just at Barclays. This was not so petty corruption.

The second LIBOR fixing scandal is of a different order altogether – it involves the wholesale systematic substantial misrepresentation of true LIBOR, with the encouragement of the Treasury, the FSA and in particular the Bank of England. The policy was to under-report LIBOR rates at much lower levels than were actually trading in the market. This deliberate policy was to cover-up the increased risks to the UK banking system revealed by higher LIBOR rates.

It is emerging that Gordon Brown’s economic adviser in Downing Street, Shriti Vadera, an ex-UBS investment banker, circulated a paper on “Reducing Libor” at the height of the banking crisis, which she argued would be “a major contribution to the stability of the banking system and to the health of the economy”.

That message will have gone out to the Treasury in Whitehall, the regulators and the Bank of England. They in turn will have given a nod and a wink to the investment banks. Bob Diamond is reportedly furious that the “lowballing” of LIBOR rates by Barclays – which was explicitly encouraged by the authorities  to stabilise already panicked markets – is being used against Barclays. Bob Diamond is expected to testify tomorrow that the Bank of England’s deputy governor Paul Tucker encouraged the “lowballing”.

The politicisation and manipulation of interest rates is ongoing even after Gordon Brown and Shriti Vadera are long gone. The £275 billion Quantitative Easing (QE) programme implemented by Mervyn King with George Osborne’s blessing is designed to artificially lower interest rates. We currently have a false market in Gilts, it is arguably the biggest bubble since the South Sea Bubble. It is cheating pensioners and savers of income on an unprecedented scale. This is a robbery organised from within the Bank of England …


166 Comments

  1. 1
    nellnewman says:

    It all started in no.10 – what a surprise!

    Where’s gordon?

    Like

    • 8
      Koinkidink says:

      Buying new trousers.

      Like

      • 11
        Disliker of Bankers says:

        Curiouser and curiouser. Bye bye Mr Diamond – now, how much is trying to shake down before he is sentenced- this may govern his compensation order.

        Like

        • 23
          AC1 says:

          Oy vey!

          Like

          • Stop the Neo Nazis on this site says:

            Muslim traders

            Vatican bankers

            Catholic Mafia

            Church investments

            Euro melt down

            Oy vey??

            Like

          • Alex Jones - truthteller and goy deceiver says:

            Hollywood is controlled by the Arabs! The New World Order is run out of the Vatican! The Black Pope is the head of the NWO! I am a lying POS Shill!

            Like

          • On page 36 of the FSA Final Notice action to Barclays it clearly shows FSA and BoE involvement.

            The Chairman of the FSA at time was Sir Callum McCarthy who is now a non-executive board member of HM Treasury. Ed Balls was City Minister at the time, Hector Sants was FSA CEO as he still is.

            The bankers have only done what politicians and regulators let them or encouraged them to.

            Dave, Nick, George and Danny are lifting a rock that has untold global nasties under it, and Obama, Bernanke, Merkel, Barossa, Hollande et al will not thank them.

            Like

        • 29
          UKIP.i.am says:

          If other bankers have the balls to come forward and back Diamond up or there is a paper trail then the state will be shown up once again for the hypocritical organisation it is and always has been. It thinks nothing of fiddling the figures on debt, crime, unemployment etc. It is also the mastermind behind fiddles to the figures on the school exam system to make children look artificially more gifted than they are. A fact that is proven by comparison with international data.

          Like

          • Ex-Tory says:

            The political elite will conspire with there chums running the media to hide the role of the State in all this.

            Like

        • 157
          Great Granddad says:

          Diamond will not face charges and there will be no inquiry. Significantly influence Libor all on his own? That clever he isn’t. The manipulation needed many banks, two prime ministers (at Least), two Chancellors, one BoE Governor, and a number of Bank Treasurers. Add to that every employee over about 25 years old with any wits who was employed in their chain of command and you have hundreds of tacit supporters. I am prepared to give evidence to that as an expert witness. Call an inquiry and you destroy Britain, never mind the City.

          Diamond will punch hard tomorrow. He has to. He is an American citizen and he knows full well that our cousins over the water don’t dish out community service orders.

          Like

    • 13
      Tom and Katie OMG ! says:

      As predicted Diamond resign after much huffing and puffing, politicians declare it a great victory as if his resignation was the main issue here when in fact it is the rampant criminality and need for a proper police investigation which is the main issue.
      Jail the fuckers.

