According to an extract from a book called “Rigged,” central banks and global policymakers helped coordinate the rate-rigging scandals Libor and Euribor on a large scale. Written by Andy Verity, the book exposes how various central banks and politicians exerted pressure on banks during the Great Financial Crisis (GFC). This coordinated effort sheds light on the extent of the scandal and the alleged involvement of powerful institutions in manipulating the rates.

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

The Times dropped a financial bombshell on May 22, 2023, with an exclusive extract from Andy Verity’s latest book, “Rigged.” The article details how central banks and governments exerted pressure on banks to manipulate key interest rates during the 2008 financial crisis. Shockingly, this information was not utilized when the U.S. Department of Justice (DOJ) and the U.K.’s Serious Fraud Office cracked down on nearly 40 traders and brokers involved in the Libor and Euribor scandals, as reported by Zerohedge.

Zerohedge sheds more light on the revelations from Andy Verity’s book, “Rigged,” which the BBC also reported on in their article titled “Interest rate ‘rigging’ evidence ‘covered up’ by banks.” According to Verity’s book, during the Lehman crisis of the Great Financial Crisis (GFC), “markets around the world were in a full-blown panic, with share prices plummeting.” In response, Verity claims that “central banks decided to act together to get real borrowing rates down.”

The Libor and Euribor scandals were among the most significant financial frauds to emerge from the Great Financial Crisis (GFC). The scandals involved the manipulation of two key interest rate benchmarks: the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The scandal first came to light in 2012, and the Euribor scandal unfolded around the same time. It is believed that the motive behind the rate rigging was to make certain banks appear more financially stable than they actually were.

The BBC report revealed shocking allegations that the U.K. Treasury Committee of MPs chairman, Andrew Tyrie, believes Parliament “appears to have been misled.” Tyrie added that “the evidence that Mr. Verity has unearthed strongly suggests that the committee’s inquiry into the Libor scandal was not told the whole truth.” According to Verity’s book, “Rigged,” the scandal was not a secret to everyone, as the U.S. Federal Bureau of Investigation (FBI) was allegedly informed of the rates scandals in November 2010.

The extract from Verity’s book exposes the ostensible involvement of several central bank 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, in the Libor and Euribor benchmark events. The Times reached out to some of the entities mentioned in the book, but a few declined to comment on the matter.

What do you think should be done to hold central banks and governments accountable for their involvement in the Libor and Euribor rate-rigging scandals? Or will they never be held responsible for the accusations? Share your thoughts about this subject in the comments section below.