ML-Implode News - One thing is clear-- the Bank knew Libor was broken and did nothing

... Andrew Tyrie, the TSC's chairman, believes Diamond's infamous memo which emerged on Tuesday does read as Tucker giving Barclays the nudge and wink to lower its Libor submissions in October 2008. "It reads that way to anyone that looks at it," he said.
So Tucker needs to address that. Tucker also knew that "not all banks were providing quotes at the levels that represented real transactions" because Diamond told him -- unless he claims Diamond's memo is false.
Similarly, Whitehall -- be it ministers or officials -- knew Barclays' Libor pricing was higher than other banks'. However, Tucker appears to have refused to pass on Diamond's explanation for this to Whitehall, saying, "oh, that would be worse", unless, again, Diamond's memo is misrepresenting the facts.

Relevant:

One thing is clear-- the Bank knew Libor was broken and did nothing