Bob Diamond, ex CEO of Barclays, feared New Labour aimed to nationalise that bank!

There was much mealy mouthed testimony and pointless hand-wringing and platitudes over wrongdoing in the Barclays' trading room,  by Bob Diamond, before the Treasury Select Committee in the House of Commons this afternoon!

The main point of substance that came over to me was the fear at senior levels within the bank, that New Labour's dreadful set of ministers at HM Treasury and within Downing Street, were aiming for yet more bank nationalisations thus adding substance to the complaints raised by Elizabeth Beckett in her letter to the Master of the Rolls at that time, linked here, of which the following is the pertinent section 12:

I write now, in view of the danger, after the attempt of Michael Foot to nationalise banks, now being effected under the same intention, but with the camouflage of a world economic crisis, to ask your Lordship to declare the automatic assent void and illegal under the constitutional statute including that of 1795 made perpetual in 1807, 1817 and 1848 and only repealed under the automatic assent, Rogers and Walters claim the assent by convention had become automatic since Queen Anne was the last monarch to send a Bill back. In fact, William III, George III, William IV, Queen Victoria and, as Asquith well knew, Edward VII (because the Bill had been handed to him), had all returned Bills.

An American set to blow Britain's Establishment apart on Independence Day?

There is no doubt that the appearance of the former CEO of Barclays Bank before the Commons Treasury Committee this afternoon at 2pm London Time, will provide the biggest firework of this 4th July this side of the Atlantic. The Telegraph article stating that the blame will initially be passed to the Bank of England's P.W. Tucker is here.

At the end of this post I have pasted another posting from this blog showing that the moves in Libor and their significance were fully publicly known and their impact debtated.

This blog did not mainly concentrate on the Libor aspect of the unravelling of our financial system underway at that time of course. It also full tracked the dishonest, and more probably, the criminal activities of those Labour leaders in power at the time and their honours and wealth hungry professional mandarins. Some postings on that aspect are sometimes available from the archives of this blog. Some of the more significant ones that are not, I will try to paste from time to time this morning on this blog, with a twitter link, but without further comment.

It would be truly ironic, would it not, if the Labour Government loosening of extradition restrictions to the USA allowed us to eventually witness leading former New Labour Party ex-Ministers and others of their henchman and manipulators being carted off to the USA for US Federal criminal financial crimes and eventually serving time behind bars, where they so fully deserve to be?

Here is the other referenced posting from this blog on Libor in January 2008, others on that particular topic are among yesterday's postings:

Friday, January 11, 2008
LIBOR jitters and small businesses fears
Reuters reports jumps in the one and three month Libor interest rates signalling more financial storms ahead for sterling, read here. Meantime the pound crashes to a new record low against the euro at 75 pence following weak manafacturing figures although such activity now only accounts for 15 per cent of this once mighty industrial economy. Small businessmen are surely right to be demanding their promised referendum on the EU Treaty, a report on that is linked here.