A Secret Recording Reveals That The Bank Of England Pressured Commercial Banks To Manipulate Interest Rates

Wiki

UK: The central bank (Bank of England) pressured commercial banks during the 2008 financial crisis to alter their settings for LIBOR (the London Interbank Offered Rate), which is the rate at which banks lend their reserves to each other. That has an impact on the cost of mortgages and loans for retail customers.  By manipulating LIBOR, bankers deliberately pushed up the cost of borrowing for ordinary people. –GEG

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 of where I think I can get money?”

Mr Dearlove: “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.”

The Barclays submitter, Peter Johnson, who is featured in the phone call was jailed in 2016 after pleading guilty to accepting requests to manipulate LIBOR.

Previous assurances from the Bank of England that they were not involved in LIBOR fixing have now come under question again.

It has long been rumoured that the LIBOR fixing went higher than the banks and individuals that were originally implicated.

In 2012, a 2008 telephone note came to light which recorded a phone call between Paul Tucker, executive at the Bank of England at the time and Barclays’ boss Bob Diamond.

The note refers to what is apparently LIBOR not needing to be ‘so high’ as instructed.

The telephone note was taken on the same day that the Panorama aired phone call between Johnson and Dearlove, took place.

Despite the published telephone note, Bob Diamond told the Treasury Select Committee in 2012 that he had only recently became aware of the manipulations.

Chickens coming home to roost

Last week there were also new revelations in a newly published book by David Enrich, ‘The Spider Network’ in which Tom Hayes of UBS tells Enrich “This goes much much higher than me and a lot of what I know…”

Tom Hayes’ bosses were happy to accept his LIBOR fixing in exchange for higher commissions until the CFTC investigation came along. They promptly threw him under a bus and he rightly ended up in prison. However there was little implication for seniors at UBS and of course, the Bank of England.

It is amazing how many times junior employees seem to take the rap by themselves – as if there has been no instruction or oversight from their managers. In the banking world, the lone ‘rogue trader’ is a very common little beast indeed.

Hayes has repeatedly claimed that the real culprits are not the executors of the rigging but those higher up the chain who had instructions to do so.

As a result very little was done at the BOE following the fallout to LIBOR. Some staff quietly left their jobs but there were no charges brought against BOE employees.

By manipulating LIBOR, bankers (and seemingly central bankers) pushed up the cost of borrowing for ordinary people. LIBOR was not regulated in either the UK, US or anywhere else. This appears to be an almost line of defence for the Bank of England who only have to provide information on a voluntary basis to the Serious Fraud Office, as part of a new investigation.

Read Full Article Here…

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

Classified Ads

The appearance of ads on this site does not signify endorsement by the publisher. We cannot vouch for accuracy of statements or integrity of advertisers. We will investigate complaints, however, and remove any message we find to be misleading or that promotes anything fraudulent or unethical.
For ad rates, click here.

Health


JWLABS – Building fine Rife frequency instruments in the USA since 1987.
We offer customer support and an exceptional warranty. Learn why all households and clinics should employ this device. Call us at 888-891-1122 to discuss the many benefits.   www.rifemachine.com



Health with space-age technology and Quantum physics. For people and all animals. No medication! Available world wide! Contact us at [email protected]. For principals and testimonials please visit our website. www.Healthytherapy.com



G. Edward Griffin’s blood pressure dropped to healthy levels and stayed there after using Cardio Miracle, a nitric-oxide booster containing a blend of ingredients that supports the body’s natural defense against heart disease, atherosclerosis, cancer, diabetes, Alzheimers, and more. If you are over 40, you really should check this out.



Learn Natural Medicine practice at home! There is NO Freedom without Health Freedom. There is NO Health Freedom without Informed, Voluntary Consent. There is no informed consent without education and understanding. American College of Natural Medicine, Thai Yoga Center provides you and your family with spiritually based natural health education. ThaiYogaCenter.Com or https://naic-edu.org

The Heavenly Handbook of Health. “WOW! U want FeedBack? So far I am floored. If I’ve learned anything about you since we met; this book has the potential to be a blockbuster.” Read 18pg Teaser @ HeavenlyHandbookofHealth.com Simple, incredible, affordable health – any age!


Income


Free Report: Three Major Shifts That Signal Risks to Your Investments Are Headed Higher. Including the one action every investor should take right now to protect their portfolio against significantly rising risks. http://BuyAndStoreGold.com/pl-geg/



Are you ready for financial freedom?
Visit:  www.MoneyThatsReal.com



Ultimate Wealth Building Guide reveals 5 steps to create your own banking system to achieve lifetime financial security, certainty, and peace of mind in 60 days. Discover how to build and grow lasting wealth safely and predictably, regardless of market and economic cycles. www.mywealthwarehouse.com


Make money on money you are already spending. Join the world’s largest shopping network. Eleven-year-old company in 46 countries. Info and free membership. www.freedombuildersinternational.com


Money & Banking


Lawful 100% income tax avoidance: a right recognized by IRS and Supreme Court. Request free report: [email protected] or find NoThanksIRS on FB/Twitter.


Need to Know


Anxiety Publishing – providing more satisfying novels to the conscious community, stories based in a real world, not the illusion of the establishment. Promote your precious novel with your fellow authors and help build a collection of future classics. anxietypub.com



Being informed is not enough. Knowledge, by itself, is not power, but it holds the potential for power if used as a guide for action. Truth can be overpowered by tyranny only if we fail to enter the battle. The future belongs, not to ideas, but to people who act on those ideas. If you truly want to make a difference in the world, Freedom Force International awaits you.


For Sale


Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)

 


Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments