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Breakingviews: RBS leaves Libor danger zone

Wednesday, February 06, 2013 - 03:58

Feb. 6 - The 80-percent state owned bank is getting off lightly with a £400 million fine for its part in the Libor-rigging scandal according to Breakingviews. Plus five hard questions for Mark Carney.

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Steroids is breaking news while BS is leaving the light board danger zone ambulances to extract from Malkani -- me. -- -- had -- economics editor breaking news. Let's run over all BS quickly. Looks like he's dodged a bullet like like. A number of. Answers yes well we're we're getting through this very long and in tremendously embarrassing scandal for the whole industry of traders who weren't supervised in some cases bank managers who seem to be quite willing to. Look the other way or even participate in moderate manipulation. RBS is set to announce a fine around lunchtime today that will be in the mid range on the will not have to give up its US operations looks like. Soon better that it could be what you say dodging a bullet and we have this conversation about on the banks before but it is breaking news happy with the weight Cisco. All the banks actually getting off a little too. Matured breaking views we have individual were right there and views. I think the banks are getting off -- because I think this really suggests an industry that was in very bad moral ethical condition and to pay if you fines and say yes yes we'll do much better. Doesn't really quite get to the depth of the problem of how you can allow this to happen. When he went when he stopped talking about it and -- banks and I'm bringing banks down and of course with the many hundreds of thousands of people that sort of -- sentence. Exactly a year you have to really those of principle and pragmatism here but I think perhaps we've had a little bit too much pragmatism not quite enough principal. So Marconi he's he's up tomorrow. He's he's got a lot to prove. And it's nice to meet people think he he he's ready to put on a bit of -- show. Well this seems to be the idea he's been opening his mouth and saying a lot of fairly daring things for a central banker. I suppose the one thing I would like the man to say you know he's coming in from Canada fresh new look. On high pay have -- to say something quite different from. What time democracy in recent days -- likened to say. Actually there's not much we can do central -- doing what they can and there are a lot of risks and can we please be more modest about expectations I don't think he's gonna -- that. We we -- we just for the five questions up on screen that -- you. You would like into alongside the interest -- humorous I think and it's because this is -- theme. When I was in -- bosses yet it is political independence. When you look at Japan when you look at what is hungry. Com -- and the the encroaching politics and Central Bank independence and it is becoming a -- could have become a thing and I think it -- -- yeah. Hundred more yet Heidi. Area that the nation the central banks -- it would independence was really really important was one that seemed very obvious twenty even ten years ago since the crisis it's become very clear that the most important decisions and central makes bank. Central banks make our political. Do we robbed savers or do we rob. Did the borrowers. And that's a very important decision where we've made of -- decision now the central banks to effectively. Take advantage of savers and for the benefit of -- Did they'll be more diseases like this is they get more involved in regulating banks political -- depends of the Chirac that should be identified as such. And I I wonder what Carney will say but I doubt you'll say be nearly as bulls on two years now we going to be impressed upon. On I would be surprised myself personally but that's a judgment based on ignorance. Look forward to pieces good thanks a lot Edward had us economics edits were breaking news from our agenda setting inside. I watched the US show every day talk buddies and 1730 GMT I'm axle problems is rice's.

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Breakingviews: RBS leaves Libor danger zone

Wednesday, February 06, 2013 - 03:58

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