sharing news and views from Crouch End and Hornsey
I'm really quite pleased that England won a test series against the West Indies and are currently 2-nil up against Australia in a one day series. I'm happy that Andy Murray is through to the next round at Wimbledon, for the time being he can go on being British, only when he loses does he go back to being Scottish. I'm utterly delighted that Mark Cavendish has won a stage in the Tour de France and that Bradley Wiggins might be in contention for the overall win - those rides are just mid blowingly hard.
But I am a bit disappointed that our banks have let us down again. Fixing Libor to suit your own transactions is just a massive breach of trust. Massive. I'm slightly surprised that they were able to do it. Which of the regulators took his eye off that ball. And after all the other naughty things they've done - PPI mis- selling and stitching up the small business man with interest rate swaps for example.
I heard a commentator suggest that fixing Libor would be like a doctor prescribing drugs you don't need just to just to get a kick back from the drug company, as though he thought that could never happen. And what have Glaxo just been fined $3billion for - persuading doctors to prescribe drugs we really shouldn't be having!
Can we trust no-one? Well, obviously not journalists with their nasty phone hacking and police bribing habits.
Nor the Met Office who predicted in March that April May and June would be unusually dry!
Luckily we have politicians to look after our interests. When that is they have finished looking after their own expense claims and boosting their own pensions, or appointing their phone hacking cronies to well paid public office, or getting into bed with Murdoch (or going to war with him or whatever). And now the EU looks a bit iffy as a destination for the super annuated ex House of Parliament employee, they plan to feather their own future nests by turning the House of Lords into a rest for them.
Dear, Oh Lor'
Adrian, it's worth reiterating that the daily production of LIBOR involves not only involves submissions of overnight interest rates by a number of investment banks but also algorithms that a) discard outlying rates and b) average the inlying rates. Accordingly, only a cartel of rate providers could hope to influence the published rate, which means that if the rate were being systemically fixed, many heads will probably roll from Whitehall to Canary Wharf and back again!
I have not tried to understand this mechanism before. \what you describe seems sensible, its like the scoring for ice dancing. But what it means is that that particular conspiracy must be near universal. Let's hope the cyclists have a good day.