Quote But seriously, it looks like the FSA, BoE and probably the government decided that it was worth trying to extinguish the furore by sacrificing Bob. Presumably they are worried about what a genuinely open enquiry into these matters might throw out. Being forced into painful re-regulation of the banking sector at this juncture is probably a scenario the current government wants to avoid at all costs. Interesting times... so you think its better for him outside the tent pissing in or inside the tent pissing out ?Quote Anyone like 'The Wire'? I think that Cameron and Osbourne are right now, behind closed doors, eating 'big bowls of shit'. Cameron and Osborne will point to that fact that its Brown and Balls wot were in charge when this was happenning.

my guess is that, behind the scenes, he will be handsomely compensated for taking the fall.

LIBOR transcripts

Aww, did they have to edit out the names?

A senior banker from a UK bank has admitted conspiring to defraud over manipulating the Libor lending rate.

Trader guilty over Libor rate riggingQuoteFormer City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.they don't seem to identify his firm?

He was at more than one...UBS then Citi

thanks

QuoteOriginally posted by: ppauperTrader guilty over Libor rate riggingQuoteFormer City trader Tom Hayes has been found guilty at a London court of rigging global Libor interest rates.they don't seem to identify his firm?QuoteDuring the trial, the court heard that manipulating the Libor rate was so commonplace that an offer of a Mars bar could get it changed.

QuoteDuring the trial, the court heard that manipulating the Libor rate was so commonplace that an offer of a Mars bar could get it changed.This is what has happened since 2008. In the old days a bung would be for cash, fast cars and women. Now a Mars Bar from a vending machine...

Originally posted by: rmaxQuoteDuring the trial, the court heard that manipulating the Libor rate was so commonplace that an offer of a Mars bar could get it changed.This is what has happened since 2008. In the old days a bung would be for cash, fast cars and women. Now a Mars Bar from a vending machine...The film Wall Street would have been very very different...

Is it known whether Hayes' ancestors were French?

QuoteOriginally posted by: tagomaIs it known whether Hayes' ancestors were French?Don't get DA started. He still takes 1066 as a personal attack.

RIP libor?

No-one wants to be on the benchmark. The LIBOR setting itself is almost impossible as the tenors are not so liquid anymore. Quite how all the contracts are rewritten I am not sure...nor what that would entail in terms of impact on initial margin for old swaps that are not cleared.