Being asleep on the job when the banking crisis hit, and failing to keep inflation to 20%pa for pensioners was enough to get Mervyn promoted to 'Sir' and a welter of new powers headed in his direction.
Now it's 100% certain that Mervyn knew Libor was rigged, and 90% certain he was complicit in bullying the banks to rig it, the only option I can see is for Mervyn to be promoted to join the crooks and fraudsters in the House of Lords, with Paul Tucker being manoeuvred into the position of blame so Mervyn, Brown, Balls and Darling appear incompetent rather than corrupt.
Expect Mervyn to take the ermine before the end of 2014.
Adrian