David Enrich

The Spider Network (eBook, ePUB)

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

• Format: ePub

Produktbeschreibung

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: Liborthe London interbank offered rate, which determines interest rates on trillions in loans worldwidewas 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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Produktdetails

• Verlag: HarperCollins
• Seitenzahl: 528
• Erscheinungstermin: 21. März 2017
• Englisch
• ISBN-13: 9780062453006
• Artikelnr.: 45805665

Autorenporträt

David Enrich is the Business Investigations Editor at the New York Times and the bestselling author of Dark Towers and Servants of the Damned. The winner of numerous journalism awards, he previously was an editor and reporter at the Wall Street Journal. His first book, The Spider Network: How a Math Genius and Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History, was short-listed for the Financial Times Business Book of the Year award. Enrich grew up in Lexington, Massachusetts, and graduated from Claremont McKenna College in California. He currently lives in New York with his wife and two sons.

Rezensionen

"[Enrich's] impressive reporting and writing chops are on full display in The Spider Network... From the start, the book reads like a fast-paced John le Carré thriller, and never lets up." William D. Cohan, New York Times Book Review