Secret recording implicates Bank of England in Libor rigging

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. He said: "The bottom line is you are going to absolutely hate this...