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That's hilarious. At least to us on this side of the pond.
Brings to mind the striking similarity to the response of our own liberals in our Internal Revenue Service (IRS). After high officials in the IRS admit that bad things happen and apologize publicly for them, Congress holds hearings, and those same people stall, withhold records, lie, take the 5th amendment, the whole nine yards, to keep the information away from Congress.
And after a year of that, they snarl at Congress, "See? You have no proof we did anything wrong! That means we DIDN'T do anything wrong!"
Fisher actually says they are not transcribed (written down), they were on tape and the BOE haven't broken any laws by throwing away the tapes unless there was a specific duty or legal guidance that such items be retained.
It also should be noted that New Labour's disastrous and now disbanded Financial Services Authority (FSA) was in charge of regulation of the Financial Services Sector at the time and not the Bank of England (BOE). Much of the FSA's powers were returned back to the BOE following the financial crisis and the FSA's disbandment in 2013.
The FSA and Labour Government took most of the flack in relation to the Financial Crisis, as for the BOE it wasn't the Banking or Financial Services regulator of the time, and was more concerned with fiscal policy than regulating the industry, something which had been handed over by New Labour to the newly created and hopelessly inept FSA back in 1997.
Not sure why you are repeating what should be clear in the two sentences, however, I don't see where anyone claimed there was a law being broken by destroying tapes.
That's hilarious. At least to us on this side of the pond.
Brings to mind the striking similarity to the response of our own liberals in our Internal Revenue Service (IRS). After high officials in the IRS admit that bad things happen and apologize publicly for them, Congress holds hearings, and those same people stall, withhold records, lie, take the 5th amendment, the whole nine yards, to keep the information away from Congress.
And after a year of that, they snarl at Congress, "See? You have no proof we did anything wrong! That means we DIDN'T do anything wrong!"
I guess it's NOT "only in America" any more.....
You did see information on where that 26-29 trillion via the FED went, correct? No it is certainly not limited to the U.S.
quote:
Transcripts of a foreign exchange chatroom, now in the hands of Britain’s Financial Conduct Authority, reveal for the first time that an un-named senior dealer who attended the meeting told fellow traders the next day that Bank officials had agreed there were advantages to sharing client order information to minimise market volatility around daily reference rates known as “fixings”, two sources familiar with their content told Reuters.
...
At stake is whether the Bank of England, in its role as the official monitor of London currency markets that command some 40 percent of the global market, was aware of and condoned activity among market-making banks that is now alleged to have amounted to collusion and manipulation.
...
The Bank of England originally said its minutes of the meeting, which were released in January following a freedom of information inquiry by Reuters, were not prepared until more than a year after the meeting in June 2013.
Additional searches at the Bank, however, uncovered an email showing that the minutes were in fact drafted and circulated to members in July 2012.
The Bank suspended an unnamed employee on March 5, pending investigation by the bank into compliance with its processes.
Not sure why you are repeating what should be clear in the two sentences, however, I don't see where anyone claimed there was a law being broken by destroying tapes.
Liability is always an important consideration.
I am not sure why you made the last post, it's tapes that have been destroyed and the events were under a different Government, the Labour Government of Blair and then Brown and under a largely different board at the BOE. Whilst as I have already pointed out the FSA were responsible for regulating the Banking Industry and Financial Service at the time and not the BOE. Furthermore if no laws have been broken then there is very little to answer for, and as a result this story is a non-runner in the UK and most media around the world. Even if someone mistakenly destroyed the tapes, what are they going to do, probably very little.
As for the Libor scandal, the FSA again can claim a lot of the blame.
I am not sure why you made the last post, it's tapes that have been destroyed and the events were under a different Government, the Labour Government of Blair and then Brown and under a largely different board at the BOE. Whilst as I have already pointed out the FSA were responsible for regulating the Banking Industry and Financial Service at the time and not the BOE. Furthermore if no laws have been broken then there is very little to answer for, and as a result this story is a non-runner in the UK and most media around the world. Even if someone mistakenly destroyed the tapes, what are they going to do, probably very little.
You repeated something that was plain to see, was not clear as to why. Or are you referring to something else, another post?
Yes? No one has stated otherwise.
This thread is about a specific aspect. It does not exclude other aspects. You were speaking of a specific "law", that doesn't mean other "laws" or regs may not have been violated. Certainly, "legality" is not the only interest here either.
I doubt this will amt to more than a wrist slap, if that.
You repeated something that was plain to see, was not clear as to why.
Yes? No one has stated otherwise.
This thread is about a specific aspect. It does not exclude other aspects. You were speaking of a specific "law", that doesn't mean other "laws" or regs may not have been violated. Certainly, "legality" is not the only interest here either.
I doubt this will amt to more than a wrist slap, if that.
Civil Service Departments throw away a mind boggling amount of paper work every day, much of it for incineration. In terms of what is to be kept, it's usually set out in Civil Service Guidelines and the same will apply to organisations such as the BOE.
The loss of the tapes is unfortunate, however any evidence of collusion in the rigging of the Libor rate would be a fair more serious matter altogether, although nothing has of yet has been proved to an extent that a prosecution could even be considered.
Civil Service Departments throw away a mind boggling amount of paper work every day, much of it for incineration. In terms of what is to be kept, it's usually set out in Civil Service Guidelines and the same will apply to organisations such as the BOE.
Certainly, guidelines and best practices are common for any organization.
Are you saying Civil Service Guidelines apply to the BOE?
The Bank performs all the functions of a central bank. The most important of these is supposed to be maintaining price stability and supporting the economic policies of the Government, thus promoting economic growth. There are two main areas which are tackled by the Bank to ensure it carries out these functions efficiently:
....
Stable prices and confidence in the currency are the two main criteria for monetary stability. Stable prices are maintained by making sure price increases meet the Government's inflation target. The Bank aims to meet this target by adjusting the base interest rate, which is decided by the Monetary Policy Committee, and through its communications strategy, such as publishing yield curves.
....
Maintaining financial stability involves protecting against threats to the whole financial system. Threats are detected by the Bank's surveillance and market intelligence functions. The threats are then dealt with through financial and other operations, both at home and abroad. In exceptional circumstances, the Bank may act as the lender of last resort by extending credit when no other institution will.
....
The 1997 Memorandum of Understanding describes the terms under which the Bank, the Treasury and the FSA work toward the common aim of increased financial stability.[31] In 2010 the incoming Chancellor announced his intention to merge the FSA back into the Bank. As of 2012, the current director for financial stability is Andy Haldane.
....
The Bank used to be responsible for the regulation and supervision of the banking and insurance industries, although this responsibility was transferred to the Financial Services Authority in June 1998. After the financial crises in 2008 new banking legislation transferred the responsibility for regulation and supervision of the banking and insurance industries back to the Bank.
In 2011 the interim Financial Policy Committee (FPC) was created as a mirror committee to the MPC to spearhead the Bank's new mandate on financial stability. The FPC is responsible for macro prudential regulation of all UK banks and insurance companies.
Amazing. Wonder if this was said with a straight face.
quote:
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.”
reminds me of Cantor Fitzgerald claiming they "lost" emails and all hard drive records on insider trading 2 days before 9/11
hilarious how the average citizens metadata is harvested for decades and tabulated, yet the cabal always knows how to destroy their own records, in the billion$
And Justice for some......
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