Posted on 03/12/2014 2:27:13 PM PDT by Errant
Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks.
The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious matter than the rigging of the Libor interest rate benchmark which occurred under the nose of the Bank of England and the British Bankers Association. (London now seems to be in competition with itself for the prize of the century for overseeing the rigging of the greatest number of markets.)
The bombshell came in the following exchange between the Chair of the Treasury Select Committee, Andrew Tyrie, and a very frightened appearing Paul Fisher, the Executive Director of Markets at the BOE, who has served in that position since 2009. Apparently neither Parliament nor the public knew prior to this exchange that the records of the pre-crisis year of 2007, the financial collapse in 2008, and the monetary policy maneuvers in subsequent years to prevent another Great Depression had been destroyed in one of the world’s most important financial centers; not to mention the fact that critical recordings potentially relevant to the Foreign Exchange probe are also gone.
(Excerpt) Read more at wallstreetonparade.com ...
Good luck with that. As Wall Street On Parade has repeatedly chronicled, avoiding regulatory capture will likely prove as elusive at the BOE as it has at the New York Fed. And given the seismic nature of the market rigging that has gone on in London, this is like putting a Disney-themed band aide on a compound fracture."
They need to be hung.
Brazen criminality.
We are now in the post-explanation historical period of crime.
Government official: “Did you do it”?
Well-connected person: “Yep indeedy do! Now look, I gotta go to lunch. I’ll seeya at the club.”
Government official: “Okay.”
Versus that 17 year old A-student who had a K-mart knife in his car parked at his HS because he was studying to be an EMT and it was part of an emergency kit. Police break into his car and search it without a warrant, arrest him for no-tolerance weapons policy on school grounds, felony charge, DA asserts full prosecution will be sought for prison time.
Get the difference, peons?
Not to mention drawn and quartered.
“They need to be hung.”
No...they need to be HANGED.
I look good in an orange jumpsuit.
That too!
It appears the BOE has been doing this for a long, long time, longer than 2007. Which to me smells of cronyism. ‘Course, their may have been no law to make them do so, and if it’s not illegal, then it’s legit. Guess they’ll be changing that now.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.