The Spider Network
eBook - ePub

The Spider Network

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

  1. 528 pages
  2. English
  3. ePUB (mobile friendly)
  4. 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

Book details
Table of contents
Citations

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.

Frequently asked questions

Simply head over to the account section in settings and click on “Cancel Subscription” - it’s as simple as that. After you cancel, your membership will stay active for the remainder of the time you’ve paid for. Learn more here.
At the moment all of our mobile-responsive ePub books are available to download via the app. Most of our PDFs are also available to download and we're working on making the final remaining ones downloadable now. Learn more here.
Both plans give you full access to the library and all of Perlego’s features. The only differences are the price and subscription period: With the annual plan you’ll save around 30% compared to 12 months on the monthly plan.
We are an online textbook subscription service, where you can get access to an entire online library for less than the price of a single book per month. With over 1 million books across 1000+ topics, we’ve got you covered! Learn more here.
Look out for the read-aloud symbol on your next book to see if you can listen to it. The read-aloud tool reads text aloud for you, highlighting the text as it is being read. You can pause it, speed it up and slow it down. Learn more here.
Yes, you can access The Spider Network by David Enrich in PDF and/or ePUB format, as well as other popular books in Economics & Economic History. We have over one million books available in our catalogue for you to explore.

Information

Publisher
Mariner Books
Year
2017
ISBN
9780062453006
Topic
Economics
Subtopic
Economic History
Index
Economics

Table of contents

  1. Cover
  2. Title Page
  3. Dedication
  4. Contents
  5. Cast of Characters
  6. Prologue
  7. Part I. The Scam
  8. Part II. Ascendance
  9. Part III. The Second Scam
  10. Part IV. Victory
  11. Epilogue
  12. A Note on Sources
  13. Acknowledgments
  14. Notes
  15. Index
  16. About the Author
  17. Praise
  18. Copyright
  19. About the Publisher