The Spider Network
by David Enrich · first published 2017
9mentions
7recommended by
7HN commenters
2017–2022first – last mentioned
100% recommend
Why HN recommends it
Gripping inside account of the LIBOR rate-rigging scandal, centred on the trader at its heart. It explains how bank prop trading and rate manipulation really worked, and suits those curious about finance.
Summarised by Claude from recommending comments
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Have a look at The Spider Network by David Enrich. Real eye opener. But a long way from MS Paint.
on “MS Paint is here to stay” ↗The Spider Network, about the banker in the center of the scandal from a ways back just came out earlier this year and was an entertaining read. https://www.amazon.com/dp/0062452983/ref=cm_sw_su_dp
on “Is LIBOR, Benchmark for Trillions of Dollars in Transactions, a Lie?” ↗Spider Network by David Enrich is a good book to dispel you of such quaint notions.
on “Former Boeing 737 Max Chief Technical Pilot Indicted for Fraud” ↗The Spider Network by David Enrich
on “Ask HN: More Bad Blood?” ↗This list ommits "The Spider Network" - to me, one of the best books of 2017. It tells the inside story of the LIBOR scandal in a riveting manner.
on “Annual survey of book recommendations” ↗There's a book written about this entire subject which just came out late last year: The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History. It was well written and very interesting if folks are more interested in the folks…
on “The brazenness of the LIBOR scam” ↗I read The Spider Network (fantastic look into how bank prop trading worked) and came to mostly the same conclusions. The idea of just prosecuting "rouge traders" is a complete injustice, as trying to adjust the rate submissions…
on “The Fall of a Star Trader” ↗Would highly recommend the book, The Spider Network, which gives an in-depth view (perhaps slightly dramatised) of how one trader manipulated Libor.
on “Libor, long the most important number in finance, dies at 52” ↗David Enrich wrote The Spider Network about the manipulation of Libor in the 2007-ish era that resulted in a long prison sentence for the trader Tom Hayes (who may have Aspergers'). Libor like 'gentleman's agreements' depend on a shared…
on “The Man Who Invented Libor (2016)” ↗