Treasury Select Committee MP calls for renewed investigation into secret LIBOR-rigging recordings

Jon Economy, Geopolitics

Chris Philp M.P. told Business Insider that he will officially call for the reopening of a Treasury Select Committee (TSC) investigation into LIBOR rigging, now that a secret recording of two former Barclays bankers has been made public that allegedly links the Bank of England to the interest-rate fixing scandal.
In the recording from 2008, obtained by the BBC’s Panorama team, one Barclays banker tells another that the central bank was pressuring huge commercial banks to keep LIBOR rates low.
Philp, the Conservative MP for Croydon South, said the new evidence has convinced him to call publicly for reopening the TSC investigation, as the new evidence seemingly contradicts testimony from former Barclays CEO Bob Diamond and former Deputy Governor of the Bank of England Paul Tucker.
“From the evidence that Panorama has shown me as well as from a court document in the U.S., it suggests that on two separate occasions in 2007 and 2008, that the BoE was directing Barclays to lower the LIBOR rate.”

This post was published at Business Insider