EBOOK

Rigged

The Incredible True Story of the Whistleblowers Jailed after Exposing the Rotten Heart of the Financ

Andy Verity
(0)
Pages
352
Year
2023
Language
English

About

Rigged exposes a cover-up at the highest level on both sides of the Atlantic, upending the official story of the biggest scandal since the global financial crisis. It picks up where “The Big Short” leaves off, as the dark clouds of the financial crisis gather. Banks' health is judged by an interest rate called Libor (the London Interbank Offered Rate). The higher the Libor, the worse off the bank; too high and it's goodnight, Vienna. Libor is heading skywards. To save themselves from collapse, nationalisation and loss of bonuses, banks instruct traders to manipulate Libor down—a criminal practice known as lowballing. Outraged, traders turn whistleblowers, alerting the authorities.
As Rigged reveals, their instructions come first from top bosses—then from central banks and governments. But when the scandal explodes into the news, prosecutors allow banks to cover up the evidence pointing to the top. Instead, they accuse 37 traders of another kind of interest rate 'rigging' that no-one had seen as a crime. In nine trials from 2015 to 2019, nineteen are convicted and sentenced. Rigged exclusively shows why all the defendants are innocent, and how any real culprits go unpunished.
How could this happen? Turns out, it's not just the market that's rigged.
It's the entire system.

Related Subjects

Reviews

"This book is a must-read for investors, economists and bankers - and all those wary of global 'markets' in money or commodities. It is the story of a judicial system that punished whistle-blowers not perpetrators. Above all, it's the story of how a rigorous investigative journalist, some brave whistle-blowers and the US courts, cracked open a closed and corrupt circuit of London bankers."
Ann Pettifor
"A truly shocking story of collusion, conspiracy and cover-up at the heart of our financial establishment that have led to grave miscarriages of justice. The book surely provides the basis for a renewed Parliamentary inquiry."
John McDonnell MP

Artists