The Crown Office is conducting an investigation into the Scottish banking sector, it has revealed.
It said it had decided to confirm that an investigation had been under way for some time because of "the degree of public concern about recently reported issues in the banking sector".
The Crown Office said the scope of the inquiry would now be extended "as a result of recent developments".
The Serious and Organised Crime Division is leading the investigation.
The Crown Office is conducting an investigation into the Scottish banking sector, it has revealed.
It said it had decided to confirm that an investigation had been under way for some time because of "the degree of public concern about recently reported issues in the banking sector".
The Crown Office said the scope of the inquiry would now be extended "as a result of recent developments".
The Serious and Organised Crime Division is leading the investigation.
It looks to me like there is a divide opening up between bankers and politicians. I think we have reached a key moment when the only way each group can save their own skins is by implicating the other group, even though both groups have always known their fates were entwined...
"We fail to mandate economic sanity because our brains are addled by....compassion." (Garrett Hardin)
Bob Diamond's submission to the Select Committee tomorrow should be very interesting. It's beginning to look like there was political pressure to keep the rate low
There seem to be two quite separate things:-
1, the pre 2008 crash Libor fixing by traders for personal gain and, possibly, for the bank's gain, and
2, the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse.
Biffvernon:" the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse."
It would be an arguable excuse if this was followed by a reforming of the system. But to do this and then allow the broken system to continue as BAU is inexcusable. 4 years later and still nothing being done.
Last edited by Snail on 03 Jul 2012, 22:47, edited 1 time in total.
Tarrel wrote:Bob Diamond's submission to the Select Committee tomorrow should be very interesting. It's beginning to look like there was political pressure to keep the rate low
I agree Biff. In fact, they're debating it on Newsnight right now, and Nigel Lawson just more or less made the same point.
Trouble is, we then immediately get into "pots calling kettles". So, manipulating the LIBOR for personal gain is morally repugnant, but doing it to shore up a doomed, creaking system is kind of OK?
The Bank of England told us to do it, claims Barclays
The Deputy Governor of the Bank of England encouraged Barclays to try to lower interest rates after coming under pressure from senior members of the last Labour government, documents have disclosed.
Snail wrote:Biffvernon:" the activity around the time of the 2008 crash when, it may transpire, all sorts of things went on in an emergency to make sure cash still came out of the ATMs and the planet kept orbiting the Sun. That could be used as an arguable excuse."
It would be an arguable excuse if this was followed by a reforming of the system. But to do this and then allow the broken system to continue as BAU is inexcusable. 4 years later and still nothing being done.
Indeed. And when I say it's an arguable excuse I'm not saying the argument should be won. It would have been better for the system to have crashed ( )
My point is that there is a difference in morality between the two situations. Traders making money for themselves illegally is one thing. Government ministers and central bank officials acting illegally for the greater good is another thing. Intention and motivation has to be taken into account when judging law-breaking.
Yet another disclosure.
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