The British Bankers Association Is "Shocked", "Shocked" That Lie-Bor Manipulation Is Going On In Here

Tyler Durden's picture

The British Bankers Association - the entity responsible for organizing and compiling the daily Lie-bor fixes, and which as Zero Hedge incidentally reported two weeks ago continues to report one absolutely meaningless and unchanged number in "Spirit Level... Or Li(e)bor?" has just opined on the topic of massive Lie-bor fixing collusion and manipulation. In short: they are absolutely  "shocked."

"The British Bankers’ Association is shocked by yesterday’s report about LIBOR. The banks which contribute to the LIBOR rate must meet the necessary obligations to their regulators. The BBA has proactively co-operated with the authorities at every stage and will continue to work with the regulatory investigations into LIBOR, submitting information and making staff available for interview.


"The current LIBOR review, with which our authorities are fully engaged, has been underway since March this year and is considering all aspects including the setting process. As part of this review we will now be asking the authorities to consider in what manner the LIBOR setting mechanism should be regulated in the future."

Perhaps the BBA should have considered this... oh... years ago, when the media, well Zero Hedge, first brought up allegations of impropriety over 3 years ago?

One thing is certain: the BBA will be even more shocked when the lawsuits start flying.

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Colombian Gringo's picture

The british banksters are too busy circle jerking each other and laughing at the peasants to consider their actions bad. Rules apply only to the lower slave classes.

ghengis86's picture

Where's Vlad the Impaler when you need him?

Thomas's picture

They are shocked after the conviction? Are you kidding me? I am waiting for them to express surprise over Nick Leeson's behavior. What a bunch of dildos. Now I KNOW that the rigging spans the banking industry (which was considered by CNBC this AM as a distinct possibility as they woke up from their morning comas.) 

BTW-I am looking for that Zero Hedge article from a few days back describing all of JPM's convictiobs to rub in CNBC's face. Does anybody have it at their fingertips?

Buckaroo Banzai's picture

Yawn. The entire financial industry is corrupt from top to bottom, has been since it started. It's an elaborate confidence scheme. What I want to know is, who threw these guys under the bus?? Did someone have a score to settle, or is there a disgruntled employee involved? Or are the banksters finally turning on each other?

Inquiring minds want to know!

EscapeKey's picture

Perhaps the fraud became too big to be ignored.

50% of French IPO's in the 1930's were outright scams.

ITrustMyGut's picture

I agree... understanding.. WHY .. all of a sudden decades of corruption are coming out... that is the real intrigue..

are we preparing for a real reset? is there a glimmerof hope to believe the underground that speaks to over throw of the "system"?


or is this just the natural evolution... eventually.. the tribe must consume enough salts.. that they indeed turn non one another?

youngman's picture

I have had several loans tied to Libor.......WTF

Eireann go Brach's picture

God save the Queen, but may God hang a few bankers off the lampposts!

Ckierst1's picture

I'm just a Yank and all, but you don't think she and Evelyn aren't part and parcel of the problem? Globalist elites and such?

Questan1913's picture



Just digest the fact that you and MILLIONS of others have been continuously robbed blind for decades by the criminal class.

Dr. Engali's picture

They need to be shocked in an electric chair.

Colombian Gringo's picture

You are too kind. Hang the fuckers by their balls from the lampposts.

disabledvet's picture

Yet this is reflected in the cost of SOVEREIGN credits is it not?

fuu's picture

Of course they are.

Element's picture

Truth , it's stranger than fiction.

midgetrannyporn's picture

The Lie-Mes are shocked that the Lie-Bor is a joke? Blimey slimey Limey!

Zola's picture

I vote for ZH as regulator, lets save some money and make all these people at the SEC/FSA etc redundant. After all we've got to close the budget deficit no ?

strangeglove's picture

Come on over and drink Ballingers w me Bitchez

LawsofPhysics's picture

Expected.  These fuckers should be first in line for the guillotine.  

Stoploss's picture

Watch, nothing will happen.

GS-DickinDaMuppets's picture

Just shows the unbelievable market manipulation that has infected (corrupted) all markets, worldwide.  And then the talking heads  wonder out loud why is the retail investor out of the markets!

and the beat goes on.......


...doing GOD's work...GS-DickinDaMuppets

Kina's picture
British Bankers Association should all share some time in Bubba's cell.


What is it with banksters and total corruption. These guys just don't steal. Their greed is limitless, so should be their punishment.


Corrupt bankstering should be punishable by death. Make it law. That would clean things up quick smart.

Sandmann's picture

There is a named individual at each bank responsible for submitting the daily bbalibor rates to Thomson Reuters and this will be the person responsible for the bank's cash - usually their title is 'treasurer' or similar. There is written guidance on what information that person should take into account when calculating that day's rates for his or her bank. As all contributor banks are regulated, they are responsible to their regulators, rather than BBA LIBOR Ltd. or the FX&MM Committee, for maintaining appropriate procedures for contributing, including the maintenance of internal chinese walls.

etudiant's picture

There could be a fine class action built around this.

