New York Fed Transcript: "We Know That We're Not Posting Um, An Honest Libor"

• Read a transcript of the April 2008 call to the New York Fed

Quotes:

"We [Barclays] just fit in with the rest of the crowd if you like.  We know that we’re not posting um, an honest Libor."

The New York Fed representative expresses sympathy and understanding:

"You have to accept it," she says. "I understand. Despite it’s against what you would like to do. I understand completely."

"The Barclays employee explained that Barclays was underreporting its rate to avoid the stigma associated with being an outlier with respect to its Libor submissions, relative to other participating banks," the New York Fed statement said.

More detail can be found here:

• New York Fed's Libor Documents Reveal Cozy Relationship Between Regulators, Banks

Comments

[DailyBail]

CFTC Head Gary Gensler On Libor Scandal: 'We're All Losers'

http://www.huffingtonpost.com/2012/07/13/gary-gensler-libor_n_1672197.html

Short interview...

[Pitchfork]

What self-serving bullshit:

"The New York Fed helped to identify problems related to LIBOR and press the relevant authorities in the UK to reform this London-based rate," the New York Fed said in a statement on its Web site.

[Howard T. Lewis III]

Take a look at that face and tell me he never hung around the neocon 'prince of darkness', Richard Perle. I rest my case. He knows exactly what he is doing.

[DailyBail]

I see the resemblance.