Thursday, 22 January 2015


Pressure is growing on the Bank of England to clear up the mystery surrounding the sacking of its chief foreign currency dealer.
Lord Grabiner, who led an inquiry into allegations the Bank turned a blind eye to the manipulation of ‘forex’ markets, said yesterday even he was not told why Martin Mallett was sacked last November.

The revelation came as the QC came under fire from MPs on the Treasury Committee, who questioned the ‘integrity’ of his report.

Following an ill-tempered evidence session in Westminster, Tory MPs Mark Garnier and Jesse Norman suggested Grabiner may have let Mallett off lightly and said the QC’s evidence ‘raised more questions than answers’.

Last November the Bank announced it had dismissed Mallett for ‘serious misconduct’. The timing of the announcement raised eyebrows as it came on the same day that six banks were fined £2.6billion for rigging the giant foreign currency market and Grabiner’s report was published.

Grabiner concluded Mallett made an ‘error of judgement’ by not telling superiors about his concerns that banks may have colluded in the foreign exchange markets. But the QC insisted that he had not acted in ‘bad faith’ and found no fault with other individuals at the Bank of England.

Officials at Threadneedle Street said Mallett’s dismissal was not related to wrongdoing in the foreign exchange market, but refused to reveal his transgression.


The White Rabbit! aka Freeman Money ... ;~)
Op. #OTB Has Started 99% HEROES WANTED! :-)

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