The sums involved are beyond even a tobacco lawyers' dreams.

However, I do not believe the UK has a class action law currently, so it will require a bit more ingenuity.

Do not the banks involved do have US subsidiaries and activities amenable tp US jurisdiction? 

pods's picture

Barclays is a FED Primary Dealer.  

Sandmann's picture

Not only does the UK NOT have Class Action suits but Banks are ABOVE the law. Britain is one jurisdiction where White Collar Crime goes unpunished

There are so many CCJs outstanding against Banks - they simply ignore them. 


the funniest bit is that the Financial Services Authority (FSA) is funded by a levy on FIRE corporations but their Fines are used to offset their levies.  I dream of having my speeding tickets used to discount my Tax Disc !

Chaffinch's picture

I think UK citizens could be claimants in a class action case brought in the US, but I haven't a clue as to whether a US court would have jurisdiction over a LIBOR-linked loan.

emersonreturn's picture

"Li(e)bor"---lol.  +1 ZH

Sandmann's picture

So we know that Greenspan and Bernanke were dorm mates in Winthrop House at Harvard, but did we know Mervyn King at BoE was an Asst Prof with Bernanke at Harvard ? 

It is so amusing that Central Bankers provided liquidity in 2007-2008 to banks that screwed themselves up by fixing LIBOR so it failed to price risk and crashed the interbank market. Whatever political system emerges from the Post-Consumerist-Democracy Phase of History will bring banks to heel with a vengeance. Their power to oppress The State is time-limited because Political Power ultimately triumphs once the gloves are off and if Turkey continues to provoke the Russians in Syria who knows what will happen when Iran and Egypt make their diversionary moves on Israel as Lebanon and Kurdistan go up in flames ?

Are there really 12 Chinese ships in the Suze Canal for joint Iranian-Syrian-Chinese-Russian exercises ?

tarsubil's picture

It didn't have to come to this. Oh well.

ziggy59's picture

Shocked they got caught ...

SheepDog-One's picture

Wow I feel SHOCKED!!

But can't we somehow sell derivatives of this anyway?

Mercury's picture

Kudos to ZH but even 3+ years ago this was hardly news to anyone who was paying attention.

Rate levels that form the basis for gazillions of loans in currencies all over the world are set by a handful of people/banks that waggle their hands from side to side and pick rate levels in their heads.

Exercise for the class: identify the weak link in this chain.

Dr. Engali's picture

It's shocking, shocking how far ahead of the curve the Hedge is on issues.

Mercury's picture

Well, because they actually pay attention and have put in their desk time...

ZH is wide and deep.  Plenty of people in this biz, even lower level, first years have a pretty good grip on their corner of the marketplace but it's very hard, even for the C suite, to have a comprehensive understanding of the corp bond market, currencies, central bank mechanics, structured products, CDS, equity market structure and the global  financial plumbing/shadow banking that ties it all together.  Plus, the MSM is set up to create these EZ, simple narratives (the market is up today because of x) which is usually less than helpful.  There are a few other very good technical and focused finance sites out there but ZH is the most comprehensive and dot-connecting of the lot I think. They take a lot of flak for their caustic tone etc. and it's hard for bears to be heroes but at the end of the day being right is what matters.

post turtle saver's picture

Great headline... I could visualize their multiple chins quivering with mock surprise and indignation.

SheepDog-One's picture

What I visualize is the 'monacle chortle'....hmm hmmmh hmmmph yesssssss

pods's picture

How about this:
They can be "shocked" about this and I will be just as "shocked" when I walk past their stinking, decomposing corpses hanging from the light poles on main street?


williambanzai7's picture


Barclays has something to hide
They've taken the world for a ride
By fixing the rates
Their profit inflates
All Banksters have cheated and lied

The Limerick King

fuu's picture

I <3 The Limerick King.

sorciere's picture

Obviously been photoshopped so you cant see the banker on the back with his feet up drinking bollinger and blackberrying his coke dealer to meet him at his favourite whore house!!!

Quinvarius's picture

When money is meaningless and plentiful, this is what happens.  LIBOR is meaningless in a world where banks borrow from central banks and not each other.  LIBOR is a useless appendage of a bygone free market era.  Fortunately, free markets are nature and nature wins in the end.

tocointhephrase's picture

"Libor is meaningless"

Tell that to the thousands of mortgage and credit card customers!

Boxed Merlot's picture

So what did we think the changes in the rate were actually based on?  Consulting the Urim and Thummim?

LongSoupLine's picture



I'll be "shocked" when something of a real punishment is imposed on any banker for their generations of raw fucking on the people.


wake me up when regulators are carrying chainsaws.