Re:Libor: Bank of England implicated in secret recording
by branchless on Monday April 10, 2017 @07:19AM
(#14077506)
No this is warped. They put profits before stability, then needed low rates forever, then had to lie again.
The problem was: how do you combat fear? The LIBOR submissions were pretty transparent and investors were using it as a way to guess which banks would be the next to fail. I guess the BoE either thought they needed a short term solution / didn't have the time or appetite to change the way LIBOR was submitted. Or they thought that if they were hidding individual bank submissions (which they ultimately did), it would only aggravate fear.