• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...
  • Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

BoE's Tucker Preparing To Self-Immolate... And Take Others Down

Tyler Durden's picture


Paul Tucker, the Bank of England executive at the center of the Barclays/Diamond trigger-conversation, has issued a statement requesting a Treasury hearing to show his "keenness to clarify the position with regard to the events" of that hanging chad of a phone-call. What is most troublesome (for every major banker and politician) is his apparent willingness to take more down with him. As the M.A.D. escalates, MNI reports that minutes from 2007 show Tucker (who was/is in line as we noted yesterday for the top-job once King leaves next year) was fully aware from the early days of the financial crisis that market participants believed Libor was rigged. The Group’s November 2007 minutes, from a Tucker-chaired meeting, state “Several group members thought that Libor fixings had been lower than actual traded interbank rates through the period of stress.” The minutes show that not only was the issue raised back in November 2007 but that the BOE went to great lengths as the crisis deepened the following year to keep its finger on the money markets’ pulse. It seems that instead of mounting the 'plead-da-fif' defense Tucker is coming all-guns-blazing and is willing to drag more names into this miasma as a suicide-bomb of a hearing where the truth is realized could well bring every high ranking banking official to admit the continued unreality of Libor rates.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 07/04/2012 - 08:32 | 2586325 Irelevant
Irelevant's picture

This is such a bad movie, it`s all smoke and mirrors.

Wed, 07/04/2012 - 08:48 | 2586370 Colombian Gringo
Colombian Gringo's picture

My advice would be to round up the high class hookers in the City of London and then interriogate them. You will learn more about dirty finance than from 20 government enquirys.

Wed, 07/04/2012 - 09:01 | 2586398 Floordawg
Floordawg's picture

Especially the transvestite ones

Wed, 07/04/2012 - 09:23 | 2586450 bonderøven-farm ass
bonderøven-farm ass's picture

Rook a few of the PTB, walk away clean, and write a best-seller about the corruption ten years after the fact.....

Wed, 07/04/2012 - 12:28 | 2586933 CPL
CPL's picture

The Ollie North position.  Be the scandal, then write about the scandal and get paid 10k for guest meetings.

Wed, 07/04/2012 - 09:08 | 2586407 WilliamD
WilliamD's picture

Yeah right, just round em up and "interrogate" them. That'll get you lots of good intel for sure. Why not just ask them respectfully? They probably hate the bankers as much as anyone.

Wed, 07/04/2012 - 09:21 | 2586440 thatthingcanfly
thatthingcanfly's picture

We could send Anderson Cooper to 'interrogate the suspect.'

Wed, 07/04/2012 - 10:48 | 2586657 old naughty
old naughty's picture

Only b-cos there's no 'plead-the-fif' in UK? Da.

Let's change the movie. Dvd.

Wed, 07/04/2012 - 11:05 | 2586717 Rasna
Rasna's picture

"high class" and hooker in the same sentence is an oxymoron... Although the interviews would still be interesting.

Wed, 07/04/2012 - 13:26 | 2587089 GoinFawr
GoinFawr's picture

"high class" and "expensive" are synonymous to most 'Gringos',  regardless of the object being qualified... conditioning works.

Wed, 07/04/2012 - 09:50 | 2586393 torak
torak's picture

Nothing will happen.  This is just another puppet show to entertain the muppets.

Wed, 07/04/2012 - 09:40 | 2586474 jez
jez's picture

This is such a bad movie, it`s all smoke and mirrors.


If only I could believe it -- a room full of bankers and central bankers all stabbing each other in the back.

Wed, 07/04/2012 - 08:32 | 2586326 Gringo Viejo
Gringo Viejo's picture

If you'll allow me to borrow the McDonalds trite ad:


Wed, 07/04/2012 - 08:33 | 2586330 Aziz
Aziz's picture


Wed, 07/04/2012 - 11:02 | 2586706 StychoKiller
StychoKiller's picture

Send in Leroy Jenkins!!

Wed, 07/04/2012 - 08:35 | 2586331 SilverDoctors
SilverDoctors's picture

EPIC! Free fireworks in the UK to celebrate our independence!

Seems its all going down... Turd Ferguson states that the other bullion bank cartel members have all just turned on JP Morgan.


How long until Blythe says 'The Bernank made me do it'!?!?!

Wed, 07/04/2012 - 08:56 | 2586386 EL INDIO
EL INDIO's picture

"...celebrate our independence!..."


