Shriti Vadera\’s non-denial denial

Yesterday, she strongly denied being involved in conversations about Libor.

“I didn’t speak to Paul Tucker or anyone at the Bank of England about the rate-setting of Libor,” Baroness Vadera said. “I’ve been through my files. I don’t remember anything that would suggest that anyone in government understood some of the allegations that are in this report by rogue bank traders on Libor.”

She added: “it was a completely legitimate concern of government and regulators to worry about the access to credit and the cost of credit to the real economy –that was what the financial crisis was about.

“That shouldn’t be confused in any way with the actions of people, who as I understand for many years from this report, were manipulating how they set Libor.”

Read that carefully: she is clearly talking about the traders manipulating LIBOR to suit their book. Not about the second set, where Barclays (and others?) manipulated LIBOR down to make light of the credit crisis.

And it is the second that she is alleged to have taken part in/encouraged, not the first.

6 thoughts on “Shriti Vadera\’s non-denial denial”

  1. the great redacto

    Yup, and Bob was the smartest guy in the room yesterday and will still be the smartest guy in the room even if facing a judge and QCs rather than pipsqueak MPs. What is needed is *clears throat* moral renewal and boards and among rapacious institutional shareholders. But since that is too difficult, we shall merely get constipated and ill-thought-out regulation which the banks will dance round.

  2. Most reports seem to be conflating the two types and instances of Libor manipulation, and suggesting that (in the second case) keeping the Libor low cost billions of mortgage, loan and credit card holders trillions.

  3. Oh. I read these in reverse, and I see (now) from your previous article that Cameron did the latter as well. He also thinks we’re better off In.

  4. Is this Shriti Vadera person any relation to Shreiky Vadera or Shitty Vadera, who were also members of the Brown Gang?

  5. Not only conflating the two types of Libor manipulation, but confusing them with swaps mis-selling. Hence priceless comment from Sunny Hundal that Libor manipulation ripped off thousands of small businesses. No it didn’t – that was the swaps problem. Just shows what happens when you report two scandals involving the same bank on the same weekend.

  6. I’ve often thought that Stanley Unwin was a man ahead of his time.

    Born 50 years later, he’d have been a multi-millionaire

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