Bank of England Deputy Governor Paul Tucker’s account of his involvement in the Libor scandal stoked new criticism of the bank’s oversight failures as he struggles to stay in contention for its top job next year.
Bank of England Deputy Governor Paul Tucker will testify today on the Libor scandal that cost Barclays Plc’s top three managers their jobs and cast doubt on his prospects of succeeding his boss, Mervyn King.
Paul Tucker, whose three-decade career at the Bank of England marked him out as the leading candidate to become the next governor, failed to secure the top post after the Libor scandal undermined his bid.
Bank of England Deputy Governor Paul Tucker said no government minister or official pressured him to instruct Barclays Plc or any other U.K. commercial bank to lowball its Libor submissions during the financial crisis.
Former Bank of England Deputy Governor Paul Tucker, who lost out on the top job at the central bank after being drawn into the Libor-rigging scandal, was given a knighthood in Britain’s New Year’s honors list.