      Like

      • 28
        Mervyn King says:

        Anti-semitic c’unt!

        Like

      • 52
        The Filth (A division of ACPO Enterprises - registered in Tel Aviv). says:

        Too busy locking up enemies of the state, (i.e. anti-bankers) for nicking a bottle of water. Now fuck off!

        Like

      • 136
        Rip van Wrinkle says:

        Hang the fuckers. We’ve paying for these slimeballs, bankers and politicians for fucking years.

        I ain’t paying no more.

        Like

        • 140
          Tiger Tiger says:

          Torture, burn, flay and slay the banksters and their media and political whores!

          Like

    • 21
      liebor says:

      liebor telling lies about libor?

      Like

      • 26

        Diamonds aren’t forever!

        ¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪¸¸.•*¨*•♫♪

        (Bye Bye, Mister American Liar?)

        Like

        • 48
          What's Left? says:

          New Labour, New Libor

          Like

          • Pstt… great HoC por.n site – explicit LieBore on libor action!!

            Like

          • Ivan Agenda says:

            Millipede expounding on a judge led inquiry based on the corruption of the Leveson Show Trial to attack NI with Liebor and BBC connivance.
            Brown Balls and co have gone into hiding but the BBC is covering their backs.
            You could not make it up.

            Like

    • 31
      Ah! Monika says:

      With his friend Wally

      Like

  2. 2
    Ken Clarke says:

    Shriti was a deeply, deeply nasty piece of work. That she might have imagined a little white-collar criminality too doesn’t seem too much of a stretch.
    Dearie dearie me.

    Like

  3. 3
    Veronica says:

    Shritty is a very appropriate name to be mixed up in such a scandal

    Like

  4. 4
    taC eht abbaJ says:

    Mervyn King strung up from a lamp post is the only acceptable outcome here. That C U N T has as much to answer for in the last fifteen years as those C U N T S Brown and Balls…

    Like

    • 18
      Revd. Phoney (£rd Fucking Way) B£iar, sanctimonious git and £iar, emoting and wiv stupid grin says:

      Me Me Me!! Don’t forget me!!! – and Al! and Peter! And Eddy Babe!

      Like

  5. 5
    Raving Loon says:

    Guido,

    Don’t expect the Bank of England, FSA or politicians to take any flak for this. Remember, this is all the fault of capitalism, free markets and just freedom in general. No one will question the power of central banks to rig interest rates, it is only the private sector that will get any blame.

    Like

    • 25
      Gordon Brown (from a recently dug bunker) says:

      It started in America

      Like

      • 59

        And it will be used, by the people we pay to be bouncers at the party we call living in the UK, to exclude more and more of us from the invite list of those who can enjoy all of the benefits of freedom. If you can’t AFFORD to be on the list – you’re not coming in!

        Look what happened post 9/11 and 7/11 – freedom is just a little too difficult to control for politicos and the security services – uniformed or not.

        We’ll get the Augean stables cleaned, to a given definition of cleaned, but more of our ancient freedoms will go with it.

        Like

    • 42
      US 'Federal' Reserve = PRIVATE bank says:

      Ssssh!

      Like

  6. 7
    nellnewman says:

    I do hope bobdiamond steers clear of the woods until he has given his testimony – we know only too well how vicious & ruthless the labour bunch are in covering up their misdeeds and lies.

    Like

    • 152
      Ivan Agenda says:

      A certain allegedly right wing USA supreme court judge has made a joke that he will go into hiding after he changed his vote to support Obamahealthcare. I wonder if they bribed him or threatened him.
      Justice is certainly losing out on both sides of the pond.

      Like

  7. 14
    Tin Pot 'Dave' the Ruling Class Rust Bucket Ruling Class says:

    Oh I say! He’s a jolly chum of mine! And this means we’re certainly going to have to renegotiate staying in the EUSSR! Wattage? Liebage!

    Like

  8. 16
    The Lawyers' Full Employment Committee says:

    Diamond app*earing before a Parliamentary Committee is not nearly sufficient to get to the bottom of the whole matter! We demand that there be a full-blown Inquiry set up to summon witnesses and take evidence, with a view to a full and thorough Report detailing the culture of corruption in the banking business! The British public deserve no less than this!

    Like

    • 24
      nellnewman says:

      militwit is issuing an almost identical statement on the hour of every hour in increasingly shrill tones.

