This book’s got one of those subtitles that is basically a plot synopsis. If you follow the financial news, you’ll remember the Libor Scandal—a currency manipulation scheme that was said to “[dwarf] by orders of magnitude any financial scams in the history of markets.”
And while at first blush currency manipulation might sound like a bit of a snore, this is a truly wild story involving international traders behaving like extras out of The Gang Who Couldn’t Shoot Straight as well as a young mildly autistic mathematician who ended up being the only one in this cast of quants and crooks to take a fall.
Author David Enrich is an award-winning WSJ financial reporter who heads up the paper’s investigative team and he does a Michael Lewis-like job of turning a scandal about the subtle manipulation of interest rates into a colorful character-driven story about amorality in the financial world.
Reviews are scheduled for the NYTBR and The Washington Post. The WSJ will run an excerpt on March 18 and Enrich will interviewed on Marketplace Radio.
A damning look at the culture of trader chicanery that spawned the Libor-rigging conspiracy and an expectations-defying portrait of its putative ringleader, Tom Hayes. 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
“Having gained unparalleled access to the central player in the conspiracy, Enrich unwinds this complex web of criminality, taking readers into the trading rooms, bars and business centers where plans were hatched. 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, author of The Informant
The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History (9780062452986) by David Enrich. $29.99 hardcover. 3/21/17 on sale.