eBook - ePub

The Spider Network

Name: The Spider Network
ISBN: 9780062453006

How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History

David Enrich,

528 pages
English
ePUB (mobile friendly)
Available on iOS & Android

eBook - ePub

The Spider Network

How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History

David Enrich,

About this book

SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEAR

The term
“Libor” is obscure, but it determines a good deal of our financial lives-the
interest rate on our credit card; our student loans; our mortgages; our car
payments. How did a math genius, a handful of outrageous confederates, and a deeply corrupt banking system conspire to pickpocket you? They were in your wallet to already.
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 a 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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Yes, you can access The Spider Network by David Enrich in PDF and/or ePUB format, as well as other popular books in Economics & Business Education. We have over one million books available in our catalogue for you to explore.