      First and foremost of course his wife’s a lawyer so financially good for the militwit household accounts. But more importantly such a detailed and full Inquiry would take a long time to set up and an even longer time to complete not reporting until well after 2015, when with luck (from militwit’s point of view) there will be another labour government and the results can be duly buried.

      Like

      • 43
        UKIP.i.am says:

        A lot will depend on Diamond’s testimony tomorrow but also the Parliamentary Committee – if it ever gets off the ground. If that uncovers far more questions than it can deal with then a full independent, public Leveson-type enquiry should be conducted. The cost of these enquiries compared to the cost of the damage done to Britain’s reputation for doing business is minute.

        All the dirty washing needs to be seen to be done.

        Like

        • 50
          nellnewman says:

          Yes but since I firmly believe all roads in this scandal will lead back to gordon brown and his cohorts in no.10 -an Inquiry that drags its feet and doesn’t report until after 2015 would be a disaster.

          The corruption within the last labour government is at last beginning to ooze from beneath the ground and they must finally be exposed for the lying mafia that they were and denied any chance of forming a government ever again.

          Like

          • Durr... says:

            I was hoping that B£iar would be implicated but maybe the walls erected by Gordon as Chancellor will help B£liars defence.

            Like

    • 144
      Tiger Tiger says:

      Those who misused power should be ‘interrogated with power’, – tortured on the rack or similar implement. No more poncy time and money wasting ‘inquiries’. Make them confess and give up all their wealth, then brand them with red-hot irons and throw their broken bodies into the street to be kicked and trampled to death by the public.

      Like

      • 159
        Trahison des Clercs says:

        I pay a vast sum to the Water Board each year. Why do they not do to these cnuts what it says on the tin? Maybe we’ll hear some truths then.

        Like

  9. 19
    nellnewman says:

    Have just tweeted @edmiliband to ask what his view is on shr iek ysh riti’s policy doc written for gordon advising that the LIBOR Rate be reduced which sp e @ rheaded this crisis and which it is said was then widely distributed to ministers and bankers and BofE.

    I’m expecting a response along the lines of ‘sorry, I was only a minister of Her Majesty’s labour Government I never learnt to read’

    Like

  10. 20
    Jimbo says:

    Yes, it was only a question of time before Browns name was going to be mentioned I suppose.
    You have the controversy surrounding Barclays and no arrest made yet whilst Roger Hayes Chairman of the British Constitutional Party has I understand it been arrested by four Policemen using two cars taken from his home at 9.30.am tried and sentenced in a secret court and in Liverpool prison by 6.30pm. Why was he arrested, because he did not pay his council tax as he said some of it funded illegal wars in Iraq,Afghanistan,Syria and Libya, But we all know the real reason and that is because he has set up an Alternative Banking System. It does seem that this country know thrives on Lies,and Corruption but rest assured one day the people will correct this.

    Like

  11. 30
    Anonymous says:

    Grant Shapps : “This may have been a contributing factor in people losing their homes”.. really, artificially lowering rates caused people to lose their homes ? What planet does he live on ?

    Like

    • 70
      Once again for the dimwitted... says:

      Use your brain Dimbo. Offering lower rates encouraged ignorant/greedy folk to borrow even more money so that when rates went back up again they found themselves even deeper in the doodoo. So they got foreclosed on by greedy bankers and are now wandering the streets homeless. What’s not to understand?

      Like

      • 86
        Frederick says:

        Yes. All of those new mortgages approved in 2008-9 when no-one was lending to anyone.

        Thanks Bob and the rest of the banks for articificially lowering my mortgage payments.

        Like

      • 94
        Ex-Tory says:

        What rise in interest rates was that then? Don’t let the fact get in the way of your rant.

        Like

      • 96
        Anonymous says:

        right, so LIBOR was reported as +/- a few basis points wrong and that suckered in retail mortgage clients ? Rates since 2005 moved from 4.5 to 5.5% in late 2008 and have been on the FUCKING FLOOR since then. I suggest no-one has had their home reposessed as a function of misquoting LIBOR rates.

        Like

        • 116

          No knob head – INTER BANK RATES.

          Not rates to the plebs like us – rates the banks loan to each other, kept artificially low.

          More profit to the banks, as it doesn’t affect the retail rate – it means less in our pockets. Like voting in a LieBore government.

          Simplified enough for a socialist apologist.

