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Live Webcast Of Bob Diamond Testimony On Lieborgate

Tyler Durden's picture




 

UPDATE: *BARCLAYS SAYS HAS RECORDING OF DIAMOND, TUCKER CALL, SKY SAYS

We suspect the Treasury Select Committee hearing with Barclays ex-CEO Bob Diamond will have a few more fireworks than Jamie Dimon's congressional hearings. The Chairman of the committee noted "This is the most damaging scam I can recall" as the goal of the hearing is to ensure "the public know what went wrong and whether the perpetrators have been rooted out." While we will have our own fireworks on this side of the pond, we suspect the live stream below will contain more than a few as the independence of Libor remains in question.

 

Meeting details

Wednesday 4 July 2012, 2.00pm (9am ET), Wilson Room, Portcullis House

Witnesses

Bob Diamond

Commenting on the evidence session, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:

"The Libor interest rate benchmark - crucial to transactions right across the economy and affecting millions of people - was systematically rigged over a period of years.

 

It appears that many banks were involved and Barclays were the first to own up.

 

This is the most damaging scam I can recall.

 

The reputation of Britain's financial services industry has been severely tarnished, albeit unfairly for the overwhelming majority unconnected with the scam.

 

The public's trust in banks has been even further eroded.

 

Restoring the reputational damage must begin immediately.

 

Parliament and the public need to know what went wrong and whether the perpetrators have been rooted out. We also need to be given confidence that this has been put right."

 

Live Stream Here 

 

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Wed, 07/04/2012 - 11:13 | 2586700 tony wilson
tony wilson's picture

us and them

we get arrested and fined

they make an error and say sorry.

we go to jail 

they have a stern talking to in a westminster enquiry show.

followed by a life of golf and beach holidays.

what a nice choice.

what would you choose.

harsh hard words.

or hard time in sing sing with a cell mate called john mongrel

http://www.youtube.com/watch?v=G0tZR_GzZDs

Wed, 07/04/2012 - 11:24 | 2586762 Lebensphilosoph
Lebensphilosoph's picture

or hard time in sing sing with a gay cell mate called bubba

Stupid. Don't  you know you're only gay if you take it?

Wed, 07/04/2012 - 11:12 | 2586736 Treason Season
Treason Season's picture

Ooh cool,    now there's a Jimi Hendrix wahwah sound effect.

Wed, 07/04/2012 - 11:16 | 2586744 Treason Season
Treason Season's picture

Come to think of it he was murdered in London town. Careful, the big eye is wahwahtching.

Wed, 07/04/2012 - 11:37 | 2586804 WmMcK
WmMcK's picture

All along the watchtower ...

Wed, 07/04/2012 - 11:32 | 2586738 Monedas
Monedas's picture

Faking an intelligent Socialist legislative inquiry is more .... much more .... difficult than faking a lunar landing, faking 911, faking Osama's death !         Monedas      1929         Comedy Jihad True Believer In Truth, Justice And The American Way !    I think it's dawning on stupid Socialists everywhere .... they are just not quality husbands for the human race .... the world still desperately needs American guidance in everything !  Even cheap hacks like Hillary Clinton look witty and urbane and slim in this festering Socialist cesspool ! Hiroshima and Nagasaki were faked in a North Hollywood sound stage !

Wed, 07/04/2012 - 14:18 | 2587196 roadhazard
roadhazard's picture

Are you wearing your tri-corner tinfoil hat today.

Wed, 07/04/2012 - 11:22 | 2586758 dcb
dcb's picture

funniest thing of the day, diamond doesn't think he represents a culture that needs changing. well let me tell you havng done a fair bit of research on this topic as of late. even the most racist person doesn't think they are racist. in fact I was reading about three men who went to jail for beating up gays, but think they are liberal, progressive and supportive of gay rights. It's always the situation that people can't see themselves as they are when they do terrible things. this guy is a classic mix of narcississtic personality disorder and sociopath.

to make a point of this to someone I took some material froma white ractist web site, and everybody can always justify themselves and their actions.

Wed, 07/04/2012 - 11:49 | 2586833 Sandmann
Sandmann's picture

Psychopath even

Wed, 07/04/2012 - 11:27 | 2586769 LouisDega
LouisDega's picture

The least he could of done was give a shout out for my man Andy Griffith.

Wed, 07/04/2012 - 11:29 | 2586779 Gadfly
Gadfly's picture

I can't watch this bullshit.  What a fucking joke.  14 guys did it?  Reminds me of Abu Ghraib and the soldiers who took the fall for that.  We now live in a schizoid world of two "realities."  One is what really happened, and the other is the lies and bullshit that's fed to the uninformed.  Watching these pigs get up and lie before committees is becoming far too commonplace.  There's billions of trillions of dollars involved in this scam.  These guys have just put the finishing touches on destroying the world economy with this little gem of greed and pigishness.  Where's the fucking outrage?  Where's the firing squad?

Wed, 07/04/2012 - 11:32 | 2586795 LouisDega
LouisDega's picture

The button on the lower left hand corner of the video works well. 

