Who is the author of 'The Spider Network'?

The author of 'The Spider Network' is David Enrich.

What are the main themes in 'The Spider Network'?

The main themes in 'The Spider Network' include Finance, Business and Economics, Financial Literacy for Kids, Behavioral Finance, Debt Management.

What genre is 'The Spider Network'?

'The Spider Network' is categorized as Finance, Business and Economics.

What is the main subject of 'The Spider Network'?

The main subject of 'The Spider Network' by David Enrich is the intricate and deceptive world of the financial markets, focusing specifically on how the LIBOR scandal unfolded. The book explores the manipulation of the London Interbank Offered Rate (LIBOR) by major banks, detailing the systemic corruption, the individuals involved, and the broader implications for the financial industry.

Who is the author of 'The Spider Network'?

The author of 'The Spider Network' is David Enrich.

What major financial scandal does the book discuss?

The book 'The Spider Network' by David Enrich discusses the LIBOR scandal, a major financial scandal involving the manipulation of the London Interbank Offered Rate (LIBOR) by various banks. The scandal revealed systemic fraud and raised questions about the integrity of financial markets.

What themes related to corporate greed are explored in the book?

In 'The Spider Network' by David Enrich, several themes related to corporate greed are explored, including: Exploitation and Manipulation: The book delves into how financial institutions exploit systems and markets for personal gain, often at the expense of ethical considerations. Risk and Recklessness: It highlights the reckless behavior exhibited by corporations in pursuit of profit, emphasizing how this leads to significant financial risks and potential crises. Accountability and Consequences: Enrich examines the lack of accountability in corporate settings, showing how greed can lead to corrupt practices without sufficient repercussions for those responsible. Systemic Corruption: The narrative suggests that corporate greed is not just an individual failing but part of a larger systemic issue within financial markets, where greed drives unethical decision-making and erodes trust. Moral Ambiguity: The book also explores the moral complexities faced by individuals in corporate environments, questioning the boundaries between ambition and unethical behavior.

How does the author portray the impact of the scandal on ordinary people?

In 'The Spider Network,' David Enrich portrays the impact of the scandal on ordinary people by illustrating how the manipulation of LIBOR rates by powerful financial institutions led to widespread repercussions that affected everyday lives. The author emphasizes the financial strain placed on individuals, such as increased borrowing costs for mortgages and loans, which made it more difficult for families to manage their finances. Enrich highlights the cascading effect of the scandal on markets and economies, showing how the greed and corruption at the top levels of finance ultimately trickled down to harm citizens who were often unaware of the complexities of the financial system. Through personal stories and broader economic consequences, the author effectively conveys the deep connection between the actions of bankers and the financial realities faced by ordinary people.

The Spider Network Book Summary

In 'The Spider Network', David Enrich unveils the riveting story behind the Libor scandal, where a web of deceit ensnared banks, traders, and regulators alike. As Enrich peels back the layers of this financial thriller, readers are drawn into a world of betrayal, greed, and high-stakes manipulation. The book intricately details how a few individuals' corrupt actions had catastrophic effects on the global economy. With gripping narratives and in-depth investigations, it highlights the vulnerabilities within the financial system. Dive into this eye-opening exposé and discover how far some will go to profit at the expense of the many.

By David Enrich

Published: 2018

"In a web spun of greed and ambition, the tiniest threads can unravel the mightiest of machines."

The Wall Street Journal's award-winning business reporter unveils the bizarre and sinister story of how a math genius named Tom Hayes, a handful of outrageous confederates, and a deeply corrupt banking system ignited one of the greatest financial scandals in history. The paperback edition includes a new chapter discussing further fallout from the scandal. In 2006, an oddball group of bankers, traders and brokers from some of the world’s largest financial institutions made a startling realization: Libor—the London interbank offered rate, which determines interest rates on trillions in loans worldwide—was set daily by a small group of easily manipulated functionaries. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of shadowy team that used hook and crook to take over the process and set rates that made them a fortune, no matter the cost to others. Among the motley crew was a French trader nicknamed “Gollum”; the broker “Abbo,” who liked to publicly strip naked when drinking; a Kazakh chicken farmer turned something short of financial whiz kid; an executive called “Clumpy” because of his patchwork hair loss; and a broker uncreatively nicknamed “Big Nose.” Eventually known as the “Spider Network,” Hayes’s circle generated untold riches —until it all unraveled in spectacularly vicious, backstabbing fashion. Praised as reading “like a fast-paced John le Carré thriller” (New York Times), “compelling” (Washington Post) and “jaw-dropping” (Financial Times), The Spider Network is not only a rollicking account of the scam, but a provocative examination of a financial system that was warped and shady throughout.

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