The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History
Tom Hayes is brilliant but socially inept. His gift for numbers and mathematical skills led to an internship at UBS, which paved the way for a job at the Royal Bank of Scotland as a trader. A corrupt nature shrouded the working relationship with brokers, with favors being traded in exchange for the manipulation of LIBOR (London Interbank Offered Rate). Hayes made obscene profits for RBS, making a respectable living in Tokyo. The culture of trading didn’t underline the illegality of Hayes’ action, as every trader/broker seemed to engage in the actions. The downturn in the global economy in 2007-08 would see the oversight entities of the SEC, CFTC, and others more closely examining LIBOR, and Hayes and some of his associates would be held accountable. But Hayes would ultimately be left holding the bag. He would contemplate cooperating, but would choose to fight the government.
The Spider Network is an informative, exciting story of a gifted but troubled man. The financial system is colorfully described, as are the personalities that dominate the landscape. Hayes is portrayed in a fair light, his highs and lows detailed. The author depicts the system as ultimately flawed, as Hayes would get the harsh punishment while others skated. Excellent work.
|Page Count||528 pages|
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|Category||Biographies & Memoirs|