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.
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.
If we take Bob Diamond and Paul Tucker at their word, part of the Libor scandal at Barclays Plc can be chalked up to a series of comic misunderstandings, like a children’s game of telephone. It’s a bit much to swallow, but the spectacle sure has been fun to watch.