An apparently hard-hitting report, highlighting the many failings of the 'London Inter-Bank Offered Rate' ('LIBOR'), has now been made public.
The report's author, Martin Wheatley (the new Managing Director of the Consumer and Markets Business Unit of the Financial Services Authority in the UK) has made the following 'recommendations:'
The introduction of a new regulatory structure for LIBOR, to include criminal sanctions for those who attempt to manipulate it.
The removal of the LIBOR governance role from the British Bankers' Association (BBA).
The inviting of other groups to apply to take over the LIBOR governance role, and to conduct regular audits and propose a new code of conduct.
The encouragement of more banks to submit LIBOR rates to make it more representative.
A modification in some of the technical data upon which LIBOR has previously been fixed.
The holding back from public disclosure of some of LIBOR data for three months, to prevent manipulation.
At this point, readers of this Blog are reminded that Mr. Wheatley is talking about (what is almost universally-accepted to be) a fundamentally- corrupt system for making mountains of money that a bunch of previously- deaf, dumb and blind, UK financial regulators, and their political masters, have allowed to exist unchallenged for many years, in which a mysterious, variable figure, LIBOR (based on unverified and, therefore, potentially-false, 'estimated data' supplied by, a few previously-unaccountable junior bankers who had been offered substantial financial inducements, 'bonuses,' by a few previously-unaccountable senior bankers, to lie), has been decided each day in London by a few more previously- unaccountable senior bankers, and then used to rig the price of a whole range of ongoing financial transactions around the world.
These international, LIBOR-polluted transactions total an estimated $US 800 000 000 000 000 dollars (i.e. eight hundred trillions United States dollars) and the LIBOR-rate is known to have been deliberately falsified on literally hundreds of separate occasions. No matter what they have recently steadfastly pretended to be reality, there is absolutely no way that the bosses of the various banks concerned could have been unaware that these monumental criminal acts were being committed by their subordinates.
That said, Mr. Wheatley worked for the London Stock Exchange for 18 years, 6 of which were spent on its board where he achieved the post of Deputy Chief Executive. During this period, he was closely involved with the controversial, failed merger of the London Stock Exchange and its German equivalent, Deutsche Borse. Mr. Wheatley also sat on the Listing Authority Advisory Committee of the UK Financial Services Authority. However, he was made redundant in February 2004.
Mr. Wheatley has chaired the IOSCO Technical Committee Task Force on Short Selling.
Meanwhile, various commentators continue to ask:
What has been the point of having an agency of UK government known as the 'Serious Fraud Office?'
The SFO's own annual reports reveal that an expensive rampart, apparently built to enforce the criminal law and hold back an invasion of fraud and corruption, has been the legalistic equivalent of the Maginot Line. For a vast, mobile and much-better- financed army of racketeers (escorted by mercenary lawyers), has simply danced round the sedentary line of dunces with law diplomas entrenched at the SFO, as though it wasn't there. In the case of the ongoing, multi-billion dollar 'MLM/Amway income opportunity' fraud, the invaders actually hired former, SFO Deputy Director, Peter Kiernan, to guide them, and I have no doubt that banksters have already recruited similar law enforcement traitors from the amoral ranks of the legal profession.
The SFO's own annual reports have, in fact, been nothing more than an open-invitation to criminals; for these glossy brochures clearly advertise the alarming fact that if you commit a serious fraud in Britain, the chances of being held fully to account, have been effectively-zero.
|Danny Alexander MP