I
wrote about this in 2013 and then again in 2014……yet there are new
developments.
March
2013: Lowballing http://stevesmithlive.blogspot.co.uk/2013/03/lowballing.html
March
2014: Lowballing Low Point http://stevesmithlive.blogspot.co.uk/2014/03/lowballing-low-point.html
Lowballing
was essentially another banking scandal involving banks fraudulently (shock!)
manipulating the interbank Libor lending rate for their own financial gain.
This wasn’t policed properly by the regulator, an opportunity was found by the
banks to make money illegally and (quelle surprise) money was made. To date, UK
banks have been fined more than £6 billion for the fraudulent manipulation and
custodial sentences have been applied to three bank officials.
3
years on and there is a further twist…… the Bank of England is now implicated.
Evidence
now exists that the Bank of England repeatedly pressured commercial banks
during the financial crisis to push their Libor rates down. Or to put that
another way, the Government agency put pressure on banks to artificially rig
Libor. And the Bank of England’s response…… “Libor and other global benchmarks
were not regulated in the UK or elsewhere during the period in question.”
I’m
sick of it all. Banks acting fraudulently for their own gain……encouraged /
pressurised by the Bank of England to do so……and all intertwined with the UK
Government.
Scarily,
it took a TV programme to unearth this as Government inquests have failed to
find this. What a mess.
The
banking sector, Bank of England and Government blame anything but themselves.
Take accountability for your actions. You can take all the credit in the world
for the things you do right as long as you also take responsibility for the
things you do wrong. It must be a balanced equation. You don’t get it one way and
not the other. You get to take credit when you also take accountability.
Time
for accountability please.
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