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The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History, by David Enrich
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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 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)
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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.
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Product details
Hardcover: 528 pages
Publisher: Custom House; 1st Edition edition (March 21, 2017)
Language: English
ISBN-10: 0062452983
ISBN-13: 978-0062452986
Product Dimensions:
6 x 1.3 x 9 inches
Shipping Weight: 2 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
109 customer reviews
Amazon Best Sellers Rank:
#229,707 in Books (See Top 100 in Books)
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.
I love books about business crimes, and this one is a good one. The saga of Tom Hayes, an obsessive and presumably brilliant trader who was a key player in the manipulation of Libor, is intriguing, surprising, galling and sad. Hayes unquestionably did bad things, and his apparent blindness to the ethical implications of his actions is galling, and in that sense he deserves what he got. On the other hand, he was clearly a social misfit (with Asperger's) who may not have understood those implications, and so many others, including his superiors, got off scot-free, is galling, and very sad.Enrich writes well, and the book holds one's interest throughout. So why not five stars? First, Enrich clearly engaged in extensive -- possibly excessive -- research, and like other non-fiction writers he has a tendency to cram in every fact he came across in his research, many of which are totally extraneous to the story. He introduces characters that don't need to be introduced, and he dwells on one or two characteristics to make them stand out, as if that justifies their presence in the story --- but it doesn't. (One example is the introduction of a character who seems to be particularly hairy; Enrich goes out of his way to bring the character back at the end of the book, even pointing out that he changed his nickname. Why is that necessary?)The other failing of the book is that Enrich comes close -- possibly over the line -- in terms of his sympathy for Hayes. He clearly feels that Hayes got a raw deal, but his sympathy for his main character made me wonder if he was not being sufficiently objective and glossed over facts that would have made Hayes look worse.Still, an interesting read that is well done.
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?
When I was a junior corporate lawyer, I sat in a debt training session. One of the partners mentioned LIBOR. The explanation confused me. But as a young lawyer I didn’t know very much about the workings of high finance.It turns out that the benchmark is hodgepodge of figures voluntarily submitted by banks with little market check or control. I’ve heard plenty of stories in the news. For a detailed look, I recently read The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History.LIBOR—the London interbank offered rate, determines the interest rates on trillions in loans worldwide. LIBOR is supposed to reflect the interest rate at which member banks could borrow from one another that day. LIBOR is a global benchmark used to price all types of debt from credit cards, to variable rate mortgages, to complex derivatives and to corporate loans.Very few people knew exactly how the rate was calculated. (That included that partner giving my training.) Even among the member banks there was widespread confusion as to its exact definition.David Enrich of The Wall Street Journal manages to make Libor interesting in The Spider Network. His key to the story is telling the story of UBS interest rate derivative trader, Tom Hayes. This socially inept, if not autistic guy, is set up to be the fall guy for the LIBOR scandal.Banks had lots of internal conflicts on their LIBOR submission. The rate a bank submits is indication of its credit worthiness. If it submits a rate that is higher than its peers, people may wonder if there is a problem at the bank.The other major conflict is that the banks have traders, like Tom Hayes, who could make money or lose money on their positions depending on whether LIBOR goes up or down.“LIBOR is a widely utilized benchmark that is no longer derived from a widely traded market. It is an enormous edifice built on an eroding foundation—an unsustainable structure,†stated CFTC Chairman J. Christopher Giancarlo in his opening remarks at the CFTC’s Market Risk Advisory Committee meeting last week. At the same meeting Commissioner Rostin Behnam identified noted that “LIBOR has been subject to pervasive fraud, abuse, and manipulation. Since June 2012, the CFTC has levied sanctions of more than $3.3 billion for LIBOR-related misconduct.â€I would recommend The Spider Network to learn more about the LIBOR mess.
Fantastic storytelling and a great read! The author avoids too much focus on market jargon and technical details and paints a terrific picture of the people involved from junior traders to CFTC investigators. It almost reads like a novel even though everything is exhaustively researched and based on a strong relationship with many sources including the protagonist himself, Tom Hayes.
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