Rate Fixing

While we are distracted by the peripheral lunacies of the Olympics, the core problem of the economy and the mayhem that continues to be created by the financial services sector persists. Was the Bank of England, via Deputy Governor Paul Tucker and Barclays` Diamond, complicit in the LIBOR rate-fixing fiddle? Is there a tape-recording of phone-conversations between the two men? Liborgate? A Parliamentary Committee of Inquiry will look into the issue but Milipede the Younger raves on about the need for an “independent inquiry” that would, of course, cost millions and kick the findings into the long grass for months if not for years. Diamond himself is “sorry” but, pleading “don`t blame me” before the Treasury Select Committee, walks into the sunset clutching an obscene payoff for his “success”. Nice little earner init?