Multiple-input multiple-output (MIMO) systems find immense potential and applicability in the long term evolution (LTE), 5G, Internet of Things (IoT), vehicular ad hoc networks (VANETs), and tactical communication systems. Jamming poses significant communication hindrance as well as security risks to the wireless communication systems. The achievable rate and reliability are the two most compromised aspects of a wireless link under such severe jamming. Owing to the high capacity and reliability of MIMO systems, they are increasingly used in tactical and critical applications. Therefore, it becomes essential to assess and enhance their sustenance under hostile jamming scenarios. To this end, we address the rate and reliability requirements of a MIMO OFDM system and propose a novel rate-reliability beamformer transceiver design for highly reliable and spectrally efficient operation under the most detrimental jamming attacks. We consider the disguised all band and multiband jamming where the jammer continuously attempts to mimic the legit transmissions. Additionally, we evaluate the rate and reliability performance under barrage jamming. The significant contributions of the proposed rate-reliability beamformer scheme are: (i) achieves a minimum of 2 orders of magnitude better reliability in contrast to the state-of-the-art, (ii) outperforms the state-of-the-art scheme by 1.4x with regards to achievable spectral efficiency, (iii) a very low complexity (O(|Q|)) decoder is presented, and (iv) first work to evaluate the performance of state-of-the-art transmit diversity scheme under hostile jamming attacks.