The Barclays plot thickens……
Paul Tucker, the deputy to Marvellous (not) Mervyn King, has got himself in a right old mess when giving evidence to the Treasury Select Committee investigating the Barclays scandal. He is essentially the second most powerful economist / civil servant in the UK but he was called to question for a suggestion that he instructed Barclays to fiddle interest rates.
So, his response to the killer question……
“I did not put pressure on Barclays to rig interest rates but told the bank to be more adept in the way it was borrowing, or risk having to be nationalised”.
That’s a bit like asking someone to go to the supermarket with no money and telling them to be creative with how they acquire the goods.
Paul Tucker is currently the favourite to succeed Mervyn King when he comes to the end of his second 4 year spell shortly. Is this really the kind of person we want to control our economy? Probably not, but the shadiness suggests he will fit in nicely.
Crazy……
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