Putting BoE Tucker's Call To Diamond In Context

Tyler Durden's picture

By now the world and their cat knows that Barclays' Lie-bor submissions were 'too high' for the powers that be in Whitehall and we suspect that given any chance or an 'out' to massage the numbers in order to appear stronger) just as they headed into a financing, the Barclays execs figured 'why not?'. For some context on just how much this mattered - quite a significant amount as it turns out - and upon which the basis of many bullish theses were based at the time (despite the fact that CDS markets were gapping wider and screaming reality), Bloomberg's Chart of the Day shows the huge variations from the BBA's LIBOR relative to the UK bank submissions (most notably Barclays) around the time of Paul Tucker's intervention.