Libor scandal: Osborne and Balls clash over banks inquiry

[FarCenter]

The pair clashed after Mr Osborne accused the shadow chancellor of being involved in the Libor rate-rigging scandal.

Mr Balls denied any involvement and claimed Mr Osborne's "cheap and partisan" conduct "demeans the office he holds".

MPs will vote on whether to back Labour's call for a full, judge-led independent inquiry into the culture of banking or support the Government's preferred option of a parliamentary investigation.

In heated opening exchanges, with deputy Commons speaker Nigel Evans battling to maintain order, the shadow chancellor said Mr Osborne's actions illustrated the need for an independent investigation.

Challenged by Tory James Morris (Halesowen and Rowley Regis) on his actions in Government, Mr Balls said: "At no point, at any time when I was an adviser or a minister in the City, was any point put to me by the Financial Services Authority, the Treasury, the Bank of England or anyone in this House that there was any reason to doubt the integrity of the Libor market, which only came to light subsequently and has now been properly investigated."

http://www.telegraph.co.uk/news/politics/9378829/Libor-scandal-Osborne-and-Balls-clash-over-banks-inquiry.html

[dtom67]

1. not a chance...

There is so much money involved that this will get swept under the rug. The banking sector will do as it pleases and if they get caught, a few heads will roll ( with compensation, of course ), but they will keep doing whatever they want.
Just look at the way that the US congress fellated Jamie Dimon after their $9 billion Loss. It was portrayed as a carpet call, but our elected officials wasted no time in kissing Dimon's ring.

[sabrina 1]

2. Could be, and they sure are stalling. However this is pretty bad

and as more and more people realize the extent of the corruption, they may not be able to cover it up anymore.

If there was any legitimate authority left anywhere, that they have not corrupted with money, the investigation would have already started.

The first step for those interested in seeing some justice, is to explain what they were doing in terms that are understandable to the people.

Just using words like LIBOR eg, means nothing to the average person.