BoE: banking is a “cesspit” and says there may be another LIBOR.

July 9, 2012 Finance 

Telegraph: “Paul Tucker (deputy governor) told MPs that Barclays’ abuse of the Libor system may be only one part of the banks’ dishonesty over crucial financial information, suggesting that other markets should now be investigated.” “An official inquiry into Libor – which helps determine interest rates for householders and businesses – should be broadened to include several over markets where banks are trusted to report their own data, he said. ….Mr Tucker said he could not be sure that abuse of the Libor system is not continuing to this day, telling the committee: “I can’t be confident of anything after learning of this cesspit. ….Some markets in gold and oil are also based on self-certification.”

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