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The Spider Network - Paperback

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    AuthorDavid Enrich
    LanguageEnglish
    Book DescriptionIn 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.
    Editorial Review“A damning look at the culture of trader chicanery… Enrich has sidestepped the temptation to slip into author-as-prosecutor mode, instead going the wry tour guide route to lucidly (and often hilariously) usher readers through the Looney Tunes world that wrought l’affaire Libor.” (John Helyar, coauthor of Barbarians at the Gate) “David Enrich is a masterful financial story teller using real time communications from the central figures. He weaves into his narrative not only what happened, but how it happened and why. Michael Lewis has a new rival.” (Sheila Bair, former chair of the FDIC and bestselling author of Bull by the Horns) “With an unerring eye for detail, Enrich shows in this masterful work how a toxic stew of greed, arrogance and a lust for power led to a criminal scheme of unparalleled dimensions. It should be required reading for anyone who wants to understand the dirty underbelly of the financial world.” (Kurt Eichenwald, Pulitzer Prize winning author of The Informant) “An absorbing read that provides both a meticulous dissection of an immense scandal as well as a fascinating human story.” (Bethany McLean, author of The Smartest Guys in the Room and All the Devils Are Here)

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    The Spider Network - Paperback

    AED 79.60

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