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Meet Anthony Browne: The New Head Of The British Bankers Association

Tyler Durden's picture




 

Three weeks ago, before Lieborgate broke and the world finally understood what so many had been warning about for so long, we noted something else: that not only was LIBOR manipulated and fudged daily between 2005 and 2008, but as the chart in the attached post shows, it has been gamed every single day in 2012 as well. More importantly, we noted something else - the transition at the top of the British Bankers Association: the organization responsible for compiling LIBOR submissions from member banks, and reporting what the daily Libor fixing is. Because in the second week of June, the BBA's new head became... the former head of lobbying for none other than Morgan Stanley, Anthony Browne, a firm which itself was just caught red-handed manipulating rating agency "independent ratings" to benefit its bottom line (and which itself miraculous was downgraded by less than what the market expected in order to allow it to avoid several billion in collateral calls). And what did Anthony do at Morgan Stanley until June 12: he was head of Government relations for Morgan Stanley for Europe, Middle East and Africa and was previously an economic and business adviser to London Mayor Boris Johnson.  That's right - "head of government relations" for a rather prominent TBTF bank, being put in charge of daily Libor fixing. But everyone is shocked, shocked, that gambling has been going on here for years.

From the Independent:

Who he?

Former journalist with The Times, Observer and BBC. Moved into the world of think-tanks (right of centerish) and then became Lond on Mayor Boris Johnson's policy director for economic development. Most recently Morgan Stanley's chief lobbyist. At the age of 47, he remains a high-flier.

Stepping into the shoes of?

Angela Knight. Fiesty and funny former Tory Treasury Minister who is off to no less calm pastures as the boss of Energy UK. (You thought bankers were unloved? Wait until you see what happens to power generators.) She guided the banking world through the five most turbulent years in the industry and scored points for never ducking the issues and teaching far better-paid people than herself how to apologise.

What's next?

Carry on apologising. Continue to tell the top bankers that they are still paying themselves far too much. Oh, and as you say in your own words "ensure the banking sector returns to health, remains in Britain, and has the trust of the public and politicians".

Pitfalls?

George Osborne is desperate to start selling off some of the taxpayer stakes in Royal Bank of Scotland and Lloyds. Don't let him oversell the strength of the industry. Vince Cable will have a dig when ever he can. New entrants like Metro Bank, Virgin Bank and even M&S will want to grab their slice of the BBA cake at the expense of longer-established banks. Don't punt on who might be the next Governor of the Bank of England. You could put several noses out of joint.

 

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Wed, 07/04/2012 - 10:47 | 2586655 Stockmonger
Stockmonger's picture

No Gentiles allowed in banking.

Wed, 07/04/2012 - 11:03 | 2586708 vast-dom
vast-dom's picture

kick everyone out! everyone! and why not generate a clear and damning lawsuit against The Fed for essentially Lieborgating since 2008? I see nothing wrong with Barclays et. al doing it if The Fed can do it; put the correct way, it is wrong for all parties to manipulate rates in the manner they have done so.

Wed, 07/04/2012 - 15:16 | 2587313 Colombian Gringo
Colombian Gringo's picture

Meet the new boss, same as the old boss....

Wed, 07/04/2012 - 12:43 | 2586963 CH1
CH1's picture

No Gentiles allowed in banking.

Sure, I did hear that all the Rockefellers, Morgans and Pierpoints converted.

What an asshole.

Wed, 07/04/2012 - 17:42 | 2587582 AllWorkedUp
AllWorkedUp's picture

The Rothschilds had to have a few token gentiles under their fold

Wed, 07/04/2012 - 13:47 | 2587133 Eireann go Brach
Eireann go Brach's picture

English CUNT!

Wed, 07/04/2012 - 10:54 | 2586678 Gringo Viejo
Gringo Viejo's picture

Nice to see Adolph Menjou get a shoutout.

Wed, 07/04/2012 - 10:55 | 2586682 FranSix
FranSix's picture

I don't know if anybody gets it just yet.  If the Euro collapses as a currency, it will take Euro/Dollar financing with it and perhaps the purchasing power of the dollar.  Libor manipulation may have much more far-reaching consequences that nobody realizes.

Wed, 07/04/2012 - 11:27 | 2586775 NidStyles
NidStyles's picture

We are all well aware of this, and I must ask if you were aware what site you were posting on?