What independance ?

Wed, 07/04/2012 - 09:17 | 2586430 bonderøven-farm ass
bonderøven-farm ass's picture


Bread and circuses all.. 

Wed, 07/04/2012 - 08:34 | 2586332 doomandbloom
doomandbloom's picture

more Popcorn pls...

Wed, 07/04/2012 - 08:48 | 2586369 Bansters-in-my-...
Bansters-in-my- feces's picture

How 'bout "More Cowbell"...!!!!!!!!!!

Wed, 07/04/2012 - 09:23 | 2586447 thatthingcanfly
thatthingcanfly's picture

I've got a fever. And the only prescripton...

Wed, 07/04/2012 - 10:29 | 2586493 Zero Govt
Zero Govt's picture

what with Goldmans Flopbook, JP Morgans hedged/un-hedged trading losses, the EZ bwankers meltdown, this new Liebor rigging scandal banking isn't looking too healthy

the Davos agenda is filling up ...how will the village idiots, sorry Bankers Showcase Event, resolve so many issues amongst the finger-dips and bubbly?

Every year seems to bring more problems than answers to Davos... mainly because they keep propping the problems/shit up ..anyone heard of the Free Market solution at Davos?

Wed, 07/04/2012 - 08:36 | 2586336 EscapeKey
EscapeKey's picture

Remember, according to the bankers it's a "victimless crime", so there should be no punishment.

In other news, a homeless man was thrown in jail today for possession of half an ounce of marijuana. He claimed it was for personal use, but one can never be too safe.

Wed, 07/04/2012 - 08:38 | 2586338 AUD
AUD's picture

If Nigel Farage has anything to say about this, it will be that it was all Tucker's fault, Mervyn King knew nothing & that Tucker's offer to resign shows his good character, since he doesn't want to see the reputation of such a fine institution as the Bank of England further sullied.

Wed, 07/04/2012 - 08:39 | 2586342 GeneMarchbanks
GeneMarchbanks's picture

Farage Rant: buffering... buffering... buffering...

Wed, 07/04/2012 - 08:40 | 2586344 Ghordius
Ghordius's picture

+1 for knowing on which side Farage's bread is buttered and +100 for making this statement so deadpan hilarious

Wed, 07/04/2012 - 08:40 | 2586347 LULZBank
LULZBank's picture

How English it would be of the Little Englander.

Wed, 07/04/2012 - 08:41 | 2586351 EscapeKey
EscapeKey's picture

Reddit posters must be suffering heart attacks - corrupt central bankers? That does not compute. Their textbooks SPECIFICALLY point out that central bankers are incorruptible, and always act entirely in the interest of the public.

Wed, 07/04/2012 - 08:46 | 2586361 LULZBank
LULZBank's picture

Their textbooks also state that modern Economics is about prosperity of the common people.

Wed, 07/04/2012 - 08:46 | 2586363 Dugald
Dugald's picture

Yep all of that, but remember.......Never trust a sqealer!!!!

Wed, 07/04/2012 - 08:38 | 2586340 BigInJapan
BigInJapan's picture

Nino Brown: "I'f I'm going down, I'm taking a lot of people with me!"

Wed, 07/04/2012 - 09:26 | 2586459 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

"Nino Brown: "I'f I'm going down, I'm taking a lot of people with me!""


Is there no honor among thieves?

Wed, 07/04/2012 - 08:40 | 2586343 sangell
sangell's picture

Thought Diamond was testifying today. No TV coverage?

Wed, 07/04/2012 - 10:26 | 2586498 Zero Govt
Zero Govt's picture

see other thread Brave Eagle Eye

Wed, 07/04/2012 - 08:40 | 2586345 Al Capowned
Al Capowned's picture

I hope the show is good, the tickets were very expensive and not optional!

Popcorn ready for 2pm GMT


Wed, 07/04/2012 - 08:48 | 2586353 BBullionaire
BBullionaire's picture

Lol. This just gets better and better and about time too this lot got their wings clipped only trouble is is that it leaves a clear path for the 2 GS alumni to take the vacant seat


Wed, 07/04/2012 - 08:47 | 2586355 The Count
The Count's picture

The royal family + cronies call all the shots through the Bank of England. Anybody who believes its the parliament would be dead wrong. Becasue thats just as phony as the two party system over here.