Wed, 07/04/2012 - 11:59 | 2586860 blindman
blindman's picture

Max Goes BALLISTIC!! on Al Jazeera: Barclays, Libor, Bob Diamond, Bank of England and Cameron
http://maxkeiser.com/2012/07/04/max-goes-ballistic-al-jazeera-talking-ba...

Wed, 07/04/2012 - 12:10 | 2586891 Gadfly
Gadfly's picture

Blindman, thanks for the reference.

Wed, 07/04/2012 - 13:06 | 2587050 blindman
blindman's picture

you are welcome and here is another.
‘The mob learned from Wall Street’: Matt Taibbi/Eliot Spitzer on the ‘cartel-style corruption’ behind Libor scam
Posted on July 4, 2012 by maxkeiser
.
http://maxkeiser.com/2012/07/04/the-mob-learned-wall-street-eliot-spitze...

Wed, 07/04/2012 - 11:35 | 2586801 Negro Primero
Negro Primero's picture

This Bob Diamond guy should be given 15 years hard "Libor".

(and the MP's 30)

Wed, 07/04/2012 - 11:38 | 2586806 lostcause
lostcause's picture

 In many parts of the Middle East the punishment for stealing is to cut off one's hand. Start cutting off Banker hands and let's see how many bankers continue stealing from the people.  Corruption flourishes when consequence has been removed.

Wed, 07/04/2012 - 11:38 | 2586807 Arnold Ziffel
Arnold Ziffel's picture

"Diamond says he behaved responsibly."

Oh good...that makes me feel alot better.

 

Wed, 07/04/2012 - 11:39 | 2586810 Getting Old Sucks
Getting Old Sucks's picture

When asked if he would give up his bonuses, he answers that it's up to his board.  Did Corzine write a CEO handbook on how to answer these questions?

Wed, 07/04/2012 - 11:46 | 2586823 Monedas
Monedas's picture

America will prevail .... along with our European lemming partners, the British commonwealth co-conspirators and our hard working Asian clones and good people everywhere !   Happy 4th of July !  Still proud to be American .... in spite of our home grown Socialist saboteurs !         Gadfly, Abu Ghraib was a demonstration of fun loving American soldiers bringing "Good Things To Life !  You want ugly .... go to Syria !        Monedas       1929         The Mexican president elect Nieto Peña is a lot better looking than that mousy Socialist creep Hollande !  Mexico - oil, silver, gold, 3.8% growth rate, essentially Negro and Muslim free, Americans welcomed without passports (they need them to go home !), family values, tradition, work ethic, good food and booze, pretty women, nice beaches, environmentally diverse paradise !

Wed, 07/04/2012 - 11:52 | 2586844 Gadfly
Gadfly's picture

You're an idiot AND a racist.  Where can I go to get away from people like you?

Wed, 07/04/2012 - 12:18 | 2586907 Monedas
Monedas's picture

Racist ?  I was just commenting on the demographic trivia !  There are two negroes in Mexico .... and I know them both !  One of them ran up bad bar and personal debts (thousands $) from gullible liberals .... I gave him a ride out of Dodge .... he always paid me for rides up front and even bought me a farewell lunch !   He respected me because the pathetic liberals made him sick !          Monedas     1929        Universally Loved By Thoughful People

Wed, 07/04/2012 - 14:24 | 2587207 Gadfly
Gadfly's picture

I rest my case.

Wed, 07/04/2012 - 20:25 | 2587747 Monedas
Monedas's picture

When he was not scamming stupid liberals we drank and listened to Rush .... although he professed to be a liberal !  I was his enabler in ripping off liberals !         I rest my case !

Wed, 07/04/2012 - 11:48 | 2586828 walcott
walcott's picture

Watch. By the end of the day all these morons will end up asking Diamiond for finacial advice. Why are all these English fuckers interrogating Americans by the way?

Wed, 07/04/2012 - 11:52 | 2586845 Kit Green
Kit Green's picture

For the same reason that Tony Hayward was questioned by the Americans.

Wed, 07/04/2012 - 11:52 | 2586843 walcott
walcott's picture

Diamond should tell these fuckers to go to hell!

Wed, 07/04/2012 - 11:53 | 2586846 q99x2
q99x2's picture

Arrest the Perparooters.

Wed, 07/04/2012 - 12:01 | 2586868 walcott
walcott's picture

Diamond should ask these twits what the fuck is up with an 88 year old geezer mummy riding around in a fucking pumkin carriage? And her inbred entourage dressed up in captain crunch costumes spewing their horseshit culture all over America. What the fuck is up with that? 

Wed, 07/04/2012 - 12:05 | 2586875 Kit Green
Kit Green's picture

Your "culture" arrives all around the world by way of two all American messengers: 1) Wall Street  2) Drones.

Wed, 07/04/2012 - 12:10 | 2586890 WmMcK
WmMcK's picture

Long Jean LaFoote and dastardly deeds.

Wed, 07/04/2012 - 12:36 | 2586948 Monedas
Monedas's picture

I take issue with your somewhat superficial assessment of the British .... but I do agree that Diamond is doing a great job of PR !  Ya gotta give my 4th of July Jewboy credit for taking it to them ?         Monedas      1929        Comedy Jihad Hating Socialists Way More Than Bankers 

Wed, 07/04/2012 - 13:15 | 2587072 Inthemix96
Inthemix96's picture

Monedas,

Fuck off you idiot. Go and play in traffic as you have no idea of what you fucking spout tit head.

