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Andy Verity, Economics Correspondent for BBC News, joins Forward Guidance to discuss revelations from his new book, \u201cRigged: The Incredible True Story Of The Whistleblowers Jailed After Exposing The Rotten Heart Of The Financial System.\u201d Verity argues that the traders who were convicted of rigging the London Interbank Offered Rate (LIBOR) are mere scapegoats, and that the real \u201crigging\u201d was on a scale much larger and was encouraged by central bankers and bank CEOs. This interview features four recordings with former Barclays employee Peter Johnson, which show Johnson raising the alarm bell that nearly every bank was vastly underreporting their true cost of borrowing in the London Eurodollar market. Despite this, Johnson was later accused and convicted of conspiracy to defraud. These recordings are only a tiny fraction of the enormous amount of evidence Verity has collected, which can be found in his book as well as online in several links which will be shared below. Filmed on January 5, 2024.\n__\nPublic dot com has just launched its new high-yield cash account, offering an industry-leading 5.1% APY. Learn more at https://public.com/forwardguidance.\n\nA High-Yield Cash Account is a secondary brokerage account with Public Investing. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/disclosures/high-yield-account\n__\nFollow Andy Verity on Twitter https://twitter.com/andyverity\nAndy Verity\u2019s book: https://www.amazon.com/Rigged-Incredible-Whistleblowers-Exposing-Financial/dp/0750998857\nRigged, You Be The Judge: https://andyverity.substack.com/p/rigged-you-be-the-judge-7ad?r=x2o5p&utm_campaign=post&utm_medium=web\nAndy's NEW Post (January 16, 2024), What the FBI + Gary Gensler's CFTC knew about interest rate manipulation ordered from the top - but didn't tell Congress or the public": https://andyverity.substack.com/p/what-the-fbi-gary-genslers-cftc-knew?r=x2o5p&utm_campaign=post&utm_medium=web\nAndy Verity\u2019s recordings on SoundCloud: https://soundcloud.com/andy-verity-74636470\nThe Lowball Tapes: https://www.bbc.co.uk/programmes/m0014wtn\nBBC News Panorama Program: https://www.youtube.com/watch?v=qpUX1WJwivQ&t=96s\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n__\nUse code FG10 to get 10% off Blockworks\u2019 Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london\n__\nTimestamps:\n(00:00) Introduction\n(03:37) What is LIBOR (London Interbank Offered Rate)?\n(10:09) The Price Of No Apples\n(12:07) The Evidence (Taped Phone Calls)\n(23:22) Traders' Requests Were Punished Whereas "Lowballing" Was Not\n(37:08) Higher-ups' Involvement: Bank of England, BBA, Federal Reserve, U.K. Government\n(41:28) Gary Gensler's Role In Alleged Cover-Up\n(45:30) Peter Johnson, One Of The Very Few Who Cared That LIBOR Was Fraudulent, Was Sent To Jail\n(52:11) Lowballing Never Came To Court\n(55:03) The Fall of LIBOR, The Rise of SOFR (Secured Overnight Financing Rate)\n(01:01:19) The LIBOR Trials In The Wake Of The Great Financial Crisis\n(01:17:59) Where The LIBOR Case Stands In 2024\n(01:26:15) The Future of Eurodollars And London In A LIBOR-Less World\n(01:29:25) Concluding Thoughts\n__\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.