Tag Archives: Bank of England

Forbes – Shah Gilani – It’s Not Libor Stupid, Central Banks Are The Problem – 7 July 2012

( Lucas :  The blame game has started that makes it only interesting and gets us in the blaming more and more insights in those who have robbed us, deceived, enslaved us. The truth will come out whatever way. Soon the old will vanish from the screens and out of existence. We will see the new emerging.)

The Libor scandal is about to get a whole lot worse. And, that’s the good news.

Not only are at least twenty more big banks under investigation as part of a massive fraud to manipulate interbank lending rates that affect some $800 trillion in loans and derivatives, but the Bank of England is about to take center stage in the scandal. Continue reading

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Banking Regulators Drop Libor … Adopt New Standard – 5 July 2012

… New “Limor” Standard More Accurately Reflects Banking Practices

Given the loss of confidence in the big banks in the wake of revelations that they have been manipulating the world’s most important economic benchmark – Libor – regulators in the U.S. and UK have announced that they will abandon Libor and adopt a new standard. In the run up to the change in standards, Bank of England chief Mervyn King had called for a benchmark based on actual transaction prices. Continue reading

John Ward – Diamond Testimony : Slog Completely Vindicated By TSC Documents Placed In Evidence By Barclays – 4 July 2012

Whatever Diamond says this afternoon, all The Slog’s suspicions about Libor manipulation have proved entirely justified

Note these past Slogsposts:

September 8th 2010

‘Bob Diamond’s accession to the post of blue touch-paper igniter [CEO of Barclays Group] is a done deal. And another nail in the Coalition’s coffin….As long as they continue to be appeased, bankers will never learn to sniff the public mood…’ Continue reading

John Ward – LIBOR – BBC’s Preston Confirms Slog Central Bank Prediction – Diamond’s Select Committee Testimony To Be Crucial – 2 July 2012

How many beans will Motormouth spill?

Slog’s investment bank contacts call LIBOR ‘a joke’

Last Thursday, The Slog asserted as follows in relation to the LIBOR scam, under the sub-head ‘Is Bob Diamond being forced to apologise for something hatched way above his level?’: Continue reading

Mish/ Mike Shedlock – Casino Bar Shall Remain Open : ECB “On Standby” Promising Liquidity For Greek Election Fallout; Bank Of England Launches Two New Stimulus Packages – 15 June 2012

The message of the day is “damn the consequences, the casino bar shall remain open”, whatever it takes, no matter the consequences to taxpayers who will be responsible for the bar tab.

Bank of England Launches Two New Stimulus Packages

The BBC reports Bank shares jump on new business support plans Continue reading

John Ward – Euroblown : “To Hell With The Rules” Say Eurozone Members. Maybe Britain Should Be Saying The Same. Far Too Few Brits Are Aware Of Our EU Obligations – 21 May 2012

There is an inverse correlation between imminent poverty and the commitment to the Rule of Law. If ever you doubted that fact, then kop this from Poland’s finance minister Jacek Rostowski: he thinks the ECB should announce its intention to buy unlimited amounts of sovereign debt in the event of a Greek exit from EMU. As to whether this is against EU or ECB statutes, Rostowski describes the fundamental principle underpinning the role of central banking as “a moot point”. Continue reading