Live Webcast Of BOE's Paul Tucker Testifying On LIBOR Before Parliament

Tyler Durden's picture

Last week the biggest point of contention in the testimony of Bob Diamond before the House of Commons Treasury Committee was who told him what, and when, with a special circle in hell saved for the BOE's Paul Tucker, who was alleged to have explicitly ordered Barclays to lower its fixing (which as was shown last week had a pretty dramatic impact on the bank's self-reported LIBOR rate). In a few short moments, Tucker himself will be in the hot chair, where an emphasis will be on the emails he sent to Bob Diamond which we presented previously, and whether he acted alone in "nudging" the bank to represent itself as strong than it otherwise would. Watch the full webcast of Tucker's testimony after the jump.

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resurger's picture

If you shoot my head, ill slain your ballz!

reader2010's picture

What a fucking joke!

LetThemEatRand's picture

If you are a banker and you steal a few trillion dollars and you get caught, you end up before a panel and you then go home.  If you steal a bottle of water during a "riot" against the banks and you get caught, you have your ass hauled off to jail where you remain for a few months.

Lebensphilosoph's picture

The London riots had nothing whatsoever to do with the banks, idiot. They were nothing more than opportunistic gangbanging by hordes of young hooligans , hoodlums and thugs mostly of questionable ethnic origin.

Rodney King redux UK.

john39's picture

nice to be a bootlicker... the riots and current world mess has everything to do with the banks.

Seasmoke's picture

Paul Fucker has had all weekend to rehearse his lines......Break a leg !

tocointhephrase's picture

Exactly, fucking theatre. Did not know that you needed a Diploma in Performing Arts to be a banker. I would have stuck with it instead of droping out after college if I had known!

icetears's picture

Bank of England Governor Mervyn King testified afore the House of Commons today about the growing LIBOR scandal, in which bankers are accused of accepting advisedly adulterated one of the world's a lot of important criterion rates..

jogos online

Sandmann's picture

Bob Diamond offered to quit as the head of Barclays Capital 14 years ago but was turned down by the then chief executive Martin Taylor.

But Taylor also confirmed today that he quit the bank later the same year after the rest of the board refused to look at his suggestion that the investment bank and retail bank should be separated.

“I deserve blame for being among the first to succumb to the myth of Diamond’s indispensability, to which some in Barclays were still in thrall only a matter of days ago.” Taylor writes in today’s Financial Times.


A former senior Bank of England employee has claimed that Paul Tucker operated as a “spymaster” during the Libor-fixing scandal and that he had regular contact with Bob Diamond over a period of at least 10 years.

The employee also says banks were conspiring to fix interest rates long before the global financial crisis.

Correspondence received by Dan Conaghan, a financial journalist who has just written a book called The Bank: Inside the Bank of England, suggests the scandal was brewing for many years.

According to the source, the relationship between the two is much closer than that, going  “back over 10 years”. Tucker operates, says the former member of staff, “like a spymaster, being very economical with what information he passed up or down”.

Dr. Engali's picture

I wonder if they will be asking him about regulatory advice like the financial services committee asked Jamie Dimon. Mr. you think our current regulatory environment is to tough or too lenient? What can we do to make it better?

pashley1411's picture

Dude, this Congress of these United States of America, get real.   They will ask him for stock tips and how to negotiate the best price with hookers.

Shizzmoney's picture

File under :cakewalk

I'd like to see the BoE get blasted for their role in this.  Of course, however, in the MSM, they won't.

Zero Debt's picture

Shots for "I'm sorry"

Haole's picture

Can't bare to watch but can hear it all now.

"I had, uh, no prior knowledge..."

"I, uh, was not aware..."

"I can't comment directly on those assertions..."

"I'd have to direct you to..."

Rope and guillotines, bitchez.


Cognitive Dissonance's picture

He's lying. His lips are moving.

JohnG's picture

Watch his body language.  Crossing and uncrossing arms.  Stroking chin.  Scratching face.  He's trying to pass it off as a "misunderstanding."

He's lying.

JohnG's picture

Fiddling with buttons on coat.

john39's picture

the entire system is a lie.  Libor is just one aspect of it... 

Paul Atreides's picture

More circus and bread for the peons. Until bankers are charged, arrested and face jail time nothing changes.

prains's picture

Is this a new reality tv show??

yogibear's picture

Another dog and pony show by the bureaucrats. Fraud gets discovered, like Robo-signing, and nobody goes to jail. Gives everyone more reason to commit more criminal behavior/fraud.

Con-jobs, lying, thievery are encouraged By Bernanke, Federal Reserve, the SEC and government. Get investors, cook the books, offshore the investment money and bankrupt the company/bank. 


hangemhigh77's picture

He seems like a really nice fellow, let's give him a break.  Nahhhhhhh, shoot him like a dog.

world_debt_slave's picture

The farce continues.

Mercury's picture

Big deal already.

So, Libor gets manipulated...but somehow it ends up being in-line with US fed funds about 100% of the time.

If anyone wants to get their knickers in a twist about rate manipulation and the mis-pricing of risk it's really all about the Fed.

I'm sure some individuals benefited by fluffing Libor a bip or two here and there but to assert that Barclays (for example) benefited overall, as a firm by tweaking the rate implies that they were net recievers or net payers of Libor-based funds at any given time which is absurd since banks have all kinds of positions on both sides at any given time.

AmenRa's picture



I was just thinking that he crossed his arms each time he went on the defensive.

JohnG's picture

Yes.  Watch him pointing away from himself.  Much hand waving.  Much touching face.  He's explaining LIBOR to them?  Obfuscation tactics.

JohnG's picture

Covers up whole face, when he states "Yes we review procedures frequently."

eatapeach's picture

I've done a good bit of reading on "tells" -- see True Romance for a good reference to this -- and hands to the face or head are *a classic!!!* tell!

John G, I'm just supporting your correct assertions. Good eye, mate.

dark pools of soros's picture

do you want him to just sit there, glare and say 'I call the shots bitchez'


Duke of Con Dao's picture

Paul Tucker on the hot seat? My question is will he do the 'tie move' like Bob? Place your bets gentlemen.

YouTube - UK Parliament Questions Barclay's CEO Bob Diamond: Complicity or Incompetence? Which is it?

Negro Primero's picture

" Paul Tucker NoW deputy. Slippery as an eel. Makes Bob Diamond look like honest John. No wonder economy in a bloody state!"

mberry8870's picture

Its not a crime when the government does it.


kraschenbern's picture

LIBOR seems to be subject to widely differing opinions.  Here's a definition from Wikipedia:

The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.[

An "estimate" on a borrowing rate "if" the bank were to seek a loan; and collusion is built in by the act of calling around to build your estimate.  A Mack truck could drive through the loopholes on that.  We're turning into a bunch of wordsmiths.

What is going on with LIBOR is immoral - but it is not illegal.  The same act of interest rate fixing in the USA is just as immoral, but is done openly as a matter of business. 

END THE FED, end fractional reserve banking, go back to the gold standard 


Negro Primero's picture

Love this Paul Fucker guy!