The Spider Network: The Wild Story Of A Maths Genius, A Gang Of Backstabbing Bankers, And One Of The Greatest Scams In Financial History
Physical
In CirculationWhat will you learn from this book
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The LIBOR Scandal: Detailed insights into the LIBOR manipulation scandal, which involved multiple banks colluding to rig the London Interbank Offered Rate (LIBOR), a key interest rate affecting financial products worldwide.
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Maths Genius and Mastermind: The book follows Tom Hayes, a mathematical genius, and how he became the central figure in manipulating LIBOR rates to benefit trading positions.
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Culture of Greed and Corruption: Reveals the toxic culture of greed, competition, and unethical behavior prevalent within certain banking institutions during the time of the scandal.
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Complex Financial Market: Explores the intricacies of the financial market, explaining how LIBOR manipulation could influence various financial instruments, including loans, mortgages, and derivatives.
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Regulatory Oversight: Discussions about the regulatory shortcomings and challenges faced by authorities in detecting and preventing such widespread market manipulation.
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Legal Proceedings: Details the legal investigations and trials that followed, as authorities sought to hold individuals and institutions accountable for their roles in the scandal.
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Collusion and Backstabbing: Insights into the collusion among bankers from different institutions and the betrayal and backstabbing within the financial industry.
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Impact on the Financial System: Discussions on the broader impact of the scandal on the financial system, its repercussions on trust, and the need for reforms to prevent future manipulation.
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Whistleblowers and Witnesses: Profiles of individuals who came forward as whistleblowers or witnesses, shedding light on the internal workings of the banking industry.
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Lessons Learned: The book highlights lessons learned from the LIBOR scandal, including the importance of transparency, accountability, and stricter regulatory oversight in financial markets.
| Language | English |
|---|---|
| ISBN-10 | 9780753557501 |
| ISBN-13 | 9780753557501 |
| No of pages | 496 |
| Font Size | Medium |
| Book Publisher | Random House |
| Published Date | 29 Mar 2017 |
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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.