The Spider Network The Wild Story Of A Maths Genius, A Gang Of Backstabbing Bankers, And One Of The Greatest Scams In Financial History

Description

Shortlisted for the FT & McKinsey Book Prize!

'Will snare you in its web of deceit, lies, corruption, manipulation and colourful characters. [a] brilliant investigative exposé' - Harlan Coben, bestselling thriller author

'Reads like a fast-paced John le Carré thriller, and never lets up' - New York Times book review

In 2006, an oddball group of bankers, traders and brokers from some of the 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 administrators, and that they could reap huge profits by nudging it fractions of a percent to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed "Gollum"; the broker "Abbo," who liked to publicly strip naked when drinking; a nervous Kazakh chicken farmer known as "Derka Derka"; a broker known as "Village" (short for "Village Idiot") who racked up huge expense account bills; an executive called "Clumpy" because of his patchwork hair loss; and a broker uncreatively nicknamed "Big Nose" who had once been a semi-professional boxer. This group generated incredible riches --until it all unraveled in spectacularly vicious, backstabbing fashion.

With exclusive access to key characters and evidence, The Spider Network is not only a rollicking account of the scam, but also a provocative examination of a financial system that was crooked throughout.