July 5 - No charge that the Bank of England ordered Libor lowballing, but an apology, denials, and a declaration of love. We decode the testimony to parliament of former Barclays boss Bob Diamond.
When I read these emails from those -- I got physically -- -- reprehensible behavior you're asking me for those actions being dealt with absolutely. Okay it's. We've been dissecting ball diamonds in the a three hours of testimony to the UK parliament yesterday. And for you know -- to trying to equaled what we think are the most important elements of that. Let's play the first clip. I'm sorry. I'm disappointed. And I'm also angry there is absolutely no excuse for the behavior the behavior that was exhibited. In there -- activities. And in that type of -- sales were written. Well as you can hear the above diamonds. That apologetic playing the humble can't trying to get lawmakers and most likely that this -- public on site. Trying to rehabilitate himself in the eyes of the public -- out. You had at the top of that he felt physically ill when he first read those and internal emails from poppies traders. This has echoes of JPMorgan's boss Jamie Dimon said he felt queasy. And apparently couldn't breathe when he -- discovered the multi billion dollar trading policies has bank in the last few months. I did Bob Diamond feel physically ill perhaps he did perhaps you realize they -- not split second. That -- that this could spell the beginning of the end of him out Buckley is on so proved to be. But you've ever done is that ministers or officials. -- in -- toasty here. There's -- New -- so much I believe. So it doesn't get much more cuts than that Bob Diamond clearly saying they are indicating that he didn't and tapped it. Any conversation he had with any official. As our knowledge for Barclays to -- that based on the key conversation in question of course. Is that October 20 ninth 2008 -- he had with apple taco. Deputy governor of the Bank of England 200802 what 2008. With the white heat of the crisis. I'm down the memos those just by Barclays and Bob Diamond indicate. That -- -- buying coming in would not have been our best to Barclays posting lower rates on diamond telling parliament -- that he did not think that was the case. I'm obviously we'll let you be the judge of that. No the next question as when that ball diamond wound all of Buckley's. Changing their postings from higher rates than to -- -- so called low balling -- race this is what he says. All month did you discover the local news distributed this month. Well perhaps he could've been more cuts avenue Peta signs that you just have to -- diamond claiming that he only found out this month. But Barkley is what low balling the Libor -- -- in late 2008. This was has unsettled that says seem to strains credulity. The most out of the -- -- with the text me he gave. -- mine on on top of his business. As expect as he was. This highly paid as he was and involved and money markets as well Bynum was -- not know. Until the last few days or weeks but Barclays looked closely after officially lower rates and libel law. For musical. If you did not know. Then. It doesn't reflect well on him because it would suggest that he was on the negligent or incompetence. And to finish up well of course it was a day of high drama and high tension. But there was still some love in the -- two. I love it -- partners because of the people that is being. -- Put -- or lose in a way that is not representative of the firm that I love someone. Okay I think we get the picture of ball loves Buckley's. You must've said about fifty times -- slight exaggeration. But along with his condemnation of the reprehensible behavior of individual traders involved. This was his most oft repeated praise. You might ask yourself if you like bow hydrates and 100 million pounds plus over the last years. Would you want them to.