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uk libor hearings July 16, 2012

Posted by Bradley in : financial regulation , trackback

At the Treasury Select Committee Jerry del Missier appeared. Neither del Missier nor the Committee seemed on top form here. They went round and round – committee members tried to get him to make damaging admissions, and what they got was mostly that he didn’t know what was going on.

Then the FSA team: Turner, Bailey, McDermott. Bailey and Turner seem pretty clear that Diamond’s evidence to the Committee gave a not very accurate impression of Bailey’s visit to Barclays and the Turner letter. Turner said that his letter was the only letter he had sent of this type as Chairman of the FSA. Barclays was a problem in terms of its attitude to regulation. The Committee members were competing with each other over how critical to be about the FSA and its response to the Libor fixing issues, with a number of references to ordinary people and what they would think about the whole thing.

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