Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By Dr. Eric Edmond
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Libor scandal just got worse

Monday, July 2, 2012 12:53

% of readers think this story is Fact. Add your two cents.

The story that Bob Diamond allegedly got a nod and a wink from my old BoE boss Paul Tucker to carry on with Barclays Libor practice is very damaging as it drags the BoE into the mire. The Barclays phone calls may well all be recorded. Bad news for PT. Barclays chairman has fallen on his sword but not Diamond. Tucker has always wanted to be next BoE Governor but this cannot enhance his prospects in that direction.

That the FSA is now saying many banks were at this game does not surprise me at all. I described on Friday why I never trusted Libor rates so did not use them. Many people however had to use Libor or Libor based instruments not just in London but worldwide. Its a self inflicted disaster! It also takes the pressure off the Eurozone in London but not of course in Europe.

Reuters reports, “ ESM bond buying in secondary markets would require unanimity and that seems unlikely because Finland and the Netherlands are against it, the Finnish government said a report to a parliamentary committee.

The report gave no explanation for the apparent volte-face but EU diplomats noted that a Finnish proposal that Spain and Italy should issued covered bonds, backed by state assets or future revenues, to avoid Helsinki having to demand collateral for any bailout loans, failed to find agreement last week.

However Prime Minister Jyrki Katainen’s spokesman said the ESM stance had nothing to do with others blocking Finland’s proposal. Helsinki simply did not consider secondary market purchases an effective way to counter the crisis, he told Reuters”

So the latest Eurozone rescue is starting to unravel just like all the previous rescues. Surely sooner or later UKIP will capitalise on these serial failures.

Read more at Dr. Eric Edmond

Source:

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,604,097,415
Stories:	8,152,172