TaxPayers' Alliance supports call for investigation into Libor Rate fixing and the cost of the bank bailout

June 30, 2012 1:46 PM

We have today joined Andrea Leadsom MP in demanding an investigation into the effects of the Libor rate-fixing scandal on the cost of the bank bailout to taxpayers.

Our Director Matthew Sinclair will write to the Comptroller and Auditor General, arguing that the National Audit Office should look into whether "law abiding families are on the hook for the consequences of attempts to fix this critical market".

Matthew Sinclair, Director of the TaxPayers' Alliance, said:
"While many people will have lost out, taxpayers will be particularly angry if manipulation of the Libor rate increased the size of the bank bailouts directly or indirectly. Their money was put at risk with the bailouts and it will be a further scandal if the staff at the banks exacerbated the cost of that through such unethical behaviour. Andrea Leadsom is right to call for an urgent investigation to establish whether law abiding families are on the hook for the consequences of attempts to fix this critical market."
We have today joined Andrea Leadsom MP in demanding an investigation into the effects of the Libor rate-fixing scandal on the cost of the bank bailout to taxpayers.

Our Director Matthew Sinclair will write to the Comptroller and Auditor General, arguing that the National Audit Office should look into whether "law abiding families are on the hook for the consequences of attempts to fix this critical market".

Matthew Sinclair, Director of the TaxPayers' Alliance, said:
"While many people will have lost out, taxpayers will be particularly angry if manipulation of the Libor rate increased the size of the bank bailouts directly or indirectly. Their money was put at risk with the bailouts and it will be a further scandal if the staff at the banks exacerbated the cost of that through such unethical behaviour. Andrea Leadsom is right to call for an urgent investigation to establish whether law abiding families are on the hook for the consequences of attempts to fix this critical market."

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