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

Product Information

The rate depended on daily submissions from low-ranking bankers to form a consensus on the cost of funding on any given day. Once the author got into the outrageous prosecution and persecution of junior bankers, that is when the book got fascinating. 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.

So, even as the government worked to make money cheaper than ever, they continued to charge much higher rates for any money they actually did lend. You can change your choices at any time by visiting Cookie preferences, as described in the Cookie notice.In 1991 the former Morgan Stanley trader Douglas Keenan reported that banks were increasing their profits by misreporting the amount it would cost them to borrow. Andy Verity has done a MAGNIFICENT job over the years, refusing to follow the government/bank/judicial narrative that the traders were "black sheep" and "greedy bankers". 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. Tucker rejected allegations of low-balling, saying the Bank believed the numbers represented "a malfunctioning market, not a dishonest market. They remain the only bankers jailed since the 2008 financial crisis – and they’re innocent of the crimes of which they are accused.

Mr Johnson was asked no further questions and the Department of Justice's final notices fining banks for Libor manipulation made no mention of any US central bank intervention.

Their argument is that the Bank of England has no business attempting to influence market rates, that those at the Bank who did this should be brought to justice just as traders who rigged Libor have been, and that businesses, households and public sector bodies that lost money when the Bank of England "talked down" Libor should be compensated. The courts not allowing CRUCIAL pieces of evidence to be shown - evidence that would have completely blown their case?

But it was hardly regulated at all and blew up in a huge scandal at the height of the financial crisis 15 years ago when it emerged that the banks that set this key benchmark weren’t exactly being honest. Don’t just read this book – let it become the spark that lights the fire within YOU to campaign for the kind of positive, progressive and purposeful reforms that are so desperately needed.

As its aggressive stance suggests, the cat is meant to suggest such ideas as wildcat strike actions , sabotage , and radical unionism.