The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History
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Description
Book Synopsis: SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEARThe 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: 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 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.
Details
Discover the shocking truth of one of the biggest scams in history with "The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History." Short-listed for the Financial Times Business Book of the Year, this captivating read unveils the hidden workings of our financial lives that are determined by the obscure term "Libor." This interest rate affects everything from credit cards to mortgages, but how did a group of bankers and a corrupt banking system conspire to pickpocket you? Get ready for a thrilling journey as a brilliant mathematician, Tom Hayes, and his team manipulate the system to make a fortune at the expense of others.
Join the fascinating accounts of the oddball group that took over the Libor process and set rates that made them rich, no matter the consequences. With characters like the French trader "Gollum," the bold broker "Abbo," and the unlikely financial whiz kid-turned-Kazakh chicken farmer, this gripping true tale will keep you on the edge of your seat. Be prepared for jaw-dropping revelations and unexpected twists and turns as the Spider Network's web of deception begins to unravel in a spectacularly vicious, backstabbing fashion.
Don't miss out on this captivating and thought-provoking read that has been praised by top publications like the New York Times, Washington Post, and Financial Times. Dive into the world of high-stake finance, where the line between right and wrong is blurred, and the pursuit of wealth leads to corruption. Find out how a financial system, once considered reliable, turned out to be deeply warped and shady throughout.
Experience the compelling narrative that reads like a fast-paced John le Carré thriller. Order "The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History" today and explore the dark underbelly of the financial world.
Order "The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History" now and uncover the shocking truth behind the scam that reshaped the financial landscape!
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