Wed, 07/04/2012 - 11:34 | 2586798 falak pema
falak pema's picture

Don't be such an impertinent a** h***, that's a very pertinent remark. Who do you work for, the FED?

Wed, 07/04/2012 - 23:20 | 2587890 FranSix
FranSix's picture

Options chains like this are VERY abnormal:

http://quotes.ino.com/options/?s=CME_ED.N12

Wed, 07/04/2012 - 12:07 | 2586881 earthling
earthling's picture

So you mean fear should keep us from acting against manipulation and fraud?
Without this phony wealth, the sun will still come up and crops will grow to feed men.
We don't need wallstreet and fraudulant banks, what we need is food and shelter, and most of all, a working justice system.
the hell with this system.

Wed, 07/04/2012 - 11:16 | 2586694 Zero Govt
Zero Govt's picture

clearly this man (crone) has the strategy (whitewash) to deal with this rigging scandal in the most responsible (irresponsible) manner (cover-up) and will not sleep (on a bed of cash fleeced from customers) until the market (cough) is cleaned up (a new system of theft is devised and in place for his banker buddies)

the monetary (theft and fraud) system is the backbone (pipeline) to economic prosperity (banker bonuses) and the British Bankers Association (The Parasite Club) will do everything (nothing) to ensure (rig) bank customers (muppets) are fairly treated (robbed in broad daylight)

we will ensure errant bankers (our buddies) are held accountable (let off) and not get off lightly (with big Golden Parachute pay-offs) 

Wed, 07/04/2012 - 11:00 | 2586698 Debtless
Debtless's picture

I look forward to seeing you either at the eventual criminal hearings or on a daylit street sometime, you assclown. 

Wed, 07/04/2012 - 11:01 | 2586704 Byte Me
Byte Me's picture

Looks like a self militizing proto-islamist to me.

Long boiled rope and lamp-posts. And PMs too.

Wed, 07/04/2012 - 11:07 | 2586723 koaj
koaj's picture

rob a 7-11 and you get 20 to life. rob a continent, get a promotion

 

justice...

Wed, 07/04/2012 - 11:13 | 2586737 williambanzai7
williambanzai7's picture

LieBor is not finance, it is propaganda.

Wed, 07/04/2012 - 11:18 | 2586749 falak pema
falak pema's picture

proper goose-gander sauce

Wed, 07/04/2012 - 11:23 | 2586759 gojam
gojam's picture

Exactly WB7.

And this is just what the BBA needed............ 're-blanding'.

Wed, 07/04/2012 - 11:20 | 2586755 EscapeKey
EscapeKey's picture

I guess he might as well keep his job at Morgan Stanley and just do it in parallel.

Wed, 07/04/2012 - 11:54 | 2586789 Coldfire
Coldfire's picture

Margin Stanley head of government fellations. We've got your number, dude. Wipe that grin off your chin.

Wed, 07/04/2012 - 11:45 | 2586819 Sandmann
Sandmann's picture

Britain is like the Soviet Union. The Nomenklatura always move on to another Quango position once they have proven reliably corrupt and manageable. Never be competent because that is a threat to the Establishment. Always be biddable and ready to dance when the hidden piper plays. Britain is a corrupt society built on Fraud at at levels, thoroughly corroded and yet corruscated in its media glory whereby decay is hidden behind glittering facades of self-indulgent splendour. Whited Sepulchres was the biblical description  (Matt 23:27)

Wed, 07/04/2012 - 12:10 | 2586894 Davalicious
Davalicious's picture

You said it, kid.

Wed, 07/04/2012 - 12:19 | 2586916 Ghordius
Ghordius's picture

Sandmann, you obviously never visited the Soviet Union, or, if you have, you had a tourist's view. I'm not easily in tears, but what I have seen there still moves me beyond what I can bear.

There is a huge difference between an acceptable, humane system suffering from corruption and an unacceptable, inhumane system suffering from corruption, too.

Wed, 07/04/2012 - 17:42 | 2587583 Sandmann
Sandmann's picture

Actually I have and Leonid Brezhnev had made himself President of the USSR by changing the 1936 Constitution. Perhaps we should discuss the structure of the British State and that of the USSR in some depth and reflect on the similarities between the British State and that of the Politburo-Central Committee structures; why the BBC was nationalised in 1926 by Winston Churchill and the use of Orders in Council to by-pass Parliament.

