reviews

The Spider Network by David Enrich • bank frauds • LIBOR scandal • financial crisis • Tom Hayes

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Book cover of The Spider Network by David Enrich - Tom Hayes

crime ● true story ● banks

Recommendation 4 / 5

The Spider Network is a great story of a math genius and a gang of backstabbing bankers. The book details one of the greatest scams in financial history. The author is David Enrich, a Wall Street Journal’s award-winning business reporter.

In a nutshell, the scandal involves something that very few non-financial people have heard of but is enormously important. It’s called LIBOR which is an acronym that stands for the London Interbank Offered Rate. This is a kind of international benchmark that represents the interest rate at which various banks offer to lend short-term loans to one …