'Tucker, deputy governor of the Bank of England at the time, subsequently left the Bank after failing to get the top job in November 2012 and was rewarded with a knighthood for “his services to central banking.”'

One more item (in an endless list) that the working-class can put forward, to justify society finally smashing this -- and all other -- odious ruling-class honorifix and privileges.

'In July 2012, Tucker told a parliamentary committee investigating the scandal that until just weeks before, “We were not aware of allegations of dishonesty” in setting the Libor rate.

'This was a barefaced lie.'

It's so nice, not to have to worry about being slapped with a libel suit, when taking on these scumbags, eh..? Kinda presages how we won't be worrying about mere libel laws, come The Revolution, either...

The trader from UBS that was jailed is called Tom Hayes not Mayes.

How did the rigging of Libor defraud hundreds of millions of people? As far as I can tell for the majority of the time Libor was been artificially dragged DOWN rather than up. Clearly if Libor is moving lower then interest on mortgages, loans etc is going to be cheaper and therefore benefiting borrowers.

Although savers may have been hit via investments they had linked to Libor I highly doubt it was hundreds of millions of people hurt. Most people only have savings accounts with the local banks where rates are based on the base rate.

As for pensions, some funds may have invested in hedge funds who had exposure to MBS but I doubt it was a huge amount of exposure.

I agree that the Libor scandal was wrong and the people involved should be punished but don't agree that millions of innocent citizens were harmed by it. It had little to do with the general public.

Thanks for the reply ChicagoD. That's an interesting point about the pensions exposure, were a significant percentage of their portfolios directly exposed to MBS? As in they owned directly and not through investing in a Hedge Fund who had exposure to MBS.

Just watch 'Max Keiser' on RT, if you want to understand the ins-and-outs of 2 generations+ of financial swindling under the degenerate rise of Neoliberal classwar. In any case: low interest rates have drained all savings accounts, everywhere. Hell: they CHARGE you for keeping your money with them, now.

To the gallows with them all.

They're only like gangsters and police thugs (and carnival sideshow operators and grifters, for that matter): they spend their entire waking lives scheming and plotting against all the rest of us. They're 'professionals', after all. However, 'low cunning' is not quite the same animal as outright intelligence.

Mmm very interesting but concerning. It's so difficult trying to get your head around some of this stuff and a lot of what I've read online about Libor etc seems too simplistic for what is a very complex issue. It's hard to find any decent research about what's going on so I'm glad you challenged my initial comment, it's made me think of it from a different angle for sure. I've always been aware of the conflict of interest that exists in the industry and aware of some of the tactics used but I've definitely mis-understood the ramifications of the Libor scandal.

It will be interesting to hear what else comes out about the BOE's involvement. I believe it was provable that it was only competing banks on the other side of Tom Hayes trades which was a big part of why I questioned Libor's impact on the general public. If in fact the general public was on the other side from others involved than you'd expect a lot more trouble ahead.

Thanks for the book recommendation BTW i've added that to my reading list!

Proof of the system wide corruption of the UK governments, Bank of England, SFO & FCA are irrelevant since there is no chance of those responsible for dereliction of duty and outright corruption ever facing prosecution. Anyone who believes otherwise is living in a different reality. The "haves" will always end up with more at the expense of the "have nots". This has and always will be the way of things. Either accept it or do something about it - en masse.

Many, if not the vast majority of today's Russian oligarchs, have laundered their stolen billions through the City of London. The collapse of the USSR and its looting was carried out by layers of the old Stalinist bureaucracy. Buying stores, football clubs, hotels and so on, this money was cleaned by those London financial organisations that took their cut. As is common with "fences" their cut was probably disproportionately large.
The toll in Russia has been a dramatic collapse in life expectancy, worsening medical and social care. Wages and working conditions devastated. Criminality is rife.
Such criminality can only be ended with a united struggle by the international working class to end the profit system.

In time they must ''all'' be made to pay back every penny with interest.....