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    Bank of England accused of Libor rigging.

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    papa_umau
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    Bank of England accused of Libor rigging.

    Post by papa_umau on Mon 10 Apr 2017, 11:15 am

    Bank of England implicated in Libor rigging.

    A secret recording that implicates the Bank of England in Libor rigging has been uncovered by BBC Panorama.

    The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down.

    Libor is the rate at which banks lend to each other, setting a benchmark for mortgages and loans for ordinary customers.

    Read more from The BBC about this HERE




    Many of you will remember the big stooshie just a couple of years ago when the Libor scandal first hit the news headlines. Find out more about this from Wikipedia HERE

    As I remember it, many of the international banks were heavily fined for trying to influence the Libor rate, but The Bank of England was not one of those banks at the time.

    Now we are seeing that our own Bank of England was also at this fiddle.

    I don't know about you guys but I am totally shocked by this revelation.


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    Hell's Granny
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    Re: Bank of England accused of Libor rigging.

    Post by Hell's Granny on Mon 10 Apr 2017, 1:11 pm

    BOE has always been influential in setting Interest rates. I think this is a red herring as it was only when Barclays started rigging the rates that the law was changed.
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    papa_umau
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    Re: Bank of England accused of Libor rigging.

    Post by papa_umau on Tue 11 Apr 2017, 11:16 am

    Yes it was Barclays that started up this Libor rates fiddle a few years ago, but up until now the Bank of England was not involved in Libor rates rigging.

    ( The Libor rates are the rates that each of the banks charge to lend to each other ).

    Of course this does eventually effect the rates that come down to us on the street and that is why they were all fined so heavily at the time.

    Normally, the Bank of England does set the base rate in Britain but has nothing to do with fiddling the Libor rate.

    NOW... as seen in the Panorama programme an intercepted communication between a BOE officer and another bank was said to be organising the rigging of this rate.

    Quite a scandal !

    HERE is one of the news items that refers to this particular fiddle between the BOE and Barclays.


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    zathrus
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    Re: Bank of England accused of Libor rigging.

    Post by zathrus on Thu 13 Apr 2017, 12:16 pm

    They, The BOE were probably up to their eyeballs in this scandal the last time it was discovered. It just seems that the BOE are too powerful to get caught doing this.

    Now they have, and it pleases me to no end that they have.
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    Re: Bank of England accused of Libor rigging.

    Post by papa_umau on Fri 14 Apr 2017, 11:29 am

    Yes, me too Zathrus.

    The old saying is that "the bigger they are the harder they fall", and I hope this applies to the Bank of England.


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    Gandhi
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    Re: Bank of England accused of Libor rigging.

    Post by Gandhi on Fri 14 Apr 2017, 6:51 pm

    You should listen to Hells Granny guys - the BoE is a non commercial organisation charged with looking after the banking system. They SET interest rates so how can they be manipulating it?
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    papa_umau
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    Re: Bank of England accused of Libor rigging.

    Post by papa_umau on Sat 15 Apr 2017, 11:23 am

    Sorry Gandhi, but you are mixing your arguments there.

    The Bank of England is empowered by the government to set the bank base rate, but it has no right to try to manipulate the Libor rate.

    Of course the rest of the banks base their lending rates to us on the bank base rate, but it is not these rates that are causing the problems..

    The LIBOR rates are the rates that the banks use to lend to each other and although this can certainly effect the ordinary lending rates for us, to an extent, it is still illegal to try to manipulate the Libor rates.

    It is only recently that a Bank of England trader has been caught trying to do this.

    THAT is the point of this thread.


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    Angie baby
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    Re: Bank of England accused of Libor rigging.

    Post by Angie baby on Sat 15 Apr 2017, 11:38 am

    Thanks for the explanation Papa.

    Mind you I think that this telephone conversation goes back to 2008, and if it does, that was the time that Barclays and the rest of them were getting done for this.

    So, it is nothing new and this just goes to prove that the central bank, ( The Bank of England ), was taking part in the Libor rigging at that time.

    More to come I think.

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    Gandhi
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    Re: Bank of England accused of Libor rigging.

    Post by Gandhi on Sat 15 Apr 2017, 1:51 pm

    Sorry but you still haven't convinced me. It does not 'trade' so how a 'trader' can be 'caught' has more to do with your loony left thinking than reality. It may affect the markets by selling liquidity but as HG said - that is its job.

    G
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    papa_umau
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    Re: Bank of England accused of Libor rigging.

    Post by papa_umau on Sun 16 Apr 2017, 12:13 pm

    They still got done and there is no reason, now that the fraud squad know about the Bank of England input to these illegal offences, why that guy and the bank should not now get fined too.

    Find the Libor rates explained HERE

    And THIS is how these rates were illegally rigged in 2008.


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