FTSE 100
Dow Jones

Tuesday, 3 July 2012

Cut Diamond

Last week he said he wasn't going to resign.

Last night he said that if he was attacked by MPs on Wednesday he would come out fighting and tell all about his discussions with Paul Tucker of the BoE.

This morning he was gone, presumably to spend more time with his money.

So what happened Cap'n Bob?  Sorry, that was someone else.

Sounds like it wasn't such a good idea to threaten the Bank of England, not when they are your regulator.  And to talk about discussions with Paul Tucker, listing how and when LIBOR numbers were misreported downwards, would open himself up to prosecution with the SFO and CPS due to report next month.  And it would look worse still when all the other manipulations going back as far as 2004 were considered, where the manipuilation was upward not down, and were not discussed with the BoE.

Much easier to lie low now, take a back seat and fend off a few tricky questions with "I don't know. I don't have access to the files.because I don't work there any more".

Still to give Diamond some credit. He says he is being hounded out of office by MPs.  Maybe or maybe not, but when was the last time an MP resigned because of their culpability in some scandal.

No comments: