New Book Reveals Central Banks’ Role in Libor and Euribor Rate-Rigging Scandals

According to an extract from a publication called “Rigged,” cardinal banks and planetary policymakers helped coordinate the rate-rigging scandals Libor and Euribor connected a ample scale. Written by Andy Verity, the publication exposes however assorted cardinal banks and politicians exerted unit connected banks during the Great Financial Crisis (GFC). This coordinated effort sheds airy connected the grade of the ungraded and the alleged engagement of almighty institutions successful manipulating the rates.

Verity’s ‘Rigged’ Uncovers Shocking Details About Rate-Rigging Scandals

The Times dropped a fiscal bombshell connected May 22, 2023, with an exclusive extract from Andy Verity’s latest book, “Rigged.” The nonfiction details however cardinal banks and governments exerted unit connected banks to manipulate cardinal involvement rates during the 2008 fiscal crisis. Shockingly, this accusation was not utilized erstwhile the U.S. Department of Justice (DOJ) and the U.K.’s Serious Fraud Office cracked down connected astir 40 traders and brokers progressive successful the Libor and Euribor scandals, arsenic reported by Zerohedge.

Zerohedge sheds much airy connected the revelations from Andy Verity’s book, “Rigged,” which the BBC besides reported connected successful their nonfiction titled “Interest complaint ‘rigging’ grounds ‘covered up’ by banks.” According to Verity’s book, during the Lehman situation of the Great Financial Crisis (GFC), “markets astir the satellite were successful a full-blown panic, with stock prices plummeting.” In response, Verity claims that “central banks decided to enactment unneurotic to get existent borrowing rates down.”

The Libor and Euribor scandals were among the astir significant fiscal frauds to look from the Great Financial Crisis (GFC). The scandals progressive the manipulation of 2 cardinal involvement complaint benchmarks: the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The ungraded archetypal came to airy successful 2012, and the Euribor ungraded unfolded astir the aforesaid time. It is believed that the motive down the complaint rigging was to marque definite banks look much financially unchangeable than they really were.

The BBC study revealed shocking allegations that the U.K. Treasury Committee of MPs chairman, Andrew Tyrie, believes Parliament “appears to person been misled.” Tyrie added that “the grounds that Mr. Verity has unearthed powerfully suggests that the committee’s enquiry into the Libor ungraded was not told the full truth.” According to Verity’s book, “Rigged,” the ungraded was not a concealed to everyone, arsenic the U.S. Federal Bureau of Investigation (FBI) was allegedly informed of the rates scandals successful November 2010.

The extract from Verity’s publication exposes the ostensible engagement of respective cardinal slope entities, including the European Central Bank (ECB), the U.S. Federal Reserve Bank of New York, the Bank of England, Banque de France, Banco de Espana, and Banca d’Italia, successful the Libor and Euribor benchmark events. The Times reached retired to immoderate of the entities mentioned successful the book, but a fewer declined to remark connected the matter.

What bash you deliberation should beryllium done to clasp cardinal banks and governments accountable for their engagement successful the Libor and Euribor rate-rigging scandals? Or volition they ne'er beryllium held liable for the accusations? Share your thoughts astir this taxable successful the comments conception below.