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The secret tapes the authorities, on both sides of the Atlantic, wouldn’t want you to hear.

Andy Verity, the Â鶹ԼÅÄ’s 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, ‘the LIBOR manipulators’ 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, ‘to lowball.’ 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’ve acquired a huge cache of exclusive evidence - recorded phone calls, confidential internal emails and witness statements - which suggest maybe it wasn’t 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