“…unprecedented degree of government intervention in the financial system…..not the first time LIBOR had come up….It didn’t seem an inappropriate action given that it was coming from the Bank of England.”-Jerry del Missier, statements made to U.K. Parliament

16 July 2012, former chief operating officer of Barclays, Jerry del Missier, told a parliamentary committee that the ‘order’ to manipulate interest and currency rates came directly from the Bank of England!

The Bank of England (BoE) is the central bank of the United Kingdom, similar to the U.S. Federal Reserve Bank.  Missier referred to the “lowballing” order from central banks as “…a time when governments were tangibly calling the shots“.

Missier, from Canada, quit his job at Barclays just hours after chief executive, Bob Diamond, resigned.

The LIBOR scandal now involves dozens of Too Big to Fail banks around the western world, and Japan’s TIBOR and European Union’s EURIBOR. The scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

And don’t blame Obama, this started under the Bush Jr administration!

Check my blog for other LIBOR reports.