Libor was an open secret
The Bank of England is being dragged into the Libor scandal at a trail of trader Tom Hayes, who is accused of rigging rates. BOE chief currency dealer Martin Mallett was fired last November for serious misconduct.
Back in 2007, he was copied into emails that were sent out to collude on skewing Libor. It doesn't appear that Hayes' emails were directly sent to Mallett but instead they saw the same emails that contained daily forecasts for Libor. There was no suggestion Mallett knew of, or was involved, in any manipulation.
The story itself is more of an interesting look at how it was done, rather than any ties to the BOE.
What's so fantastical about the entire episode is that everyone knew it was manipulated. I mean, at the height of the crisis the numbers were a total joke.
