"The blunt warning came just hours after Sir Mervyn King, the Governor of the Bank of England, invited the heads of the world's central banks to a dinner in September to discuss reforming Libor.
More than a dozen of the world's biggest banks are under investigation for allegedly trying to manipulate Libor, an interest rate that is used as the basis for more than 200trillion pounds in loans.
US authorities last week released a slew of documents showing that in the spring of 2008 they had pushed the Bank of England to reform the rate after hearing from traders in New York that banks were deliberately understating the daily Libor submmissions they make. In May 2008, Mr Geithner, then head of the New York Fed, emailed Sir Mervyn with a series of recommendations to reform how the rate was calculated. "
US Treasury Secretary Tim Geithner warns Libor reform won't be left 'to the British' - Telegraph
You just can't make it up - the supposed central banker of England invites pals to a dinner to discuss how to deal with LIBOR fixing, WTF?!?!
And now it turns out Sir Merv was warned in the past, yet he did exactly fook all - it almost seems that his main job is to approve crazy reports about low inflation, vote to keep rates the way Govt of the day wants and also agree to print money.
More than a dozen of the world's biggest banks are under investigation for allegedly trying to manipulate Libor, an interest rate that is used as the basis for more than 200trillion pounds in loans.
US authorities last week released a slew of documents showing that in the spring of 2008 they had pushed the Bank of England to reform the rate after hearing from traders in New York that banks were deliberately understating the daily Libor submmissions they make. In May 2008, Mr Geithner, then head of the New York Fed, emailed Sir Mervyn with a series of recommendations to reform how the rate was calculated. "
US Treasury Secretary Tim Geithner warns Libor reform won't be left 'to the British' - Telegraph
You just can't make it up - the supposed central banker of England invites pals to a dinner to discuss how to deal with LIBOR fixing, WTF?!?!
And now it turns out Sir Merv was warned in the past, yet he did exactly fook all - it almost seems that his main job is to approve crazy reports about low inflation, vote to keep rates the way Govt of the day wants and also agree to print money.
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