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Spotlight Ideas managing director Stephen Pope argues Barclays is likely not the only bank involved with the Libor manipulation scandal.
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I think you've had -- damn.
One of the world's best known bankers is out of a job and Britain's house of commons.
Well now vote on how to investigate the entire industry Barkley CEO Bob Diamond forced out this week.
-- grow by the UK parliament about the manipulation of interest rates.
And it diamond now says that it would be goes beyond what Barclays did British lawmakers want to know whether other banks also -- involved in.
Fixing the benchmark Libor rate Stephen Pope -- -- -- My idea is -- in London.
Welcome Stephen what are the chances that we will very soon see charges filed against more banks in this scandal.
-- I think there's a very high chance of that will happen because it's not just Barclays alone one bank cannot manipulate the Libor -- One needs a minimum of five imported at least -- I would sites have an effective charts -- by the lowering or raising the rates.
So while the bank -- will be cool to accounts in front of the parliamentary committee.
Also next week we have the deputy governor of the Bank of England -- -- he has to account for himself.
Wasn't just booked on hero truth what's and other banks so there's plenty of loose ends to be a tie together on this.
-- do we know.
Whether indeed Barclays succeeded in manipulating the Libor which governs -- 350 trillion dollars and in movie money or about money moving around.
Did they succeeded many playing it to their benefit.
I think there's a lot of accusation that they did actually achieve -- result played in this -- Because of the time this was happening 20078.
Barclays wars in dire need of some -- to assistance we know they chose to -- over the qatari royal family has -- -- with the British taxpayer that's seem to about -- wanna tune of British government.
They -- so -- is trying get the boring costs down because they were seen.
Globally is being a slightly weaker institutions -- they were desperate to get the rates down.
That seems to have happened otherwise it would be no other theories on why mr.
-- would have felt it appropriate.
To -- to protect the -- Craig -- -- -- -- Let's move while we're now to some interest rate news this this morning of the European Central Bank cannot cut a quarter point to zero point 75.
The Bank of England kept rates firm.
Will Europe have to cut again did they cut enough.
I think they would have to -- -- at least 35 basis points before this year is out.
I think what we need to see is some allowance for quantitative easing from the ECB justice we see with the Bank of England are indeed -- and Federal Reserve.
The year is an economy is clearly struggling data this week indicates that.
So I think that they've made the move but anyway just changing the -- refinancing rate is not going to be enough to help here's an economy we do you know more measures.
Yeah it sure hasn't helped here in the US either.
And -- what about the Bank of England did they error by not cutting at all.
I think -- they property reached a level that comfortable -- The ability should put more money into the QE program is going to be helpful to keep -- Q shields -- And that coupled with -- money that was announced by the chancellor George old -- few weeks ago should actually see more money filtering into the the banking system.
We just hope they got to be -- to.
Put this out to work we didn't small -- about hassle so creditworthy households what I don't want is government cleaning up on banks and -- them who to lend to how much when they should do it is gonna be commercially based decision both politically driven decision -- OK thank you so much for being on the Stephen.
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