'This doesn't look good, Mr Tucker.' Andrew Tyrie made this observation towards the end of his Treasury Select Committee's evidence session with Bank of England Deputy Governor Paul Tucker. He was talking about the minutes of a meeting in 2007 which suggested Tucker was aware of the lowballing of Libor, but he might as well have been summing up the witness's hopes of taking the reins as the Bank's next Governor.
Before the Libor scandal erupted, Tucker had been the clear leader in the race to take over from Sir Mervyn King as Governor. His desire to appear before the select committee at the earliest possible opportunity was part of an attempt at damage limitation on that bid. But the hearing itself may have damaged his chances still further.
P.S. Thomas Pascoe at the Telegraph has gone further, saying Tucker's 'lack of vigilance ought to immediately disqualify him from the race to succeed Sir Mervyn King as governor of the Bank of England'. He points out that Tucker was as head of markets at the central bank when Libor was being manipulated.