Exposé claims lies and LIBOR collusion by central bankers
The hubris of bankers which caused the Great Recession of 2008 inspired Bitcoin’s creation in 2009. Lest anyone doubt, Satoshi Nakamoto permanently inscribed a headline about bank bailouts into Bitcoin’s genesis block. Now, a new exposé by Andy Verity reveals never-before-seen quotes of bankers as they manipulated and lied about collusion in setting the London Inter-Bank Offered Rate (LIBOR). LIBOR was once the most important interest rate in the world. For decades, it contended with the US Federal Funds Rate as the world’s primary benchmark for short-term interest rates. Due in part to allegations of price-fixing and collusion, UK regulators began phasing out LIBOR in 2021 in favor of a new interest rate called Secured Overnight Financing Rate (SOFR). LIBOR collusion by the most powerful central bankers In his new book Rigged, Verity describes how US banks lied to other banks about the subprime loans they were selling. On the UK side, Verity provides evidence of bankers col...