          Like

          • Anonymous says:

            the point was that interbank rates reported lower that they were, does not force home repossession.. and that rates (interbank or otherwise) are lower now then ever not higher as the post above inferred.. I can assure you I am no labour apologist, can’t stand the mendacious bastards.

            Like

  12. 33
    Ed Multiband says:

    The electorate deserves a immediate public inquiry to get to the bottom of this problem.
    [Wanting no stone unturned, my honourable colleagues and I will insist upon a hanging judge to root out the criminals.]
    We suggest to start with examination under oath all of Burkleys 45 million customers, moving on to their bank employees, and those of all other british banks . Email records from all will be paramount in the investigation. After past and present day Tory ministers have given their confessions / statements, Labour ministers will fill in the gaps at the end.
    Remember . Children like Mollie Doyler may have had a children’s savings account at the time of this crime.
    Even Leverson agrees that this suggestion makes cents.

    Like

  13. 34
    nellnewman says:

    The news is that gordon has superglued his fingers to the playroom door in kirkcaldy and is refusing to come out.

    The truth about the black heart of corruption in the last labour government is finally being exposed to the light of day. Not just bankers who must be jailed but also mervynking, gordonbrown, edballs and shritivadera.

    Like

  14. 36
    Raving Loon says:

    Can we have an investigation into the Bank of England, and the practices of central banking. What about the Bank of England Nominees Ltd? Or perhaps I’m getting ahead of myself?

    Like

    • 66
      Sir Aston Martin says:

      Not at all.

      Murder will out. Sooner or later Brown will be held to account for his crimes: Brown and his henchmen, like King, who let him get away with it for so long.

      Like

    • 75
      man in the street says:

      Asking questions like that will certainly see you getting beheaded all by yourself! Don’t go near the Tower..

      Like

  15. 39
    MajorFrustration says:

    LIBOR fixing also effects savers. Rip off UK – politicians,banks,MSM Police and yet the only organisation that we can trust – the Armed Forces – are facing cuts. Lets cut 20% of all nurses.

    Like

  16. 40
    tottenham chutzpah says:

    so Diamonds ain’t forever?

    Like

  17. 41
    sproggingforbenefits says:

    Vadera was the woman that had an anger management problem. Now we can see why . .

    Like

  18. 46
    Well it's a thought says:

    Seems strange we end up with a banking crisis and the EUSSR is ” reorganising ” it’s banking systems for the brave new world at the same time, could it be! nah perish the thought.

    Like

  19. 49
    I don't need no doctor says:

    Labour are running scared in wanting a full judicial inquiry. Why because the inquiry initiated by the coalition will answer very soon, but labour’s inquiry would not be published until after the next election.
    Now labour are implicated in the libor fiddle, and if it comes out that Brown and Balls were involved it’s going to damage labour considerably. No wonder labour want a long winded inquiry.

    Like

    • 56
      nellnewman says:

      Exactly. And it must be denied. The whole steaming pile of corruption has to be turned over really quickly and all the slugs revealed. labour,gordon and edballs will be right in there with the bankers.

      Like

      • 87
        Disliker of Bankers says:

        I still reckon a Judicial Inquiry is better than a political one.

        Like

        • 89
          Joss Taskin says:

          How many Inquiries were there on Liebour’s Iraq War ?

          P.S. Have they found T.B£iar’s WMD ?

          Like

          • I don't need no doctor says:

            Whatever happened to Chilcot?

            Like

          • Steve Lloyd. says:

            The thing that bothers me is that now Cameron has Labour on the floor, does he have the courage to crush it’s windpipe, i’m not so sure he has.

            Like

      • 153
        Big Momma says:

        At the same time the odious BBC must be attacked for supporting the Liebour Party through thick and very thick ad nauseum

        Like

  20. 53
    The Sleeper says:

    Has Osborne smelt blood finally?

    From Pravda…”The chancellor also said that, as Labour had been in power when the interest rates-fixing had gone on, its former ministers would be “the most afraid”, adding: “No-one more than me would like to see [shadow chancellor] Ed Balls in the dock.”

    Like

  21. 57
    Anonymous says:

    Looks like Rachel Reeves had some interest in understanding how the BOE communicates with the financial markets. Perhaps she has something to contribute to this debate:

    http://www.bankofengland.co.uk/publications/Documents/externalmpcpapers/extmpcpaper0015.pdf

    Like

  22. 60
    BordererinEngland says:

    It looks like the truth may well be emerging…….will Diamond Geezer have the balls to “light the blue touch paper”?

