via: SilverDoctors
July 1, 2012
The BBC this morning has published details from a 2008 meeting with the Bank of England’s Paul Tucker with Barclays Bob Diamond in which the BOE allegedly advised Barclays’ submitters to provide data to the British Banker’s Association LIBOR setting committee’s that the bank was paying lower borrowing rates than was actually the case.
Tyler Durden is already all over the report, pointing out that JP Morgan and Bank of America at the time were reporting borrowing rates far below even nationalized competitors (which intuitively should have had lower borrowing costs than still private banks such as The Morgue).
With market rumors that a US bank will be dragged into the LIBOR scandal, Zerohedge predicts IF the SEC actually decides to hand down a wrist slap to a US bank over LIBOR manipulation (more like outright fraud), it will be either Bank of America or JP Morgan as the most egregious offenders.
From Zerohedge:
We already know that Barclays has been exposed to be manipulating Libor on an epic scale. And even with all this, it still could manage to only be in the third best quartile? If they were manipulating their Libor submissions they sure sucked at it. Which of course is why even the BOE got involved.
However, it begs the question: what about the Libor submissions of the three then “healthiest” banks: Bank of America, JP Morgan and Deutsche Bank. If Barclays was manipulating and gaming Lie-bor, only to fall even below the median submission, does this mean that these three banks were all furiously coming up with totally meaningless numbers? And how long until the SEC comes up with a US scapegoat bank to mimic the FSA’s bold action on Barclays?
If, and this is a big if, the SEC does for once do something proactive in its illustrious career of corrupt, incompetent complacency and co-option, not to mention pornoholic hypnosis, the next and final question becomes: will it be Bank of America, or JP Morgan… and just how will the market react to the knowledge that two of the world’s biggest non-nationalized banks participated in what as many have been warning for years, the biggest market manipulation fraud in history.
Continue Reading At: SilverDoctors.com
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Bank Of America, Bank of England, Banking, Barclays, BBC, Bob Diamond, BOE, Economy, Finance, JP Morgan, Libor, LIEBORGATE, Manipulation, SEC, Silver Doctors, The Morgue, Zero Hedge
This entry was posted on July 1, 2012, 7:55 pm and is filed under Economy, Finance, News. You can follow any responses to this entry through RSS 2.0.
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