Barclays Nukes The Bank Of England, And Accuses It Of Being [NotSoBreaking] - MarketTicker Forums


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User Info	Barclays Nukes The Bank Of England, And Accuses It Of Being in forum [NotSoBreaking]
Passivesf Posts: 5495 Incept: 2008-02-01	Diamond will be at a government hearing tomorrow, and in preparation for that, Barclays has submitted a stunning letter to the government, basically accusing the Bank of England of being the real conspirator behind the interest rate manipulation scheme. More specifically, the bank says that its CEO Bob Diamond had a conversation with BoE deputy governor Paul Tucker, wherein Tucker inquired why Barclays was submitting rates so high compared to other banks. This conversation was relayed to one of Diamond's lieutenants Jerry del Missier, who apparently concluded that Barclays was being pressured by the BoE to lower their number. There are two big implications that are interesting: One is the obvious accusation that the BoE pressured it to lower its stated borrowing rate. The other the implication that EVERY other bank was doing the same thing, since the gist of the call between Diamond and Tucker was that Barclays needed to get into line with the other banks. Here's the section of the letter. You can download it here. Read more: http://www.businessinsider.com/barclays-.... ---------- "Banking institutions are more dangerous to our liberties than standing armies. The issuing power of currency should be taken from central banks and restored to the people, to whom it properly belongs" 2012-07-03 11:52:17 Permalink
Islandman Posts: 147 Incept: 2007-08-17 Gibraltar	Pretty damning file note made by Diamond of the conversation he had with Tucker. In the UK, a "suggestion" made by the BOE is akin to an order to manipulate their rates. ---------- "I never buy at the bottom and I always sell too soon." Nathan Rothschild's reply when asked the secret of his success. 2012-07-03 12:14:22 Permalink
Aaron Posts: 1090 Incept: 2007-11-27 Los Angeles	How big are the implications of this? If (when) it's found that the Fed is directly involved, does that cause a loss of confidence in the system or a ho-hum? ---------- Now with 32-percent more trash-talk. 2012-07-04 00:54:33 Permalink
Expy Posts: 14672 Incept: 2007-09-05 Start the Demonization -Libtards!	Corruption is everywhere and insufficient resources to impede it. We're screwed. Saw this coming as early as 1996. ---------- "IT'S THE INCOME/CASHFLOW SILLY"! {c expy } Where will incomes, wages, and profits/revenues come from to recover the economy after the spiral down? Certainly not the "New Service Economy". W/out massive new debt creation, [unlikely], and useful productivity, the public and business are probably screwed by a 2012-07-04 01:15:51 Permalink
Islandman Posts: 147 Incept: 2007-08-17 Gibraltar	Aaron, I'm not sure how far this will reach. I suspect that if Tucker is forced to "sing", a lot of political figures in the UK might be in trouble. Of course, he may well simply deny or make the usual "I cannot remember" statement in order to safeguard his pension. Apparently Diamond rarely made file notes, so he was well aware of the implications of the telephone call with Tucker. ---------- "I never buy at the bottom and I always sell too soon." Nathan Rothschild's reply when asked the secret of his success. 2012-07-04 01:53:05 Permalink
Bailout-funder Posts: 1019 Incept: 2008-10-17 SF Bay Area, CA	This reminds me a lot of BofA's Ken Lay going against the fed...newsflash: he lost and the story faded into the ether. Guess what: ain't gonna happen in the UK, either. Proper solution is this: http://en.wikipedia.org/wiki/Hanged,_dra.... Likely "solution" is this: http://en.wikipedia.org/wiki/Bellis_pere.... ---------- "As we have now seen, one little lie, repeated often enough, becomes one gigantic mess." "Someone clearly got the best government money can buy, but it certainly wasn�t us." --Karl Denninger 2012-07-04 02:06:53 Permalink
Andysvw Posts: 1752 Incept: 2010-06-26 Tujunga Ca	Wow an easy button for ripping off every man woman and child. So of course they just leaned on it. Taking the cops pensions. 2012-07-04 02:44:24 Permalink
Stonedog Posts: 2080 Incept: 2008-05-29 New Jersey	BARCLAYS SAYS HAS RECORDING OF DIAMOND, TUCKER CALL, SKY SAYS From Zerohedge - http://www.zerohedge.com/news/live-webca.... ---------- "I would characterize my professional disdain as more of a professional contempt for their [Central Banker, Banker and politician] economic and financial policies, priorities, presumptions and prescriptions." - Lauren Lyster on Capital Account for Friday June 16, 2012 "All the stimulus, the bailouts, the quantit Last modified: 2012-07-04 09:36:12 by stonedog Reason: add link 2012-07-04 09:35:51 Permalink*