Siobhan Kennedy
The implication that bank traders rigged the market during the emergency money auctions designed to prop up the banks at the height of the financial crisis, is potentially the most shocking of all.
Siobhan Kennedy
First it was Libor. Now Britain’s biggest banks are poised to disclose massive fines for their role in the manipulation of the global foreign exchange market, or Forex.
The Trade Minister Lord (Stephen) Green was today refusing to answer questions about what he knew about the large-scale money laundering at HSBC exposed yesterday by the US Senate Investigations Committee in a damning report.
“There are very few barristers and QCs in the Commons with the experience of mounting a detailed and probing line of interrogation.”
Three Scots and no women will investigate the Barclays Libor scandal, writes Michael Crick.
Jon Snow
Alan and Margaret thought they were the only people in the world to fall for a financial product misold to them by a bank. It wasn’t until they met hundreds of other victims on-line that their lives began to recover hope. Jon Snow reports on the campaign against mis-selling in tonight’s Dispatches.
Today’s cache of Paul tucker emails released by the Bank of England puts the Libor scandal in a rather different context. The big picture here: the post-07 Libor “scandal” is the tree. The concerning financial health of Barclays Bank in October 2998 is the woods. The now Deputy Governor of the Bank of England is shown to be exchanging emails about Barclays’ financial position from a full week before the famous conversation that some have depicted as a Labour plot to illegally to manipulate Libor.
Treasury Select Committee chair Andrew Tyrie drops a bombshell, Faisal Islam at the hearing looks at revelations so far.
On a day when it’s pretty clear that the authorities asserted dominion over our banking system, I was invited atop the Canary Wharf tower that houses Barclays to speak to its now un-resigned executive chairman Marcus Agius. He is not prone to lengthy answers, but I think much of what he does and does not say is rather telling.
Gary Gibbon
The email from Bob Diamond to fellow Barclays bosses raises serious questions for the Bank of England’s Paul Tucker, seen by many as the heir apparent to Mervyn King. Gary Gibbon blogs about the latest development in the Libor scandal.
“The BBA professed to be “shocked” at the report into wrongdoing at Barclays today, but the long history of its involvement in this scandal makes that difficult to believe.”