Secret recording implicates Bank of England in Libor rigging

Recording uncovered by BBC

The Bank of England has been implicated in the Libor rigging scandal after a secret recording was uncovered by the BBC.

The recording, which took place in 2008, further adds to evidence the central bank pressured commercial banks to push their Libor rates down during the global financial crisis. The London Interbank Offered Rate (Libor) is the rate at which banks lend to each other while also tracking how much it costs banks to borrow money from other banks. According to the BBC, in the recording Mark Dearlove, a senior manager at Barclays, tells Libor submitter Peter Johnson to lower his rates. Del Missier: BoE's Tucker instructed Barclays to 'lowball' LIBOR He said: "The bottom line is you are ...