PM David Cameron Knights Paul Tucker for services to market manipulation says Move Your Money
Prime Minister David Cameron announced in his New Years honours list that Former Bank of England Deputy Governor Paul Tucker is to be knighted for “services to central banking.”
You many recall Sir Paul as a central figure from the 2012 Barclays LIBOR scandal said Move Your Money (MYM), when Bob Diamond implicated Tucker in emails from the Bank of England to Barclays, encouraging the bank to lower or “lowball” its LIBOR submissions.
Tucker’s knighthood follows the 2012 honours gong for former FSA Head Sir Hector Sants, who was universally condemned for his numerous failings at the FSA, including his failure to investigate the LIBOR scandal contnued MYM, saying that such awards foster public suspicions that accolades serve only to reward individuals who provide the establishment a convenient firewall against growing financial scandals.
Commenting for Move Your Money, Campaigner Joel Benjamin said:
“Rather than whitewashing LIBOR fraud in the New Years honours list, the Prime Minister should be ensuring that financial crime is fully investigated and criminally prosecuted, by independent and appropriately resourced financial regulators that actually serve the public interest.”
As at December 2013, 18 months after the LIBOR scandal broke, we are yet to hear anything in the mainstream media about the actual victims of the LIBOR fraud, with fines instead diverted to armed forces charities. Why? Asks MYM.
FOIA requests from Move Your Money have detailed how local authorities have failed to assess the impact of LIBOR on public finances, as covered by Private Eye News.
PFI expert Allyson Pollock has outlined how LIBOR rigging impacts NHS Trust PFI hospitals, an issue Chancellor George Osborne failed to investigate in his review of PFI for PFI2.