This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–08. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks — LIBOR, FOREX and the Gold and Silver Fixes — and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.
