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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.
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