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 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 semiprofessional 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.
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