April 20, 2024

AndronETalksNews

AndronETalksNews

Interest rate ‘rigging’ evidence ‘covered up’ by banks

BBC News

By Andy Verity
BBC economics correspondent
 
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”.

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