Rigged: The Incredible True Story of the Whistleblowers Jailed after Exposing the Rotten Heart of the Financial System

Rigged is a documentary film that 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 reveals how banks instruct traders to manipulate Libor down, a criminal practice known as lowballing, to save themselves from collapse. The film shows why all the defendants are innocent and how any real culprits go unpunished, and how the entire system is rigged.

Format: Hardback
Length: 348 pages
Publication date: 01 June 2023
Publisher: The History Press Ltd

Rigged: Exposing a Cover-up at the Highest Level on Both Sides of the Atlantic

This compelling documentary, produced by the award-winning team at Bloomberg News, unveils a shocking 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 critically acclaimed film "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 goodbye, Vienna. Libor is soaring skyward. To save themselves from collapse, nationalization, 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, these 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? It turns out that it's not just the market that's rigged. It's the entire system.

This documentary is a must-watch for anyone interested in understanding the depth of corruption and the failure of regulatory systems in the financial industry. It sheds light on the power of big banks and the influence they wield over governments and central banks. It also raises important questions about the role of whistleblowers and the need for transparency and accountability in the financial sector.

With its compelling storytelling, expert analysis, and access to key witnesses and documents, "Rigged" is a powerful indictment of the broken system that allowed the financial crisis to occur and the ongoing efforts to cover up the truth. It is a call to action for individuals, governments, and the financial industry to take responsibility for their actions and work towards a more equitable and sustainable financial system.

Dimension: 234 x 156 (mm)
ISBN-13: 9780750998857