    Please,please Bob…..put an end to Brown and his henchmen/women once and for all!

    Never mind Eds……I’ll read your books…might even be prepared to buy one myself!

    Like

  23. 61
    Evil Eyes says:

    New Libor, New Danger

    Like

  24. 64
    Fog says:

    I don’t believe the (complicit) UK media will do their duty. They will continue to turn the banking scandals into a blame-the-tories-fest, and justification for anti-capitalism and proof UK needs to continue along the socialist, marxist, stasi, corrupt state we’re already half way to becoming.

    Like

  25. 67
    Tony Blair & Gordon Brown says:

    Financial scandals every week. Our golden legacy!

    Like

  26. 69
    Paris Claims says:

    What the ****??!!

    At 09:30 this morning 2 police cars and 4 policemen from Merseyside Police arrested British Constitution Group Chairman Roger Hayes at his Wirral home and drove away. The first his family heard of him was at 18:30 this evening via a telephone call from a Warder in Liverpool prison, to say that Roger had been tried and sentenced to prison. At no time were the family or any other members of the public informed of his arrest, and it is understood that he was tried in a secret court without a Jury.

    Source

    We have all heard of summary justice – and while details have yet to emerge – it is incredible that in what is supposed to be a democracy someone can be arrested at 09;30 and by 18;30 the same day be imprisoned (sentence unknown at this time). It is understood that such an example of summary justice can be witnessed somewhere like North Korea – but in England?

    Is this the nadir to which our country has sunk?

    Original Article at Witterings from Witney http://witteringsfromwitney.com/what-the/#comment-1239

    Like

  27. 71
    Steve Miliband says:

    LABOUR – LIEBOUR – LIBOR

    Like

  28. 73
    Johnny says says:

    Two things:

    1. Bob Diamond might not yet make it to the committee to squeal like a pig.

    2. “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.”

    Libor is not the reality of anything. It is an opinion (honest or otherwise) by the bank submitters as to the rate they think they would have to pay on the unsecured interbank lending market. They do not have to be borrowing at those rates. It is a measure of sentiment not reality.

    The timing of the LIBOR rises and falls would be interesting to try and match up against government guarantees and bail outs. Once taxpayers had been forced to back banks to the hilt it would cause a significant reduction in the risk of lending to banks. But if at that time the actual interbank lending market was frozen then the figures would be even more subjective than usual.

    Like

  29. 77
    Ed Balls - Shallow Chancer says:

    I have never heard of Shrieky Vadera.

    Like

  30. 80
    Anonymous says:

    Without any relation with the Fed? With the Bank of International Settlements? What about the relation with JP Morgan Chase, HSBC, Citigroup, Goldman Sachs and all the other banks so many times mentioned by GATA, als riggers of the gold market? http://bit.ly/MFvFBS

    Like

  31. 84
    Blair Rich Project says:

    Just shred anything incriminating – it’s easy.

    Like

  32. 88
    Well it's a thought says:

    The BBC is doing it’s usual quality unbiased reporting, throw the crap and keep throwing it onto Bob D and it will all stick and he will be blamed for everything, the Libor rate appears to be his fault, but no explanation why the goverment didn’t put in any controls, whitewash shares will be a good buy today.

    Like

  33. 92
    The Oddfellows says:

    we are all in this together

    Like

  34. 93
    Murdoch says:

    I think you may also hear from me at some point soon

    Like

  35. 95
    Perry says:

    I would feel so much better if I could make a joke out of this latest revelation – but I can’t – no one can. It is very, very, very serious ………… no wonder the Government doesn’t want a full inquiry. It touches all of the fundamentals.
    Integrity, decency and fairness. AND who is available to set the standard?

    Like

  36. 99
    BBC Non Compliance Dept says:

    Oh what a woderful day we are having.

    Our graphics team are drawing a new spider’s web. Cameron will be at the centre of it as the crisis moves closer to no 10. Norman Smith will describe how the PM is increasingly ‘entangled’ in this.

    Our 5 Live Leader, Nikita Campbell, has already informed listeners of the degreee to which Cameron sucked up to BANKERS and his culpabilty in calling for less regualtion. We are also taking steps to investigate the numbers of time Cameron had meetings with Diamond and travelled abroad with him. This must be completely embarrasing for both Cameron and Osborne (and we will ensure that it is).

