March 29, 2024

News Cymru

Two sides to every headline

Something that is already widely known amongst politicians but apparently the media have just heard about it.

The government manipulated the LIBOR rate on at least one occasion and it did so in the most deliberate way.

Alastair Darling pulled representatives from all the major banks into Downing Street and more or less ordered them to reduce the LIBOR.

But the media is ignoring this completely and focussing on Barclay’s and Bob Diamond.

The media’s coverage is completely biased and/or is serving an agenda which is not obvious.

Please let me labour the point. The Chancellor of the Exchequer ordered banks to lower the LIBOR, something which has landed Bob Diamond on the front of every major newspaper at least once of over the past 4 week, but Alistair Darling and the previous Labour government forcing private institutions to rig the LIBOR is getting absolutely no media coverage.

What is getting massive media coverage is the fact that Bob Diamond apparently misunderstood a phone call he received from the Bank of England.

You tell me which story the media should be reporting.

The Chancellor of the Exchequer forcing banks to manipulate the costs of mortgages and loans across the world or;

A banker misunderstanding a phone call?

Personally I think the Chancellor of the Exchequer should be in front of the Commons Select committee to explain why he thought he had the right to manipulate the LIBOR and why he thought that forcing banks to set a LIBOR that was detached from reality was a good thing to do.

You have to wonder why Bob Diamond and Tucker are the focus of the media attention rather than Alastair Darling.

The whole LIBOR saga and the way it is being reported in the media is a complete and utter farce.

The mainstream media, by ignoring the real story are destroying any credibility they had left.

The commons Select Committee should be asking serious questions about Darling’s involvement in LIBOR rigging and asking deeper questions with regards to how often the government manipulates the LIBOR by putting pressure on private institutions.

These are the real questions.

How often does the UK government manipulate the LIBOR, in which direction does it maniulate the LIBOR, what are the costs of this manipulation, how is this manipulation carried out and does the manipulation expose the UK taxpayer to civil lawsuits from private investors around the world.

These are the real questions and these are the questions that the media should be asking and so should the Commons Select Committee.

For the media to be focusing on misunderstood phone calls between Barclay’s and the Bank of England is an utter farce. Concentrating on Bob Diamond and Barclay’s is ignoring the 2 ton elephant in the room which is the governments rigging of LIBOR.

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