This was at the same time as dozens of former traders were criminally prosecuted for much less serious rate “manipulation”, it is claimed. Were the Libor prosecutions an example of double standards in the UK’s approach to fraud prosecutions? Presented by Newstalk's Business Editor Joe Lynam, this 30-minute programme focuses on the key business stories from home and abroad, market analysis, new business innovations and profile interviews. Verity claims that when the Treasury and the Bank of England found out this was happening, they didn’t try to stop the fraud – they made it compulsory. Rigged exclusively shows why all the defendants are innocent, and how any real culprits go unpunished.

In June 2023, he published his first book, Rigged: The Incredible True Story of Whistleblowers Jailed after Exposing the Rotten Heart of the Financial System.Transparency Task Force salutes the work of the national treasure for truth that is Andy Verity; and the astonishing strength of character, resilience, determination and integrity of the traders – innocent people used as scapegoats by people with more influence than integrity; and more power than principles. In 1991 the former Morgan Stanley trader Douglas Keenan reported that banks were increasing their profits by misreporting the amount it would cost them to borrow.

It's "a secret history to which the public would otherwise have had no access," says Verity in the book's preface seen by POLITICO. It was infuriating getting to know these junior bankers and seeing them scapegoated all the way to a prison cell. He formerly presented the daily BBC Radio Five Live show Wake Up to Money with Mickey Clark, until July 2013 when he was replaced by Adam Parsons.Mr Johnson was asked no further questions and the Department of Justice's final notices fining banks for Libor manipulation made no mention of any US central bank intervention.

Corruption, collusion and a miscarriage of justice on both sides of the Atlantic, where whistleblowers were wrongly jailed for crimes they didn't commit: this is the shocking true story of the Libor scandal, just not as you knew it. He can currently be heard on the Today programme, Radio Four’s six o’clock news and the BBC News TV channel reporting the worst economic crisis in 300 years caused by the pandemic - all the while knowing how much of the truth about the previous mega-crisis has been covered up and kept from the public. Well, you might say, if my boss asked me to manipulate an international financial benchmark, I’d refuse. The UK’s Serious Fraud Office (SFO) convicted a total of nine traders for their role in rigging London Interbank Offered Rate, known as Libor, including former UBS and Citigroup trader Tom Hayes.Italian bank Intesa Sanpaolo dropped its rate for borrowing euros over three months in unusually round figures, of 0. In the UK, 39 people were prosecuted for fraud relating to the manipulation of Libor and Euribor, 19 were convicted, and nine jailed. So, even as the government worked to make money cheaper than ever, they continued to charge much higher rates for any money they actually did lend. He has led the media in exposing the true story behind the scandal of interest rate rigging, including a Panorama film revealing the Bank of England's role in it and 'The Lowball Tapes', a 2022 podcast for BBC Radio 4 shortlisted for two awards. Andy Verity BBC Economics correspondent and author of the book Rigged joined Joe on the show this morning.