Tuesday, 11 April 2017

Paul Tucker is guilty

It has finally been broadcast by Panorama that the Libor fixing of 2008 was directed by Paul Tucker, the deputy governor of the Bank of England.

We knew this at the time but everyone being questioned whether by the press, media or parliament just lied as there was no actual evidence. That evidence is now available and Paul Tucker has to answer the question, why did you ruin so many people's lives back in 2008?

In July 2012 Paul Tucker sat in front of a parliamentary committee and said he did not lean on Bob Diamond the CEO of Barclays about setting Libor rates, he was right, he instructed Bob Diamond which is a totally different stance and one that makes Paul Tucker responsible.

Also in 2012 Sir Mervyn King, the Governor of the Bank of the Bank of England said: "Just as in 2008, there is a deep reluctance to admit the extent of the undercapitalisation of the banking system in many parts of the industrialised world." He added: "I am not sure that advanced economies in general will find it easy to get out of their current predicament without creditors acknowledging further likely losses, a significant writing down of asset values and recapitalisation of their financial systems. Only then will it be possible to return to a more normal provision of the vital banking services so crucial to an economic recovery."

There is no evidence to suggest that Sir Mervyn King was responsible or that he colluded with or even directed the actions of Paul Tucker at that time.

If the SFO [Serious Fraud Office] really want to nail the man at the top, they need go no further than Paul Tucker.