Rigged: The Incredible True Story of the Whistleblowers Jailed after Exposing the Rotten Heart of the Financial System

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Interviewing him in November 2010, the US regulator confirmed it had seen data that Chase New York had offered to lend at 4. The government’s fact sheet states that under the new offence, an organisation will be liable where a fraud offence is committed by an employee for the organisation’s benefit, and the organisation did not have reasonable fraud prevention procedures in place. The state's pursuit of Libor traders from 2012 onwards took place amid mass public anger towards banks and bankers for the role they played in the global financial crisis of 2008, which hit economies the world over.

The bankers that went to jail were the ones who put their faith in the justice system and told the truth. Andy Verity refers to evidence indicating that in October 2008, central banks including the Bank of England, the Banque de France, the European Central Bank, Banca d’Italia, Banco de Espana and the Federal Reserve Bank of New York intervened on a large scale in the setting of Libor and Euribor. While 37 traders and brokers have been prosecuted by the US Department of Justice and the UK's Serious Fraud Office, jurors in nine criminal trials for much smaller-scale interest rate "rigging" held in London and New York between 2015 and 2019 were never shown this evidence. A truly shocking story of collusion, conspiracy and cover up at the heart of our financial establishment that have led to grave miscarriages of injustice. Some evidence has previously emerged of Bank of England and UK government involvement in manipulation of interest rates.Davis said that prosecutors instead “switched their focus away from the state-sponsored lowballing” to focus on lower level traders and Libor submitters. It was infuriating getting to know these junior bankers and seeing them scapegoated all the way to a prison cell.

At the height of the 2008 financial crisis, when bank lending had almost ground to a halt, central banks around the world urged calm. traders have been prosecuted at the time of writing, with 11 convicted, 13 acquitted and 6 on the run. MPs are demanding an inquiry into claims that central banks and authorities misled parliament during their investigations into the rigging of the London Interbank Offered Rate, known as Libor.As with any book about the financial crisis and the aftermath, it’s hard to follow without having some understanding (and probably first-hand recollection) of the whole period. A co-ordinated drive by national central banks and governments pressed banks to manipulate the Libor and Euribor benchmark interest rates at the height of the 2008 financial crisis, an exposé to be published next week alleges. They were sentenced to huge jail terms for crimes which were at best minor, and may never have committed at all. You can change your choices at any time by visiting Cookie preferences, as described in the Cookie notice.

As Rigged reveals, their instructions come first from top bosses – then from central banks and governments. Andy Verity is the award-winning economics correspondent for BBC News, covering finance and business on the BBC radio and TV bulletins as well as reporting for BBC's Panorama, Newsnight and BBC Radio 4's investigative strand, File on Four.

Andy is the award-winning economics correspondent for BBC News, covering finance and business on the BBC radio and TV bulletins as well as reporting for Panorama, BBC Newsnight and BBC Radio 4’s investigative strand, File on Four. The BBC's Andy Verity has revealed the existence of a recording which appears to indicate that the Bank of England and the Treasury pressured banks to "lowball" their Libor submissions during the financial crisis.

This book, which shows the Establishment in Britain and the US at its very worst, has totally destroyed my faith in British and American justice.

To do so had become necessary because the Bank of England, along with the Federal Reserve in the US and the European Central Bank, was itself manipulating the numbers in the grandest possible way. Nineteen traders have been convicted and nine jailed because of court rulings that outlawed any influence on Libor apart from the interest rates on offer on the money markets at which a bank could borrow and lend cash. S. authorities covered up state involvement in Libor rigging and scapegoated low and middle-ranking bankers, some of whom spent years in jail, a senior Conservative MP told the House of Commons on Thursday. Andy Verity BBC Economics correspondent and author of the book Rigged joined Joe on the show this morning. However, the US authorities appear not to have investigated the US central bank's rumoured intervention in their final notices for Barclays.