The scandal over the manipulation of global interest rates
until now has mostly put bankers in the spotlight. But the focus on Monday will
turn to the regulators, both on what they did and what they did not do,
according to NYTimes’ Dealbook.
Paul Tucker, a deputy governor at the Bank of England, will
give evidence on whether senior government officials put pressure on Barclays
to lower its submissions to the London interbank offered rate, or Libor.
Barclays agreed in late June to pay some $450 million to settle accusations
from United States and British authorities that its traders and senior
executives had manipulated the rate, which underpins trillions of dollars of
corporate loans, home mortgages and derivatives around the world…..
Tucker’s testimony could put him at loggerheads with Robert
E. Diamond Jr., the former Barclays CEO, who told the same committee last week
that the Bank of England, as well as the Financial Services Authority of
Britain and the Federal Reserve Bank of New York, had repeatedly been informed
about the issue, but had not moved to stop it….
No comments:
Post a Comment