Friday, 29 June 2012

LIBOR goes nuclear

Early days, but there are now suggestions that LIBOR manipulation was orchestrated straight out of Number 10 - by the Brown administration which was desperate around 2008/2009 to get the money market interest rates down.

If governments were actually involved (and the tapes and emails will not have been deleted; nobody discards material that good) then the whole thing moves to another level entirely. Ironically it might give the banks a get-out-of-jail-free card, but it would make phone-hacking, Leveson etc look like small change. Ministers could be doing time before this is over.

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