    We will invite Labour contributors to hammer home the point that Cameron is running scared from an inquiry but Nicky had no need to probe them on Labour’s contribution as nothing happened between and 1997 and 2010 and if it did, the Great Leader would have acted in an exemplary manner. Over to Victoria Derbyshire now on her VD show.

    What a wonderful day. Must go…got to ring Owen Jones on the speed-dial.

    Like

    • 113
      Abdel from Tooting says:

      Exactly!

      It is just as Mr Milliband says: Mr Cameron is completely out of touch.

      when he calls for a Parliamentary Inquiry it simply will not be good enough even if you force the people to give evidence on oath.

      What we need know is a Judge led Inquiry with either a Jury or a few people selected at random to sit with the Judge as assessors.

      it makes sense.

      Like

      • 127
        Barristers for U (Essex St Branch) says:

        Yes. Agreed. A judge-led inquiry is highly appropriate.

        We have done some preparatory work and got quite few of the questions* ready. We’ve worked out an estimate of our charges and reckon we can can string this out until well after the next election (even if we don’t spend too much time with that nice Mr Brown and Mr Balls – 10 minutes each should suffice).

        *Suggested questions:

        Cameron / Osborne:

        – Why did you allow the last Government to get it wrong?
        – How many times have you met Diamond? Was Murdoch present?
        – How did you get Baclays to manipulate LIBOR?
        – How much are you worth?
        – Who do you bank with?
        – Do you have any shares in a Bank?
        – When you last ate a baby, what wine did you wash it down with?

        Brown / Balls

        – What was the devistating impact of the Tories and their powerful friends forcing you to not properly regulate the banks?
        – How did you feel when the Tories manipulated LIBOR
        – What do you think of Cameron and Osborne?
        – Please confirm that you didn’t attempt to influence LIBOR?
        – What did you have for supper last night?

        Miliband

        – How is Justine today?

        Like

  37. 101
    In Guido veritas says:

    Even if Britain wins things in the Olympics i can see things turning very very nasty very quickly in the country.

    I would suggest emigrating to Bulgaria if you can get all your money out of the Banking system.

    Like

  38. 103
    Anonymous says:

    Can someone explain how it was actually possible? I understand that if (say) 16 banks submitted rates then the highest four and lowest four are disregarded and the rest averaged. So unless collusion was widespread (and unless those colluding all wanted rates to move in the same direction) how could a Barclays trader have any confidence their requests would have any effect and their rates not be disregarded??

    Like

  39. 104
    tottenham chutzpah says:

    it’ll be Best Fib & Tucker at the select committee

    Like

  40. 106
    Brian Clough says:

    A 60 year old unemployed millionaire banker Banker is a very dangerous opponent

    Like

  41. 108
    andy.davids says:

    People keep saying that pensioners have been robbed by QE but many own their own homes and have done very well out of the increases in house prices as a consequence of low interest rates. Perhaps they can release some equity to make up any shortfall in interest income.

    The proposition that HMG should compensate for lost interest is balmy, should they then take it back when rates rise? Should they compensate when house prices reduce??

    We live in a free market and a democracy, like it or lump it.

    Like

    • 126
      Dimwits at 11 hundred says:

      Profits are only realised when houses are sold – if sellers can find buyers able to secure suitable loans/mortgages of course.

      Many pensioners bought their houses when interest rates were in double figures, thus paying over three times there original cashpprice. All the extra cash went to greedy bankers who merely had to remain seated comfortably while the cash rolled in.

      The word is “barmy” as in loony; not “balmy” which is used to describe a pleasant warm evening. Pensioners are not the only one with savings. Many younger people are also saving for their future, or eg children’s education/marriage etc etc. which are also being devalued daily by a combination of inflation and virtually non-existent interest on their capital.

      You really need to get your brain in gear before spouting your drivvle (deliberate typo).

      Like

  42. 109
    Quisling says:

    What will come out of all this is not the UK public no longer trusting Banks and Politicians, which is a given by many these days, but the opinion of the rest of the world no longer trusting the UK.

    I am expecting a run on the UK real soon

    Like

  43. 119
    Abdel from Tooting says:

    I just got back from my meeting with the Cooperative Bank and have signed all the papers to transfer everything from Barclays.

    The young lady who dealt with me could not have been nicer.

