Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

UK Reader Anecdotes on the LIBOR Scandal

IMG Auteur
Published : April 16th, 2017
352 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

In response to Secret Recording Implicates Bank of England in Libor Rigging I received an email from a UK reader working closely with a financial institution during the crisis.

During 2008 I worked closely with a financial institution that was working with departments of the then Prime Minister, Gordon Brown, and his trusted sidekick, Shriti Vadera (now Dame Vadera). In casual conversation, I learned from various managers who had been close to that advice, that these two senior figures in the UK government had been making direct calls to senior figures at UK banks ‘requesting’ that they keep LIBOR down.

In light of the latest news, I find it entirely credible that the government and the Bank of England conspired to demand that UK banks provide lower LIBOR quotes in the “cause of the greater good”.

“This puts the question of how the authorities viewed the supposedly illegal manipulation of LIBOR in a completely different light”

Best regards,
UK Reader

Question of Proof

Just because people are discussing things is not proof those things happened.

Here is a possible explanation: The BoE was likely very concerned over LIBOR, so a BoE official called Barclays. Rumors then hit the fan that the BoE told Barclays to rig LIBOR.

Let’s go over the recording once again, as presented by the BBC.

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

“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.”

What we have is a clear case Mark Dearlove pressuring the trader to rig LIBOR. Dearlove could have made that up. Alternatively, Dearlove was stating the truth.

The recording is not proof of BOE involvement, but it is proof that a senior manager at Barclays pressured a trader using that message.

Thus either Dearlove, the BOE, or both are implicated in the scandal. Dearlove has a lot of explaining to do, but it will likely be swept under the rug.

Mike “Mish” Shedlock

Source : mishtalk.com
Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Guess What Happens In States Where Food Stamp Recipients Have To Work
25 JulJ.-2
@ Recusant, Your last sentence hints at the root problem - socialism has made (low wage) work illegal in this country. To provide a low p...
Supply Side Economics – 42 Years Later – Paul Craig Roberts
23 JulDoom-2
Lots and lots of things aren't in wikipedia, because they don't fit the Leftist narrative, and many entries have an extraordinarily biased presenta...
Meow
21 JulDoom0
>>For all his blunders and stumbles...<< To be fair, all presidents blunder and stumble like this. This is just the first in a long while ...
The Gold Industry is in a Deep State of Dysfunction, Delusion and D...
21 Julkevthorne1
Just hold on to it - you will win. A cautionary tale: I wish, back in the early 90's, when I took out a pension - it was "cast iron, copper...
The Gold Industry is in a Deep State of Dysfunction, Delusion and D...
20 JulDRGEORGE
Yep, hard to argue with any of that. But this poor, disillusioned, confused, swindled, isolated, powerless, 'smart'(HUH) precious metal owner has n...
This Feels Like the Action in 2008 Right Before the Collapse - Dave...
18 JulThe Recusant
Will we witness a battle-royale between the CBs and traders shortly?
Guess What Happens In States Where Food Stamp Recipients Have To Work
18 JulThe Recusant0
As a left-leaning independent, community service seems like a great idea as a prerequisite for food stamps for single childless recipients. But, as...
Watch: Trump Was Hammering CNN In 1990 For Fake News: “When People ...
18 JulThe Recusant
Yes, there is sensationalism in today's news media. On a sliding scale, however, the news media is far more honest than ANYTHING the Trump administ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS