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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“In a web spun of greed and ambition, the tiniest threads can unravel the mightiest of machines.”
The Spider Network
By David Enrich
Discover a world of knowledge through our extensive collection of book summaries.
David Enrich is a distinguished journalist and author known for his incisive reporting and engaging writing style. He is the business editor at The New York Times and has previously worked at the Wall Street Journal. Enrich is the author of 'Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction,' which exposes the intricate ties between the bank and various political scandals. His work is characterized by thorough research and a knack for unraveling complex financial narratives, making significant topics accessible to a wide audience. Enrich's contributions to journalism have garnered several awards, solidifying his reputation as a leading voice in financial reporting.
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