Wed, 07/04/2012 - 08:46 | 2586360 partimer1
partimer1's picture

Someone needs to go to jail or gets shot between the eyes so that the law of the land means something once. All these fines, step down, etc just make the public and the laws look even more stupid.

Wed, 07/04/2012 - 08:46 | 2586362 Joe A
Joe A's picture

If he tries to bring people down with him, he could end up being found dead in the forest.

Wed, 07/04/2012 - 08:49 | 2586371 El Hosel
El Hosel's picture

... Give all  partys a 20 Million dollar bonus and thank them for their distinguished career service.

Wed, 07/04/2012 - 08:49 | 2586372 Dugald
Dugald's picture

In that event lets hope he "Goes in good company, and lots of em.......

Wed, 07/04/2012 - 09:13 | 2586367 tony wilson
tony wilson's picture

tucker will spill the beans.

name the names unless he has an mi6 heart attack or david kelly suicide.

the fat faced fucking actor tucker will name the names he is told to name.

they will all leave with massive pensions.

the toothless fsa will rearrange the decks  yet again.

the rothschild goldman sachs choosen new clean team will parachuted in to a shiny new uk central bank.

a little multi million pound redecoration will be done as the subtle masonic symbolism will be to understated for the new brash bob diamond type goldmans.

the full tilt  cranked up printing of money from nothing will start again for the mega collapse and new order.

medicated gordon  brown,liar blair,alistair i like sodomy darling and george nice but dim osbourne will all be put before yet another sham masonic enquiry and say.

i know nutin,i know nothing,i do not recall,i am sure i was not made aware of that.

no i would not of asked him to do this or that.

the head of the enquiry will thank them for giving up so much time to help the british people understand where the error and mistakes have occured.

they will all be driven by security teams back to lovely homes to happy families

cameron will not say sorry as it was all blairs fault.

while in the oxfordshire countryside.

the choosen in bred elites with tory and labour front men will all have drinks and laugh over a lovely country supper.


When we are successful, and we will be, we have a real chance at this new world order, an order in which a credible United Nations can use its peacekeeping role to fulfill the promise and vision of the U.N.'s founders." - george skull and bonesman bush

Wed, 07/04/2012 - 08:49 | 2586373 Quintus
Quintus's picture

Let's not get carried away here.  Tucker will do nothing other than deny all charges, and defend himself and the BoE.  He will not name names, he will not admit anything.


Wed, 07/04/2012 - 08:50 | 2586374 digalert
digalert's picture

I believe Tucker will experience an event that leaves him speechless. Wanna bet?

Wed, 07/04/2012 - 09:00 | 2586387 slackrabbit
slackrabbit's picture


The best explaination of the whole charade is this http://youtu.be/cP70v45IL10


From a turnaround management perspective, when a firm goes bankrupt, the creditors all play friendly, and then it becomes everyone for themselves.

In this case, the BoE vs. Barclays is indicative of the desperation now that independent financial reporting like Zero Hedge, Max Keiser etc inform the shareholders of the various inside deals’ that were done to keep the firm / ponzi going....this reaches a 'shareholder critical mass' and then the cosy relationship suddenly breaks.

If / when these banks go down, the government and BoE will be implicated.

Hence the damage control done by the BoE at the moment.

The kiddies are fighting among themselves now…..which means more prosecutions likely as the government seek to protect themselves.



Wed, 07/04/2012 - 09:11 | 2586416 ITrustMyGut
ITrustMyGut's picture

your thoughts reek of Hopium! But I share it freely as well.. we can at least hope! its preferable to the alternative...

Wed, 07/04/2012 - 08:59 | 2586392 Hype Alert
Hype Alert's picture

If When rates go up, it all comes apart.  Mortgage resets for those that can't refi, gov't debt.  What's that ticking?


On a side question, why does my strikethrough not work?  Looks fine in the editor.

Wed, 07/04/2012 - 09:00 | 2586397 kraschenbern
kraschenbern's picture

It is about interest rates for Pete's sake.  Who are the market makers for this financial product?  Time to pull the curtain back.

Wed, 07/04/2012 - 09:11 | 2586417 WilliamD
WilliamD's picture

Anyone for State- and Nation-owned banks yet? Anyone see a problem with capitalist free-market "we can regulate ourselves" banks yet?

Wed, 07/04/2012 - 09:16 | 2586427 GeneMarchbanks
GeneMarchbanks's picture

Um yeah: Iran.

That guarantees nothing but would be a start nonetheless.

Do NOT follow this link or you will be banned from the site!