Yesterday, (April 6, 2017) the very same Southwark Crown Court that had previously sentenced Tom Hayes to 14 years in prison arrived at a very different decision in the case of his Barclays counterparts, Ryan Reich and Stylianos Contogoulas, making for some very poignant reading as I was finishing The Spider Network. With exclusive access to key characters and evidence, 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. This group generated incredible riches ―until it all unraveled in spectacularly vicious, backstabbing fashion.
Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed “Gollum” the broker “Abbo,” who liked to publicly strip naked when drinking a nervous Kazakh chicken farmer known as “Derka Derka” a broker known as “Village” (short for “Village Idiot”) who racked up huge expense account bills an executive called “Clumpy” because of his patchwork hair loss and a broker uncreatively nicknamed “Big Nose” who had once been a semi-professional boxer. brilliant investigative exposé’ - Harlan Coben, bestselling thriller author ‘Reads like a fast-paced John le Carré thriller, and never lets up’ - New York Times book review 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. Shortlisted for the FT & McKinsey Book Prize! ