Leaders: Banking is bad soap opera that must be cleaned up
Bloodied but unbowed, he then came out fighting as Barclays released a note made at the time of crucial phone calls between Mr Diamond and the Bank of England’s deputy governor, Paul Tucker, which seem to imply that Mr Tucker encouraged Barclays to reduce the Libor rates it was submitting.
The Bank maintains there was no such implication, but reasonable inferences also suggest there was political pressure from the then Labour government for interest rates to be massaged downwards. Did this come from then prime minister Gordon Brown, or his chancellor Alistair Darling, or other Treasury ministers?
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