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  The BBA does not 'draw-up' the Libor rates. The banks on each panel make their submissions to the BBA, who merely do the arithmetic and publish the results.
  
  When Stephen Green took the reins at HSBC he ran into much flak from shareholders and the City press because he held out against pressure to leverage the balance sheet and make the mistakes made by the other big banks. Why? because he believed it was the wrong thing to do and he had the courage of his convictions to face down his critics. He believed from the beginning that over-aggressive strategies could eventually lead to financial mayhem and bring the system down. I worked closely with him in the late 80s and early 90s and I can say that he is a man of total integrity.
  
  He is as far from Reg's Elite Greedy Pig stereotype as you can get. For many years he has given his entire bonus and most of his salary to charity, keeping only what he required to be comfortable and keep his family secure. He is also a devout Christian and and an ordained priest in the Church of England. He waives his ministerial salary as he does not need it.

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