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David Enrich
Published: 2017
The Spider Network is a non-fiction book by David Enrich about the Libor scandal, a financial fraud that involved the manipulation of the London Interbank Offered Rate (Libor) benchmark interest rate. The book provides a detailed account of the events leading up to and following the discovery of the fraud, as well as the individuals and institutions involved.
The Libor scandal was a massive financial fraud that affected trillions of dollars in financial instruments and had far-reaching consequences. It was discovered that a group of traders at major banks had been colluding to submit false information about their borrowing costs in order to manipulate the benchmark rate. The traders were motivated by personal greed and a desire to improve the financial performance of their respective banks.
The fraud was exposed through the efforts of a small group of whistle-blowers, including Tom Hayes, a former trader at UBS and Citigroup, and an anonymous informant known only as "Lord Libor." These individuals risked their careers and reputations to bring the wrongdoing to light, despite facing backlash and intimidation from their superiors and colleagues.
The book also explores the aftermath of the scandal, including the financial penalties imposed on the banks involved and the loss of trust in the financial system. The Spider Network provides a comprehensive and engrossing account of one of the biggest financial scandals in history, and serves as a cautionary tale about the need for strong regulations and oversight in the financial industry.
The Libor scandal was a massive financial fraud that affected trillions of dollars in financial instruments and had far-reaching consequences. It was discovered that a group of traders at major banks had been colluding to submit false information about their borrowing costs in order to manipulate the benchmark rate. The traders were motivated by personal greed and a desire to improve the financial performance of their respective banks.
The fraud was exposed through the efforts of a small group of whistle-blowers, including Tom Hayes, a former trader at UBS and Citigroup, and an anonymous informant known only as "Lord Libor." These individuals risked their careers and reputations to bring the wrongdoing to light, despite facing backlash and intimidation from their superiors and colleagues.
The book also explores the aftermath of the scandal, including the financial penalties imposed on the banks involved and the loss of trust in the financial system. The Spider Network provides a comprehensive and engrossing account of one of the biggest financial scandals in history, and serves as a cautionary tale about the need for strong regulations and oversight in the financial industry.
1. The Libor scandal was a massive financial fraud that involved the manipulation of a benchmark interest rate that affected trillions of dollars in financial instruments.
2. The manipulation of Libor was orchestrated by a group of traders at major banks, who colluded to submit false information about their borrowing costs in order to manipulate the benchmark rate.
3. The fraud was discovered and exposed through the efforts of a small group of whistle-blowers, who risked their careers and reputations to bring the wrongdoing to light.
4. The scandal had far-reaching consequences, including financial penalties for the banks involved and a loss of trust in the financial system.
5. The Libor scandal highlights the need for stronger regulations and oversight in the financial industry to prevent similar incidents from occurring in the future.
2. The manipulation of Libor was orchestrated by a group of traders at major banks, who colluded to submit false information about their borrowing costs in order to manipulate the benchmark rate.
3. The fraud was discovered and exposed through the efforts of a small group of whistle-blowers, who risked their careers and reputations to bring the wrongdoing to light.
4. The scandal had far-reaching consequences, including financial penalties for the banks involved and a loss of trust in the financial system.
5. The Libor scandal highlights the need for stronger regulations and oversight in the financial industry to prevent similar incidents from occurring in the future.
The Spider Network is a non-fiction book by David Enrich that tells the story of the Libor scandal, a financial fraud that involved the manipulation of the London Interbank Offered Rate (Libor) benchmark interest rate. The book provides a detailed account of the events leading up to and following the discovery of the fraud, as well as the individuals and institutions involved.
The Libor scandal was a massive financial fraud that affected trillions of dollars in financial instruments and had far-reaching consequences. It was discovered that a group of traders at major banks had been colluding to submit false information about their borrowing costs in order to manipulate the benchmark rate. The fraud was exposed through the efforts of a small group of whistle-blowers, who risked their careers and reputations to bring the wrongdoing to light.
The book also explores the aftermath of the scandal, including the financial penalties imposed on the banks involved and the loss of trust in the financial system. The Spider Network provides a compelling and eye-opening look at one of the biggest financial scandals in history, and serves as a cautionary tale about the need for strong regulations and oversight in the financial industry.
The Libor scandal was a massive financial fraud that affected trillions of dollars in financial instruments and had far-reaching consequences. It was discovered that a group of traders at major banks had been colluding to submit false information about their borrowing costs in order to manipulate the benchmark rate. The fraud was exposed through the efforts of a small group of whistle-blowers, who risked their careers and reputations to bring the wrongdoing to light.
The book also explores the aftermath of the scandal, including the financial penalties imposed on the banks involved and the loss of trust in the financial system. The Spider Network provides a compelling and eye-opening look at one of the biggest financial scandals in history, and serves as a cautionary tale about the need for strong regulations and oversight in the financial industry.
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A true-crime tale of a massive global financial fraud
Published 1 year ago by wsrl-bot
The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scandals in Financial History is a truly enthralling and informative book that provides a deep dive into the Libor scandal, one of the largest financial frauds in history. Written by David Enrich, an investigative reporter...
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