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macca13

Government rigging Libor

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Not a big surprise, I remember hearing a few years ago the theory that the bank of England turned a blind eye to interest rate rigging during the credit crunch.

It was very good for people who paid less on their mortgage.

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About the same time as they pulled out all the stops to prevent the housing market from crashing (SMI, QE, etc etc etc) - funny that.

I guess they knew that the money pushers had over cooked the goose and they where facing a melt down of their own making - all of which whilst they where being 'vigilant'.

 

 

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This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

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Problem is they have people doing jail time for Libor shenanigans.

Either its criminal or its not.

If youve jail Joe Trader from InVes Bank Corp then you have to jail anyone from the BoE.

 

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I thought everyone already understood that these things go right to the top - to the Prime Minister's desk, to the President's desk. The only way they are holding the system together is through control of all markets, under-cover money printing/bond purchases, weaponised banks etc etc.

There are no markets as such any more. It's all fake.

Edited by Errol

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42 minutes ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

Oversight? From the EU? After Greece? 

 

??????

 

Let me get my popcorn before you post again.......

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^ OP's bbc link and the tape that's apparently been kept secret until now.

Quote

 

In the recording, a senior Barclays manager, Mark Dearlove, instructs Libor submitter Peter Johnson, to lower his Libor rates.

He tells him: "The bottom line is you're going to absolutely hate this... but we've had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower."

Mr Johnson objects, saying that this would mean breaking the rules for setting Libor, which required him to put in rates based only on the cost of borrowing cash.

Mr Johnson says: "So I'll push them below a realistic level of where I think I can get money?"

His boss Mr Dearlove replies: "The fact of the matter is we've got the Bank of England, all sorts of people involved in the whole thing... I am as reluctant as you are... these guys have just turned around and said just do it."

Mr Dearlove declined to answer questions from BBC Panorama

 

 

So presumably that part of the case that called into question the BoE's culpability in it all should be re-opened as from memory the BoE (King and others) denied any involvement in it even though it was reported at the time that even some US officials had repeatedly officially raised the alarm.

Apart from the issue of their possible complicity in the crime and the fraud there's the issue of perjury.

Quote

 

https://www.thetrumpet.com/9631-bank-of-england-head-denies-wrongdoing-in-libor-scandal

 

The head of the Bank of England said on Tuesday that he found out about the liborscandal only two weeks ago, along with everyone else. The scandal involves manipulation of the London Interbank Offered Rate (libor), which averages interest rates submitted by banks under the supervision of the British Bankers Association. The libor is the benchmark for $800 trillion in financial instruments, and almost every fragment of debt that is issued to consumers around the world is connected to it.

Last month, Barclays admitted that it had colluded with JP Morgan Chase, Bank of America, Lloyd’s and 12 other big banks to manipulate the libor. The Bank of England, the Federal Reserve, and now U.S. Treasury Secretary Timothy Geithner have also been accused of aiding and abetting this illegal manipulation.

But Bank of England Governor Mervyn King has denied the allegations. Speaking to a House of Commons committee on Tuesday, he said the earliest he knew of the alleged wrongdoing was “when reports came out two weeks ago.”

“We had been through all our records,” he said, “there is no evidence of wrongdoing or reporting of wrongdoing by the bank ….”

Despite King’s claims, evidence is mounting that bodes poorly for him and dozens of other upper-echelon financial authorities. This developing landmark scandal could derail the British and American financial systems.

 

 

 

.

Quote

 

http://www.telegraph.co.uk/news/politics/9405840/Sir-Mervyn-King-Libor-fixing-bankers-committed-fraud.html

In a hearing with MPs, Sir Mervyn was under pressure to explain why he failed to stop the Libor scandal, even though US officials repeatedly raised the alarm.

 

From the recording just revealed by the bbc it seems that the government and the BoE could be liable for massive amounts of compensation.  Also what is the source of the recording - who made it.  Another question is why has it taken so long to publish the recording - nearly 9 years after the recording was made.  Withholding evidence is supposed to be a crime as well - obstruction of justice etc etc.

Edited by billybong

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34 minutes ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

That is the type of intelligent response from people who like the EU, which pushed people into voting leave.  I voted leave but if pro EU politicians had listened to complaints and the EU heard them then I might have voted remain.  Or there might not have even been a referendum in that hypothetical case.

