The Spider Network
How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History
Business & Finance, Finance & Investing, Banks & Banking, Economics, Economic History, Nonfiction, Social & Cultural Studies, True Crime
| Author: | David Enrich | ISBN: | 9780062453006 |
| Publisher: | Custom House | Publication: | March 21, 2017 |
| Imprint: | Custom House | Language: | English |
| Author: | David Enrich |
| ISBN: | 9780062453006 |
| Publisher: | Custom House |
| Publication: | March 21, 2017 |
| Imprint: | Custom House |
| Language: | English |
SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEAR
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.**
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.
SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEAR
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.**
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.
