1. The Low Ball Tapes - Arrested

Published: March 3, 2022, 5 a.m.

The secret tapes the authorities, on both sides of the Atlantic, wouldn\u2019t want you to hear. Andy Verity, the BBC\u2019s Economics Correspondent has audio recordings, kept secret for years, which reveal evidence that could upend the received version of the biggest scandal since the financial crash. We might have thought that the rate-rigging bankers, \u2018the LIBOR manipulators\u2019 were justly jailed in the aftermath of the 2008 financial crisis, but over 5 episodes, Andy questions the traditional narrative. The Lowball Tapes exposes evidence, much of it kept out of the trials, to show how they were instructed to give a falsely low LIBOR rate, \u2018to lowball.\u2019 Outraged, some of the traders turn whistle-blowers; but rather than stopping the deception, the whistle-blowers find themselves pursued. In interviews with convicted traders, including one on the run, Andy hears how it appears blame for manipulating LIBOR was shifted onto junior traders, while those higher up escaped prosecution. Did the world fail to see the truth at the time? We\u2019ve acquired a huge cache of exclusive evidence - recorded phone calls, confidential internal emails and witness statements - which suggest maybe it wasn\u2019t just the market that was rigged. Can he find out who was pulling the strings and where the instructions ultimately came from? Producer: Sarah Bowen Music: Oskar Jones