FP’s Terence Corcoran: The Libor fixes that weren’t

National Post | Full Comment

As we all know, the great British financial institution, Barclays Bank, is guilty of manipulating the London interbank offered rate (Libor). As a result, the bank’s top executives — chairman Marcus Agius and CEO Bob Diamond — resigned three weeks ago, obviously guilty of financial wrongdoing described by one leftist chronicler as the financial crime of the century and by British Chancellor of the Exchequer George Osborne as a function of “systematic greed” within banking that had ruined the British economy.

But what we all know is wrong. None of the grand claims of bank bashers, demagogic politicians, regulators and central bankers about Libor manipulation is supported by the facts as released to date by British and U.S. government officials. There is no evidence Barclay’s actually manipulated Libor rates, no evidence of systematic greed, no evidence of rate rigging and fraud. What we have plenty of evidence for, however, is…

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