My take-aways from "The Spider Network" by David Enrich

Below you can find a short summary of the book that I have just finished reading. "The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History" is an amazing book written by David Enrich. It treats an interesting look at the Libor scandal from an American investigative journalist lens.

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 that 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 with different traders.

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. 

I would absolutely recommend this book to anybody interested to get a glimpse on how crooked financial system really is.

Here it is an interesting video that I found on YouTube: https://www.youtube.com/embed/xufMvQMhuB4

by Ervis TRUPJA