Libor truths will eclipse Lords Reform, Coalition Woes and transform British politics!
"The macro-environment remains febrile, especially in Europe. We have to remain vigilant on balance sheet exposures and risk management. In short, our focus must remain on capital, funding and liquidity; improving returns; and driving income growth."
The memo, co-written by Marcus Agius, Barclays' outgoing chairman, apologised for the impact of the rate-fixing episode on the bank's staff, but hinted that its rivals were likely to be hit even harder than the £290m in fines imposed on Barclays.
"As other banks settle with authorities, and their details become public, and various governments' inquiries shed more light, our situation will eventually be put in perspective."
The posting on my blog from 24th September 2008, quoting a report from Bloomberg gives the entire game away from this one statement:
Therefore it is obvious that if there was no unsecured lending in September 2008, and you can read my blog archive for that month by clicking here to recall the prevailing chaos, then as Libor rates continued to be issued, they appeared only as a result of a conspiracy between Central Bankers presumably at the behest of their political masters with ultimate responsibility resting with Gordon Brown in Downing Street, (already widely suspected of having become almost completely unhinged).
The fact that Brown, Darling and those others New Labour ministers and placemen involved have yet to be called to account, speaks volumes on Britain's present methods of governance, in which Lords Reform can immediately be seen to be a complete irrelevance.