- Bank of England implicated in LIBOR scandal by BBC
- “We’ve had some very serious pressure from the UK government and the Bank of England about pushing our Libors lower.”
- “This goes much much higher than me” -UBS’ Tom Hayes
- Libor distraction as all markets are manipulated today
- Central bank’s “rigging” bond markets and likely gold
- Risks of bank ‘holidays’, capital controls and of course bail-ins remains
The LIBOR scandal reemerged yesterday as the BBC’s Panorama uncovered a secret recording implicating the Bank of England in the interest rate manipulation saga.
According to the BBC the central bank pressured commercial banks during the 2008 financial crisis to lower their settings for LIBOR.
In a telephone recording, aired last night in the UK, a senior Barclays manager, Mark Dearlove, can be heard instructing Libor submitter Peter Johnson, to lower his rates.
Mr Johnson: “So I’ll push them below a realistic level…
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