The Spider Network The Wild Story of a Maths Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History
Author(s): David Enrich
Shortlisted for the FT & McKinsey Book Prize!
'Will snare you in its web of deceit, lies, corruption, manipulation and colourful characters. [a] brilliant investigative exposé' - Harlan Coben, bestselling thriller author
'Reads like a fast-paced John le Carré thriller, and never lets up' - New York Times book review
In 2006, an oddball group of bankers, traders and brokers from some of the largest financial institutions made a startling realization: Libor--the London interbank offered rate, which determines the interest rates on trillions in loans worldwide--was set daily by a small group of easily manipulated administrators, and that they could reap huge profits by nudging it fractions of a percent to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed "Gollum"; the broker "Abbo," who liked to publicly strip naked when drinking; a nervous Kazakh chicken farmer known as "Derka Derka"; a broker known as "Village" (short for "Village Idiot") who racked up huge expense account bills; an executive called "Clumpy" because of his patchwork hair loss; and a broker uncreatively nicknamed "Big Nose" who had once been a semi-professional boxer. This group generated incredible riches --until it all unraveled in spectacularly vicious, backstabbing fashion.
With exclusive access to key characters and evidence, The Spider Network is not only a rollicking account of the scam, but also a provocative examination of a financial system that was crooked throughout.
- : 9780753557518
- : Ebury Publishing
- : W H Allen
- : March 2018
- : 3.1 Centimeters X 12.6 Centimeters X 19.8 Centimeters
- : books
- : David Enrich
- : Paperback
- : English
- : 364.168
- : 496