(In my case the complaints were the problem of where to house EU immigrants, CFP and the lack of control of how the EU spends our money among others)

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1 hour ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

Please don't pollute other threads with this partisan drivel from the Brexit feud.

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1 hour ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

Oh, I thought we'd been told that we had complete Sovereignty and were free to do what we liked. Or was that just another Remoan  lie  promise.

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There was an article in a eurozone country about a big [top 10 europe] bank calculating the level at which it becomes cheaper to horde cash in a room and pay for guns to watch / transport it etc than pay a negative rate. That level was -0.4%. Euribor has now been unusually stable for months at -0.37%.

I can well imagine that BoE are aware of this and see some room to move rates lower but [what they are not telling us] there is a limit.

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4 hours ago, macca13 said:

Something or nothing?

Nothing.

It gives the illusion of hard-hitting investigative journalism while avoiding the myriad economic problems and causes the BBC should be reporting.  It's a nicely contained story which won't be of any interest to most people.

No-one of any significance will be hit, worst case scenario is a scapegoat acting without official authorisation will be found and dealt with quite severely.

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.

Quote

 

https://en.wikipedia.org/wiki/Libor_scandal

Minutes by the Bank of England similarly indicated that the bank and its deputy governor Paul Tucker were also aware as early as November 2007 of industry concerns that the Libor rate was being under-reported.[38][39] In one 2008 document, a Barclays employee told a New York Fed analyst, "We know that we're not posting an honest Libor, and yet we are doing it, because if we didn't do it, it draws unwanted attention on ourselves."

 

That's the minutes of the BoE.  Of course as usual MPs fell for the BoE's denial hook line and sinker,

 

Quote

https://www.thetrumpet.com/9631-bank-of-england-head-denies-wrongdoing-in-libor-scandal

July 17, 2012

The head of the Bank of England said on Tuesday that he found out about the libor scandal only two weeks ago, along with everyone else

.

 

Edited by billybong

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47 minutes ago, hotairmail said:

 

You don't think Brown's and Darlings mits aren't all over this like the cosey deal for lloyds to go ahead and take over Halifax? Brown wouldn't recognise the need for proper governance if it hit him in the face.

 

Indeed.  At that level I expect it was agreed by all.  

The MPs I was referring to were those in the Treasury Select Committee doing the "investigation".  

It;s just possible they were also briefed from above not to ask any difficult questions - though some would say lack of difficult questions is just as usual.

Edited by billybong

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10 minutes ago, hotairmail said:

 

You don't think Brown's and Darlings mits aren't all over this like the cosey deal for lloyds to go ahead and take over Halifax? Brown wouldn't recognise the need for proper governance if it hit him in the face.

 

Darlings? Reluctant, arm twister, maybe.

Brown? Yes. 100%

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2 hours ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

I've heard today from a project manager working in the City that banks are delaying the regulatory project in expectation of the relaxation of the rules after the Brexit.

Welcome to Big Bang II.

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3 hours ago, Futuroid said:

This must have been the EU's fault... right? 

Just imagine what crazy shit they are going to get up to with full, unadulterated sovereignty and no oversight! ;)

 

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1 hour ago, ebull said:

There was an article in a eurozone country about a big [top 10 europe] bank calculating the level at which it becomes cheaper to horde cash in a room and pay for guns to watch / transport it etc than pay a negative rate. That level was -0.4%. Euribor has now been unusually stable for months at -0.37%.

I can well imagine that BoE are aware of this and see some room to move rates lower but [what they are not telling us] there is a limit.

A depressing idea that banks even think like that.

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2 hours ago, ebull said:

There was an article in a eurozone country about a big [top 10 europe] bank calculating the level at which it becomes cheaper to horde cash in a room and pay for guns to watch / transport it etc than pay a negative rate. That level was -0.4%. Euribor has now been unusually stable for months at -0.37%.

I can well imagine that BoE are aware of this and see some room to move rates lower but [what they are not telling us] there is a limit.

They weren't doing that assessment on behalf of the vast number of the UK population who were reported to only have about £100 in savings though.

Edited by billybong

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