Monday, May 22, 2023

The 2008 banking crisis rate-rigging

'Lie-bor-Gate' 2.0 - Rate-Rigging During Lehman Crisis Was Allegedly Central-Bank-Led

MONDAY, MAY 22, 2023 - 06:35 AM

Just when you thought it was all over (or couldn't get any worse)...

In the last decade, 37 traders and brokers have been prosecuted by the US Department of Justice and the UK's Serious Fraud Office for their roles in 'rigging' interest-rates during the Great Financial Crisis (GFC).

However, in extracts from Rigged, a book by Andy Verity on the Libor-rigging scandal (published in The Times), he explains how in 2008, it was central banks and government that pressed banks to bring down key interest rates, but none of this evidence was ever shown to jurors in nine criminal trials which resulted in multiple jail sentences for those involved (19 convicted, 9 jailed).

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