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The Spider Network

The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History

by David Enrich

eBook

0 of 2 copies available
4 people waiting per copy

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 the interest rates on trillions in loans worldwide—was set daily by a small group of easily manipulated functionaries, and that they could reap huge profits by nudging it to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that among others included 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; a broker known as "Village" (short for "Village Idiot") and fascinated with human-animal sex; 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.

The Spider Network is not only a rollicking account of the scam, but a provocative examination of a financial system that was crooked throughout, designed to promote envelope-pushing behavior while shielding higher-ups from the consequences of their subordinates' rapacious actions.


Expand title description text
Publisher: HarperCollins

Kindle Book

  • Release date: March 21, 2017

OverDrive Read

  • ISBN: 9780062453006
  • File size: 1681 KB
  • Release date: March 21, 2017

EPUB eBook

  • ISBN: 9780062453006
  • File size: 1681 KB
  • Release date: March 21, 2017

0 of 2 copies available
4 people waiting per copy

Formats

Kindle Book
OverDrive Read
EPUB eBook

Languages

English

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 the interest rates on trillions in loans worldwide—was set daily by a small group of easily manipulated functionaries, and that they could reap huge profits by nudging it to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that among others included 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; a broker known as "Village" (short for "Village Idiot") and fascinated with human-animal sex; 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.

The Spider Network is not only a rollicking account of the scam, but a provocative examination of a financial system that was crooked throughout, designed to promote envelope-pushing behavior while shielding higher-ups from the consequences of their subordinates' rapacious actions.


Expand title description text
  • Details

    Publisher:
    HarperCollins

    Kindle Book
    Release date: March 21, 2017

    OverDrive Read
    ISBN: 9780062453006
    File size: 1681 KB
    Release date: March 21, 2017

    EPUB eBook
    ISBN: 9780062453006
    File size: 1681 KB
    Release date: March 21, 2017

  • Creators
  • Formats
    Kindle Book
    OverDrive Read
    EPUB eBook
  • Languages
    English