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BBC: Interest rate rigging evidence was covered up by banks in 2008

Section: Daily Dispatches

The rest of the story -- the much bigger part of it -- can be found here:

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By Andy Verity
British Broadcasting Corp., London
Monday, May 22, 2023

UK and US regulators were told of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, evidence indicates.

Documents suggest lenders sharply dropped their interest-rate estimates after pressure from central banks.

Evidence was not shown to juries at the time when bankers were jailed for smaller-scale interest-rate "rigging."

... Dispatch continues below ...


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Regulators said they had followed disclosure rules, declined to comment or in one case rebutted the claims.

Some evidence has previously emerged of Bank of England and UK government involvement in manipulation of interest rates. But the evidence indicating that it was part of a broader, international drive not just by the UK but by central banks across the Western world to push key interest rates down in October 2008 has never been published before.

The evidence indicates that in October 2008 central banks including the Bank of England, the Banque de France, the European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York intervened on a large scale in the setting of Libor and Euribor.

At the height of the 2008 financial crisis, when bank lending had almost ground to a halt, central banks around the world urged calm. But my investigation reveals evidence that, behind the scenes, they were pulling levers to restore calm artificially -- measures that would later be ruled to be against the law in the UK. ...

... For the remainder of the report:

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