A representative of the estate of the late, Sir Jimmy Savile, is to appear in front of the Treasury Select Committee next week, amidst allegations that he fixed it for the bank of England to artificially lower LIBOR rates during the 2008 credit crisis.
It is rumoured that Savile has had top city execs in his pocket since the late seventies, and wielded considerable influence over the City. One bank chief, who declined to be identified for legal reasons, said that “He was a very powerful chap, we were always on tenterhooks if Jimmy was around. He had a permanent golden throne in the boardroom, and a spare oak wardrobe in the executive washroom”.
Although Savile’s public persona was that of an affable children’s TV personality, in private he was a ferocious character, and would frequently loose his temper.
Retired city executive, Hamish Coburn-Wattingley, recalled of Savile, “We were all very frightened of Jimmy, I remember once, back in 86 when we’d just closed a multi-billion dollar debt restructure for the Government of Siam, we were celebrating with champagne and caviar in the executive lounge. Jimmy was sitting on one of the burgundy chesterfields in the corner when one of the interns, Fergus, went up to speak with him, probably to show him his walkman. Before we knew it, Jimmy lashed out at him, caught him right on the nose, picked him up and carried him out on to the balcony. He then threw poor Fergus over the edge, repeatedly shouting ‘now then’ until the poor boy hit the pavement”.
Savile’s involvement in the LIBOR rigging scandal dates back to a telex that was sent to him by Paul tucker, then deputy chief of the Bank of England, asking for Savile to fix it for him to fix LIBOR. The telex reads “…Dear Jim, I would very much like it if you could fix it for me to fix the London Interbank Offered Rate because my boss is very angry at me, because people can’t buy houses anymore and because his bolt-hole in Tetbury is starting to shed equity”.
The rest of the telex is mysteriously missing, but a source close to the deputy governor believes that it ends with further requests, pertaining to racing a motor car in space, having a laser-sword fight, and something about Sue Barker.
Tucker held a video conference with bank bosses to engage them about LIBOR, one witness said of the conference, “Tucker asked us to lower LIBOR for him and we all started laughing, we told him that it couldn’t be done and that what he was asking of us was illegal and immoral. Just as our laughter reached a crescendo, and Tucker looked like he was about to cry, Jimmy walked into view at the back of Tucker’s office, looking menacing, he was wearing a full-length fur coat and was smoking a huge cigar. I can tell you the laughter stopped straight away, you could hear a pin drop, we all agreed to it right there and then”.
The investigation into LIBOR rigging continues, but it is unclear how quickly the investigation will progress. Many city bosses have gone into hiding for fear of their safety, with only a handful agreeing to go into the witness protection program and testify.
It seems that even in death, Jimmy Savile remains a powerful figurehead in the City of London.