Barclays Nukes The Bank Of England, And Basically Accuses It Of Being Behind Their Interest Rate Manipulation!

• Barclays Nukes The Bank Of England, And Basically Accuses It Of Being Behind  Their Interest Rate Manipulation! 
  by Joe Weisenthal, http://www.businessinsider.com/ 
  This morning, British investment bank Barclaysannounced  that its CEO Bob  Diamond would immediately resign in the wake of a massive fine over  manipulating interest rates a few years ago. Specifically, Barclays has been accused of submitting false numbers about the  rate at which it was borrowing money, skewing LIBOR (which is an index measuring  the rate at which banks borrow money).
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  Diamond will be at a government hearing tomorrow, and in preparation for  that, Barclays has submitted a stunning letter to the government, basically  accusing the Bank  of England of being the real conspirator behind the interest rate  manipulation scheme.
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  More specifically, the bank says that its CEO Bob  Diamond had a conversation with BoE deputy governor Paul Tucker, wherein  Tucker inquired why Barclays was submitting rates so high compared to other  banks. This conversation was relayed to one of Diamond’s lieutenants Jerry del  Missier, who apparently concluded that Barclays was being pressured by the BoE  to lower their number.
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  There are two big implications that are interesting: One is the obvious  accusation that the BoE pressured Barclay’s to lower its stated borrowing rate.  The other is the implication that EVERY other bank was doing the same thing,  since the gist of the call between Diamond and Tucker was that Barclays needed  to get into line with the other banks.
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  Here’s the section of the letter. You can download it here.
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  read more!

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