Tag Archives: Libor

Remember the Libor scandal? It seems Boris Johnson is connected to it

Boris Johnson: The more we find out about his corrupt friends, the less suitable he seems as prime minister.

Here’s an interesting snippet from Private Eye, highlighted by Beastrabban:

Private Eye in their edition for 12th-25th July 2019 carried an article revealing that two of BoJob’s donors were also responsible for Libor fiddling. The article, ‘Dough Nuts’ on page 5 ran

The latest register of MPs’ interests reveals Boris Johnson’s earnings from speaking engagements in the past six months alone came to £356,267.36. It also identifies the moneybags sponsoring his leadership bid.

One such is Alex Wilmot-Sitwell, who was co-chief executive of UBS’s investment banking division during the era of the Libor scandal. Here is what Andrew Tyrie MP, chairman of the parliamentary commission on banking standards, said in January 2013 of Wilmot-Sitwell and three of his UBS colleagues: “Since they’ve just acknowledged in front of us that they were ignorant and grossly incompetent… it strikes one they shouldn’t be on an approved persons list.” A month later, the bank was fined £940m by US and UK regulators for Libor rigging. 

Another of the new donors to the Johnson cause is IPGL Ltd, which gave £20,000 on 28 May. The majority shareholder in IPGL is former Tory party treasurer Michael Spencer, whose firm Icap (run by Spencer and owned by IPGL) was also fined for its role in Libor-rigging. Three years later, the Cabinet Office’s head of ethics blocked David Cameron’s recommendation that Spencer receive a peerage.

Johnson isn’t the only leadership candidate to benefit from Spencer’s largesse. In April he offered a member of staff at a cost of £28,980 to work for Dominic Raab. On 28 May he handed £20,000 to Michael Gove. A week later Jeremy Hunt got the same amount. One thing’s for sure: Spencer has backed the winner.

Which is just another little piece of information showing how corrupt BoJob’s business connections and sponsors are.

The scandal over LIBOR (the London InterBank Offered Rate of interest, calculated through submissions of rates by major banks across the world) broke out when it was discovered in 2012 that banks had been falsely inflating or deflating their interest rates to profit from trades, or to give the impression that they were more creditworthy than they were.

The Beastrabban piece links also to a Zelo Street article connecting Jennifer Arcuri – to whom Mr Johnson is alleged to have shown inappropriate favouritism during his time as London Mayor – with convicted LIBOR fiddler Tom Hayes.

So it seems people with connections to the LIBOR scandal added their support to Mr Johnson’s Tory leadership campaign – and we’re hearing that people who supported him are trying to rig Brexit in order to make billions of pounds from the damage “no deal” would cause (plummeting pound, skyrocketing inflation).

It seems Mr Johnson’s connection with all these alleged fiddlers is so strong that, when he retires from politics, he should probably join them in a string ensemble.

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/


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David Cameron’s dream: a Britain without hope

Here’s an article that brings home the truth about David Cameron’s “Hopeless” Britain. It’s entitled ‘This cruel welfare system is steadily crushing lives – where is the anger?’ Read it and weep.

Having read it myself, I’m glad to see that at least one Guardian contributor appears to agree with my opinion of Liam Byrne, as expressed in my blog back in January.

I believe I can answer the question posed by this article. There isn’t any anger because the prevailing emotion is DESPAIR. John Harris correctly deduces the government’s attitude to welfare, as prompted by companies like A4E, Working Links (who?), Serco and G4S. The trouble is, this is the government’s attitude, and we’ve seen that its far-right policy isn’t for changing just because benefit recipients are suffering!

There will be no Parliamentary rebellions; the Tory back-benches are behind Mr Cameron all the way and the Liberal Democrats are useless as anything but Tory enablers. The saddest part of their involvement is the fact that they will be blamed more than the Tories themselves.

The despair has spread to other scandals – the current banking issue is a prime example. The government wants an inquiry led by its own ministers, right? We know that half of Conservative donations come from the financial sector; Mr Cameron’s personal fortune is based in banking and tax avoidance (or so we’re told); the millionaires in his cabinet are heavily involved in banking. Therefore we can deduce that any minister-led inquiry will whitewash the banking sector and those who have been fleecing us – ‘us’ being ordinary working- and middle-class people who have to use banks to keep what’s left of our cash safe – will go scott free. The people see no way to prevent this.

Finally (although I could go on), Mr Harris asserts that the previous government’s social reforms are partly to blame for our current woes. There is certainly an argument for this and, together with the Labour leadership’s apparent inability to champion popular opinion, it means the people cannot expect the situation to improve, no matter who gets into power after the next election.

This is Britain under David Cameron. Hopeless. Perhaps this is why he is so fond of saying that word at Prime Minister’s Questions. It’s certainly why despair is the prevalent emotion, rather than anger.

Personally, I refuse to give up. I say: Britain needs to change. And the way to make sure it does is to be as vocal about it as possible. Demand change at every opportunity. Force ministers to explain themselves wherever they go. Make their position as difficult as it can be – after all, that’s what they’re doing to you.

If you give in to despair, and let them walk over you, then you’re as much a part of the problem as they are.