Tuesday, July 17, 2012

Everybody's Fault But Mine

The people in charge refuse to take responsibility for anything.
Why did the New York Fed take such an active interest in the potential rigging of Libor, but the Bank of England did not, asks Pat McFaddon

King explains that the two central banks are different: "They're a regulator, we're not ...", adding that the Bank had to pass the concerns on to the BBA.

So you're just a postbox, asks McFaddon?

Certainly not, replies an irked governor. The Bank played an important role in the BBA's inquiry, he adds.

The accountability-free era.