London Interbank Offering Rate or (LIBOR) Rate Rigging Scandal –
Bank of England is busy destroying bank audio records to keep bankers free from criminal prosecution and perjury trials.
The statements from the latest hearing that came out on March 12, 2014, while the Chair of the Treasury Select Committee, Andrew Tyrie questioned Paul Fisher. He is the Executive Director of Markets at the BOE.
Chairman Tyrie: “The MPC [Monetary Policy Committee] records might be of interest one day to historians about the inception of QE. MPC records used to be recorded and transcribed when the MPC was created. Is that still the case Mr. Fisher?”
Paul Fisher: “They are not transcribed. They are still recorded so that the secretariat can go back to check any discrepancies between the minutes and what people may have said. But as far as I know they are not transcribed.”
Chairman Tyrie: “And they’re stored?”
Paul Fisher: “The recordings are not kept. Once the minutes are published…”
Chairman Tyrie: [In a booming, outraged voice] “The recordings are destroyed! Why?
Paul Fisher: “Because we have one copy of the minutes; that’s the one that’s published and there are not alternative versions.”
Chairman Tyrie: “There are more than one purpose for these. There’s the minutes after a fortnight and there’s the historical value. The Fed Open Market Committee publishes full transcripts of its meetings with a five year delay. Whether it’s a five or ten year delay, certainly these are of huge historical significance. Why aren’t you putting something similar in place?”
Paul Fisher: “This goes back to when the Committee first started. They initially did try to make transcripts, unsuccessfully.”
Chairman Tyrie: “What do you mean unsuccessfully?”
Paul Fisher: “It was very hard to actually physically transcribe the tapes in any way which made any sense in terms of the written material.”
Chairman Tyrie: “Is that because you’re shouting and throwing things about. Most organizations manage to transcribe a record. Even the House of Commons manages to do it on a good day.”
Paul Fisher: “I’m trying to explain what I know of it. My understanding is that people talking, very free flowing discussion, and they couldn’t make a sensible transcript.”
Bank of England Drops a Bombshell on Parliament: It Shredded Its Crisis Era Records, by Pam Martens – Wall St. On Parade
Bank of England Drops a Bombshell on Parliament: It Shredded Its Crisis Era Records
By mrdsk on March 14, 2014
Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks.
The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious matter than the rigging of the Libor interest rate benchmark which occurred under the nose of the Bank of England and the British Bankers Association. (London now seems to be in competition with itself for the prize of the century for overseeing…
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