Could LIBOR Scandal Bring Down UK Government?

www.huffingtonpost.com...

Reports are surfacing that US Federal Reserve did nothing about Libor issues despite concerns being acknowledged as early as 2007.

Governor of Bank of England denying that he was told to turn a blind eye by Cabinet level ministers.

If it turns out that British Cabinet level ministers told Bank of England to turn a blind eye, there are massive implications on this that could cause the fragile Lib Dem / Conservative Government to collapse.

Britain, even with all their problems, were seen as a stable economy compared to the Eurozone. Maybe all that's about to change if the public lose confidence in their banking system.

Originally posted by babybunnies
If it turns out that British Cabinet level ministers told Bank of England to turn a blind eye, there are massive implications on this that could cause the fragile Lib Dem / Conservative Government to collapse.

Why? It Labour were in power at the time, not the Coalition. It could seriously damage the Labour party though.

Originally posted by AndyMayhew

Originally posted by babybunnies
If it turns out that British Cabinet level ministers told Bank of England to turn a blind eye, there are massive implications on this that could cause the fragile Lib Dem / Conservative Government to collapse.

Why? It Labour were in power at the time, not the Coalition. It could seriously damage the Labour party though.

Coalition has been in power for at least two years. Quit trying to blame everything on the previous Government. You sound like Obama trying to continue to blame Bush.

It's likely that the current Government knew about this too.

All the banks knew about it
I bet most of the people in government had no idea.

The banks are liable, and i hope this is the trigger that implodes them for good.