Wed, 07/04/2012 - 20:31 | 2587757 Monedas
Monedas's picture

You need a little more fine tuning .... but I will win you over .... it's just a matter of time !

Wed, 07/04/2012 - 12:09 | 2586889 Catullus
Catullus's picture

Unreported rates, under reporting rates, lying to regulators, conspiring internally to manipulate rates...

And what the guy has to offer is that they brought in the right people to investigate and punish the people internally.

No one is going to give you credit for admitting fraud, asshole. 

Schwab, Vanguard, TRowe Price, Pimpco, you had better sue the ever living shit out of these people.  To not do so means you're not trustworthy with other people's money.  And anyone who has ever held a dime in your money market accounts should sue the shit out of you.  Including all corporate accounts, all sweeps accounts, all pensions, all mutual fund companies, all individual investors. 

Wed, 07/04/2012 - 12:10 | 2586892 Jena
Jena's picture

As Diamond walks out, I wish someone would hit him with a big rotten tomato.  But maybe I'm just crabby today...

Wed, 07/04/2012 - 12:58 | 2587025 Monedas
Monedas's picture

Give in to the angels of you liberal coarseness !  That is soooo leftist !  Have a riot, throw rotten eggs, OWS !          Monedas        1929       Comedy Jihad The Merriest Jew Lover In The World

Wed, 07/04/2012 - 16:25 | 2587460 Jena
Jena's picture

Liberal coarseness?  I suppose.  I don't see much in his future that would remind him that what he did was wrong.  This at least would have some immediate gratification yet would come clean in the wash.

My mom wouldn't approve but as of yesterday she isn't around anymore to tell me these things.

Wed, 07/04/2012 - 20:29 | 2587754 Monedas
Monedas's picture

I'm here for you and all humanity .... when you dead end in some liberal dead end !      I'm sorry to hear your mom passed away .... your crabbiness is forgiven .... but I expect to see you back in the fight tommorrow .... that's an order !

Wed, 07/04/2012 - 12:10 | 2586893 mudduck
mudduck's picture

Best damned bunch of yes men ever assembled.

Wed, 07/04/2012 - 12:12 | 2586900 Antifaschistische
Antifaschistische's picture

disgusting...make your hundred million dollars, then face a "grilling" for a couple of days!!  I think it's well worth the grilling.  Contestants on Fear Factor have to put up with more than what this clown had to deal with.

Wed, 07/04/2012 - 12:14 | 2586905 Negro Primero
Negro Primero's picture

Question from reader on FTAlphaville website : "How do u short a committee of MP's?"

Wed, 07/04/2012 - 12:26 | 2586928 drivenZ
drivenZ's picture

The WSJ (and probably ZH as well) reported Libor fudging 4 years ago. 4 years ago! Everyone already knew this kind of stuff happened. It's not some massive surprise. Barclays is one of many if not all who partook in the "scandal".  Of course Diamond knew. Everyone knew. And one need only look at the description of LIBOR from the BBA to quickly understand that relying on the vagueness of LIBOR is at your own risk. They should just quit with the dog and pony show and get on with re-writing the rules to make the rate more reliable if people want to keep using it. 

 

""Every contributor bank is asked to base their bbalibor submissions on the following question:

“At what rate could you borrow funds, were you to do so by asking for and then accepting inter-bank offers in a reasonable market size just prior to 11 am?”

Therefore, submissions are based upon the lowest perceived rate at which a bank could go into the London interbank money market and obtain funding in reasonable market size, for a given maturity and currency.   

bbalibor is not necessarily based on actual transactions, as not all banks will require funds in marketable size each day in each of the currencies/ maturities they quote and so it would not be feasible to create a suite of LIBOR rates if this was a requirement. "" 

Wed, 07/04/2012 - 13:29 | 2587100 f16hoser
f16hoser's picture

Bob D. better start singin' like a canary or he'll end up with concrete goulashes.... Banksters don't like loose ends. Hush Money (AKA, Golden Parachutes) work too.......

Wed, 07/04/2012 - 21:11 | 2587775 tongue.stan
tongue.stan's picture

My only question is "Is this shit gonna stop?"

Cause we already know no one's gonna get jailed except for some lowly twit.

At this point, the most we can expect is for it to stop.

But I have my doubts.

Thu, 07/05/2012 - 00:12 | 2587944 SIOP
SIOP's picture

Seems this may have been going on for quite a while.

Quote from WAY back in October 23, 2008

Subverting the System

"..That brings us to the current problem in the LIBOR market: As Money Morning has previously reported, there’s substantial evidence that LIBOR is being “managed.” This has been happening and the BBA is actively looking into it."

 

From HERE: http://moneymorning.com/2008/04/18/libor-sends-another-shaky-signal-to-the-global-financial-markets/

and HERE:  http://moneymorning.com/2008/10/23/mortgage-re-sets/

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