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
Book Excerpt :
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. The paperback edition includes a new chapter discussing further fallout from the scandal.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
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