LEAVING aside the intricacies of who knew what when in the Libor interest rate rigging scandal, almost everybody has agreed that former Barclays chief executive Bob Diamond made a crucial error when addressing members of the Treasury Select Committee.
Diamond came over all familiar. First it was with Jesse Norman as he used his christian name, though initially it seemed that tactic might be reserved for Norman as a former Barclays employee.
But when Diamond continued with other MPs on the committee, apart from the chairman, some of the MPs felt angered, sure that he wouldn’t have been quite so matey and disrespectful if he had been sitting in front of US lawmakers.
So what will be the tactics used by Paul Tucker, deputy chair of the Bank of England, when he comes before MPs next Monday afternoon.
Needless to say, the Bank of England press office became slightly flustered when asked the question, as if The Capitalist was trying to pin down the Bank’s views on whether it ever felt a slight massaging of Libor might be a good thing, perhaps even in the national interest.
“I refer you to previous occasions when Bank of England executives have sat before the committee,” said an official.
Eventually, when pushed, the official did come out with the piece of information we have all been waiting for as this scandal unfolds: “You can be pretty sure the deputy governor will not address the MPs by their christian names.” Phew, what a relief. All is well on Threadneedle Street.