DaveO wrote:This is the interesting bit from the BBC article.
"It emerged over the weekend that Mr Diamond spoke to the deputy governor of the Bank of England Andrew Tucker about Barclays' Libor submissions at the height of the credit crunch in 2008.
Wasn't the alleged rigging going on for several years before that though?
At the height of the crunch anything is possible. If you recall the South American debt crisis governments told banks and auditors not to write down bad loans but to reschedule them. That's because all the world's big banks couldn't have taken the losses as they were so big.
Joined: Feb 17 2002 Posts: 28357 Location: MACS0647-JD
Well, on the Beeb I just read this re Crazy Diamond's forthcoming Treasury Committee gig:
Quote:He is expected to be questioned about a conversation he had with the deputy governor of the Bank of England, Paul Tucker, about Barclays' Libor submissions at the height of the credit crunch in 2008.
Barclays' managers came to believe, after the conversation between Mr Diamond and Mr Tucker, that the Bank of England had sanctioned them to lie about what they were paying to borrow when providing data to the committees that set the Libor rate.
Barclays managers did not "allegedly" come to believe, they bluntly "came to believe". That the Bank of England had sanctioned them to lie
Who knew about this conversation? (Not an "alleged" conversation").
Who knew that he is going to be questioned about it?
Who knew what Barclays managers had been led to believe and how else could they have come to believe it, if not via the only link between them and Tucker, viz Mr. Diamond?
Gets better by the day.
Last edited by Ferocious Aardvark on stardate Jun 26, 3013 11:27 am, edited 48,562,867,458,300,023 times in total
Ferocious Aardvark wrote:Who knew what Barclays managers had been led to believe and how else could they have come to believe it, if not via the only link between them and Tucker, viz Mr. Diamond?
Gets better by the day.
Seems like Bob may think there is evidence / suspicion he is personally implicated and this is his "defence"? Otherwise, why imply he thought it was all OK?
Joined: May 25 2002 Posts: 37704 Location: Zummerzet, where the zoider apples grow
Ferocious Aardvark wrote: Who knew what Barclays managers had been led to believe and how else could they have come to believe it, if not via the only link between them and Tucker, viz Mr. Diamond?
Gets better by the day.
Barclays also appear to be suggesting that Tucker got the nod from Ed Balls.
Although quite what influence the Children's Minister, in the midst of the Baby P scandal, could exert is baffling
The older I get, the better I was
Advice is what we seek when we already know the answer - but wish we didn't
I'd rather have a full bottle in front of me than a full-frontal lobotomy ------------------------------------------------------------------------------------------------------------ kirkstaller wrote: "All DNA shows is that we have a common creator."
cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"
------------------------------------------------------------------------------------------------------------ "No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan
cod'ead wrote:Barclays also appear to be suggesting that Tucker got the nod from Ed Balls.
Although quite what influence the Children's Minister, in the midst of the Baby P scandal, could exert is baffling
Looking at the report on Barclays it seems it referred to rate rigging between January 2005 and July 2008. So, before the alleged conversation. So, no defence on that score. So, one wonders whether the report itself was rigged to avoid implicating politicians / senior civil servants? Let's hope the truth outs and all implicated bankers face the full force of the law, repay all previous earnings and maybe get extradited to the USA. Let's hope that if any politicians colluded or influenced the alleged rigging they too get extradited.
I just hope tomorrow is explosive (metaphorically).
Last edited by Dally on Tue Jul 03, 2012 9:49 pm, edited 1 time in total.
Joined: May 25 2002 Posts: 37704 Location: Zummerzet, where the zoider apples grow
Dally wrote: I just hope tomorrow is explosive (metaphorically).
4th of July, bound to be fireworks
The older I get, the better I was
Advice is what we seek when we already know the answer - but wish we didn't
I'd rather have a full bottle in front of me than a full-frontal lobotomy ------------------------------------------------------------------------------------------------------------ kirkstaller wrote: "All DNA shows is that we have a common creator."
cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"
------------------------------------------------------------------------------------------------------------ "No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan
Joined: May 25 2002 Posts: 37704 Location: Zummerzet, where the zoider apples grow
Thnking about the LIBOR enquiry again, who better to enquire into the dodgy dealings than those past-masters on lying, cheating and fiddling - our MPs?
The older I get, the better I was
Advice is what we seek when we already know the answer - but wish we didn't
I'd rather have a full bottle in front of me than a full-frontal lobotomy ------------------------------------------------------------------------------------------------------------ kirkstaller wrote: "All DNA shows is that we have a common creator."
cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"
------------------------------------------------------------------------------------------------------------ "No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan
Joined: Jun 19 2002 Posts: 14970 Location: Campaigning for a deep attacking line
It's a desperate defence, he's trying to implicate politicians and hope that they'll back off. Despite the hysterical and typically biased article in The Sun (the one posted in the NHS thread) and others, all that I can see is that someone from the BoE (which is independent) and someone from Whitehall asked Barclay's why they were at the top end of the LIBOR rates. How there is a leap from that to telling or sanctioning Barclays to artificially fix the rate is beyond me.
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