About two months ago, the Governor and Financial Stability Deputy Governor of the UK’s central bank (known as the Bank of England) testified before a Parliamentary committee on how and why they were asleep at the switch during the LIBOR shenanigans of 2008.
Neither acquitted themselves well, to the point where I called for both of them to be sacked.
As it turns out, the government cannot do that. However, the Governor (Mervyn King) is retiring, and the government appoints his replacement. Amazingly, his deputy – Paul Tucker, the very man who stunned us all by admitting that he didn’t consider fudging LIBOR to be a big deal at the time – is the odds-on favorite to succeed him, literally (Spectator Coffee House).
The British government shouldn’t even think about promoting this clown.
Cross-posted to Virginia Virtucon