    She said it was a good job I had made my appointment last week because since Monday morning they have been flooded by phone calls from people wanting to get out of Barclays

    Like

    • 128
      BBC Non Compliance Dept says:

      Yes. I’m not surprised.

      Our Victoria has been running adverts for the Co-op Bank since last Thursday. This confirms that we are the pre-eminent force in ethical broadcasting.

      Like

      • 155
        Big Momma says:

        This morning BBC 4 gave interviews with very selected people to promote the Co-op Bank as being the natural beneficiary of the Barclay’s fiasco.
        But as with all BBC news it was only a half truth.
        How can a bank be ethical if it loans money to the Labour Party to pay for redundancy payments to its HQ staff?
        Perhaps the meaning of the word ethical has been changed by left wing public sector librarians?

        Like

  44. 120
    a welsh tom cat says:

    What I want to know is what exactly has all this to do with Baroness Warsi.

    Like

  45. 121
    (I've been renamed) DA-Notice says:

    I thought we were up to £325 billion QE now as of a few months ago when another £50b was announced.

    Like

  46. 123

    Agree completely with your assessment, Guido.

    Considering Brown used to talk about his values, he managed to destroy any criterion of value that could have possibly existed.

    He may protest you saying that he is bonkers. But if he is not bonkers then he is evil.

    Like

    • 129
      Quisling says:

      I suspect that it is morals he is lacking.
      Getting to the top (and staying there) was his sole purpose. He certainly was single minded

      Like

  47. 131
    Brian "The Chill" Leveson says:

    Forget Diamond and Tucker. It’s time to draw the curtain back and expose Mervyn “Wizard of Oz” King and drag him into the limelight by the scruff of his scrawny neck.

    Like

  48. 132
    annette curton says:

    The preposterous spectacle of Balls… ex economic advisor to Gordon Brown and Chairman of HM Treasury’s Council of Economic Advisers, nodding his head sagely in the HOC as ED got on his high horse about Barclays wasn’t lost on me at least.

    Like

  49. 134
    Wally says:

    Where’s Ed Balls?

    Like

  50. 138
    Anonymous says:

    If LIBOR rates are being manipulated downwards then please explain how this is bad…for lenders of course. Savers will have taken a hit but the economic
    benefits of low interest rates are much greater

    Like

    • 149
      Tiger Tiger says:

      Without saving there will be no capital to invest. Govt handouts from borrowing just depreciate the value of money and further impair the ability to save and invest. Great for the parasite classes.

      Like

  51. 156
    David B says:

    So Diamond has been forced out to save the skins of the politicians and not for the first time in this crises.

    What is interesting is why is Ed M calling for a public enquiry. If this hits the fan it could cover a lot of his shadow cabnit

    Like

  52. 158
    KenDodd'sDad'sDog'sDead says:

    He end up in jail

    However, it was apparent VERY early on that media stories were being planted saying that no criminal offences were possible against anyone involved in this LIBOR scandal. And the media outlets parrotted the crap to the nation.

    I image that the government, the Bank of England, the FSA and others are balls deep in this and so do not want criminal prosecutions. It seems the nature of the offence being so widespread and so large may protect them as to prosecute everyone complicit would leave no space in our jails.

    However, the FBI may have the last say and Bob might end up doing serious time. Fingers crossed he manages to take a shitload down with him.

    Like

  53. 161
    keredybretsa says:

    There will be so many ********GATES that one scandle will follow the next through the various committees of enquiry. Of course one wonders how many gates will be revealed when Diamondgate starts his Banker speak.

    Like

  54. 162
    Anonymous says:

    It may already have been pointed out but LIBOR = London Interbank Offered Rate. Saying LIBOR rate is saying London Interbank Offered Rate rate.

    Like

  55. 163
    Anonymous says:

    Finally, some one writes a story that actually gets it.
    For years the banks have been doing what the government wants to help keep their debt repayment and BOE interes rates on the floor.
    A bit of a hint of newspaper finding some evidence of underhand behaviour and the Government is quick to roll out its now tried and tested scapegoating and smearing approach to avoid anyone looking at the actual problem. Which for the hard of hearing is no 10.

    I hope Bob Diamond takes them to the cleaners, and if he kept evidence then its going to be really difficult for no 10 to actually deny it.

    ALthough I could easily see some poor SPAD rolled out as the vixim to appease the press if push comes to shove

    Like


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