Recently we reported on the fact that the U.S. central bank (Federal Reserve Bank of N.Y.) was feeling the public pressure and attempted some damage control with a public speech by the Pres. & CEO. Now we see the same from the Bank of
DOOM, er… I mean England.
Oh my, the central bank building certainly look like a dungeon of Doom.
Attempting damage control, the bank of England, announced a review, because the fraud, scams, and market rigging in the manipulated global financial industry has tarnished the image of banking and the financial sector as a whole. Will a CEO at a prominent bank be jailed before the markets crash? ~Ron
Bank of England launches wide-ranging review of London’s markets
Nine-month consultation aimed at increasing integrity in investment banking markets, Chancellor George Osborne says
The Bank of England has launched the most wide ranging review of London’s markets in history in an attempt to restore trust in the wake of a number of rate-rigging scandals.
In a bid to maintain the Square Mile’s position as the leading global financial centre, the Bank will set about to repair sentiment in key markets to ensure they are “fair, effective and trusted by all.”
Chancellor George Osborne used his Mansion House Speech this summer to announce the initial review.
Last month, the Treasury said traders who manipulated key oil, gold and currency benchmarks would face the same huge fines or jail sentences as those who attempted to rig Libor and Mr Osborne has pledged to “have the new regime in place by the end of the year”.
[…] We should be candid tonight about another risk.
The risk that scandals on our trading floors call into question the integrity of our financial markets.
People should know that when they trade in London, whether in commodities or currencies or fixed income instruments, that they are trading in markets that are fair and effective.
The revelations about the manipulation of LIBOR added further damage to reputation of financial services, here and abroad. -George Osborne Mansion House speech 2014
Video posted 27 Oct 2014; 25 Banks FAILED the ECB Stress Test!