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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.
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 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.
- Sales Rank: #16086 in Books
- Brand: CUSTOM HOUSE
- Published on: 2017-03-21
- Released on: 2017-03-21
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.31" w x 6.00" l, .0 pounds
- Binding: Hardcover
- 528 pages
- CUSTOM HOUSE
Review
“[Enrich’s] impressive reporting and writing chops are on full display in The Spider Network… From the start, the book reads like a fast-paced John le Carré thriller, and never lets up.” (William D. Cohan, New York Times Book ReviewWilliam D. Cohan, New York Times Book Review)
“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)
“Mr. Enrich effectively uses the unique access he secured to the mildly autistic UBS trader, Tom Hayes, who became the fall guy for the unfolding scandal, to produce a surprisingly human narrative....” (Jonathan A. Knee, New York Times DealBook)
“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)
“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)
“Dare I say it, but The Spider Network will snare you in its web of deceit, lies, corruption, manipulation and colorful characters. David Enrich’s brilliant investigative expose will reverberate from Wall Street to Main Street.” (Harlan Coben, bestselling author of Home and Fool Me Once)
“David Enrich has written an incredibly entertaining, globe-straddling inside account of how one trader turbocharged a greedy cabal that scammed savers and borrowers everywhere. A must read if you want to understand how big banks and traders really work.” (Marcus Brauchli, former Executive Editor of the Washington Post and Managing Editor of the Wall Street Journal)
“So how did a socially awkward English math whiz mastermind manipulation of lending rates on a global scale? … In David Enrich’s gripping tale, the characters have nicknames worthy of the Mafia, and their ethical compasses aren’t much better.” (Paul Ingrassia, Pulitzer Prize winner, bestselling author of Crash Course)
“A thrilling tour de force of reporting, revelation and reasoning. For anyone who wants to understand what really went on inside a scam of epic proportions, The Spider Network is unmissable.” (Iain Martin, author of Crash Bang Wallop)
From the Back Cover
Each day your financial life is governed by interest rates—your credit card, your car payments, your mortgage, your college loans. It would be natural to assume that those rates are set in the marketplace, the product of supply and demand and the usual intervention by the Federal Reserve. This is the story of the guys who gleefully realized that you had no idea what was actually going on.
In 2006, an oddball group of bankers and traders 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 of dollars in loans worldwide—was set daily by a small team 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 math genius, became the linchpin of a wild alliance that included a French trader nicknamed “Gollum”; a Kazakh chicken farmer turned something short of a financial whiz kid; a Swiss banker with a tendency to drunkenly accost women in bars; a karaoke-loving executive who would falsely boast about his role in a 1990s rock band; and a not-very-bright broker who spent much of his leisure time wiping out on his motorcycle. Hayes’s circle would produce the era’s most covert and most substantial financial scandal—until it all unraveled in a spectacularly vicious fashion.
Deeply investigated by award-winning Wall Street Journal reporter David Enrich, The Spider Network is not only a rollicking account of the scam but a provocative examination of a crooked financial system, full of wheeler-dealers able to concoct elaborate connections between dollars and doughnuts, but not their rapacious actions and the law.
About the Author
DAVID ENRICH is a veteran writer and editor at the Wall Street Journal. He currently is the Journal's Financial Enterprise Editor, heading a team of investigative reporters. He previously served as the Journal's European banking editor, based in London. He has won numerous journalism awards, including the 2016 Gerald Loeb Award for his coverage of Tom Hayes and the Libor scandal. A Massachusetts native and a graduate of Claremont McKenna College in California, he lives in New York with his wife and two sons.
Most helpful customer reviews
9 of 9 people found the following review helpful.
This book made me very angry
By Narada
This is an amazing psychological study of a modern tragedy, where completely corrupt and hypocritical political and corporate establishments throw a decent, if flawed man under the bus for no reason other to make themselves look good. Tom Hayes is a very talented man, who is on the autism spectrum (many of us in academia and quantitative finance are, he is somewhat further along the spectrum than many), who did not obviously commit any crime (moving the benchmark within the acceptable range was not a crime at the time, and how could he be guilty of collusion, if no one is guilty of colluding with him?), though obviously some of the things he did were in the gray area. I have enormous respect for Hayes' courage in pleading not guilty to the charges - this shows true character. For someone who has been around in the academic and financial spheres, the book rings very true - the hypocrisy and sanctimony ("we are shocked, shocked, that gambling goes on in here") is pretty much par for the course.
5 of 5 people found the following review helpful.
Awesome page turner
By NV
I had read every WSJ article on "Unraveling of Tom Hayes" and hoped that someday the author would write a book on the subject. Well, he has, and he has done it with exceptional honesty and integrity. It is scary to read about the fragile governance of Libor by the British government and even more reckless tempering of the lynchpin parameter of world finance by major banks. How a genius but emotionally unbalanced trader paid for the collective guilt and lack of government accountability comes alive through every page. My heart reaches out to his family. Don't the most innocent pay the biggest price?
3 of 3 people found the following review helpful.
Comprehensive account for experts, but the general public may feel there is too much information.
By Delta D.
I headlined my review of a competitor book - The Fix - 'Experts will find flaws a-plenty, but a decent read for the general public'. This book avoids most of those flaws and is my definite recommendation for experts. The general public, though, may find rather more detail in this book than they really want and perhaps may be better off with The Fix. Just like The Fix, this book seems to have been written with movie rights in mind and so the narrative is a straightforward dramatic drive. Five stars doesn't give much leeway for criticism, but I'd make two points: (i) the author seems a little biased towards Hayes. Personally, I certainly agree that Hayes was treated unfairly, but I'd like to have seen a little more objectivity from the author. (ii) There is only very scant reference to the other aspect of the LIBOR scandal, namely that central banks were encouraging lowball submissions during the financial crisis. One has the impression that analysis of this highly significant area might have hampered the movie rights. Pity.
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