 

Wed, 07/04/2012 - 17:49 | 2587586 Sandmann
Sandmann's picture

You Ghordius have never grown up in Britain and experienced the despair and hopelessness that scars so many lives, the utter misery that tourists to the UK don't see and won't see when they enjoy the Taxpayer Extravaganza at The LONDON Olympics and have no idea of lives wasted in places you will never see. There is nothing "humane" about life in Britain for the native population if they aren't born rich - they live shorter, poorer lives with worse education, housing, crime than the gilded elites like the Mayor of London or The Prime Minister - both of whom are related to The Queen. You do not progress unless you are oone of the 7% attending private schools - and the Media, Judiciary, Political Elites, Sports Teams are all drawn from the 7%

Wed, 07/04/2012 - 11:47 | 2586824 Sandmann
Sandmann's picture
You cannot hope to bribe or twist,
thank God! the British journalist.
But, seeing what the man will do
unbribed, there's no occasion to.

Humbert Wolfe CB CBE (5 January 1885, Milan, Italy – 5 January 1940)
Wed, 07/04/2012 - 11:54 | 2586851 earthling
earthling's picture

I do hope ZH is not too surprised.
It's a big club, and you aint in it.

Don't think for a minute that something will change, that will only be the case if a revolution takes place.

Wed, 07/04/2012 - 11:57 | 2586854 Red Heeler
Red Heeler's picture

"At the age of 47, he remains a high-flier."

At the age of 47, he remains a high-liar.

There, fixed it for ya.

Wed, 07/04/2012 - 12:11 | 2586897 JR
JR's picture

All around the Internet are stories claiming reduced stock market volume is the result of recent banking scandals. 

One financial story today implies that many investors feel “the game is rigged.”  Aside from these  scandals (a few small fish caught from the big ocean), the real impact on the market is the obscene dominance of the major players – Goldman, JPM, Morgan Stanley, etc. - from HFT that guarantees a winning transaction against any small investor to the outright purchase of congressmen and the president.

A survey from Tabb Group finds 31% of investors have weak or very weak confidence in the market compared with 15% in 2010.

“Low public confidence lies behind paltry volumes, and there is a perception of little changing to address this,” Tabb says.

Aside from the scandals, the largest confidence destroyer for the market is the key appointments of the Goldmans and others to top posts in associations and government.

The Browne appointment to an investor is disgusting.

Wed, 07/04/2012 - 12:23 | 2586927 Bansters-in-my-...
Bansters-in-my- feces's picture

He must be one of the "best of the best" liars.

Cause thats what bankers do.Oh ya ,and steal.

Wed, 07/04/2012 - 12:51 | 2587008 Nachdenken
Nachdenken's picture

Long British banks.

Wed, 07/04/2012 - 13:25 | 2587094 f16hoser
f16hoser's picture

One thing to say to tony: "FUCK YOU"

Now, ass hole, prove me wrong.......

Wed, 07/04/2012 - 14:20 | 2587197 virgilcaine
virgilcaine's picture

He has the empty stare looking back at you all the Banksters have, he will do well.  But the Euro banksters are in a 'class' all their own.

Wed, 07/04/2012 - 19:25 | 2587697 dolph9
dolph9's picture

Looks Jewish to me.

Can't blame them though.  The idiots of the world don't understand a thing about money, and the banksters know how to profit from this.

Wed, 07/04/2012 - 22:11 | 2587813 catch edge ghost
catch edge ghost's picture

On the bright side, with these chuckleheads being above the law like they are, this one's probably also exempt from Rule 34.
We should be thankful.

Thu, 07/05/2012 - 00:18 | 2587948 Downtoolong
Downtoolong's picture

You know you're  in trouble when  Mr. Fix It is really Mr. Hide It who really knows how to put the Fix in, if you know what I mean.

 

Thu, 07/05/2012 - 03:42 | 2588081 Txo
Txo's picture

Shameless. I read here yesterday "brits know ho to do some things well", rgarding Bobby D's hearing. Right. More of the same. Nothing will happen until something really happens- And whatever that is, it won t come from the governments. 

Thu, 07/05/2012 - 08:25 | 2588305 tony wilson
tony wilson's picture

why is zerohedge pulling my comment about yet another rothschild fat faced empty suit.

these bastards want us dead and silly words get erased.

maybe this is all controlled opposition.

 

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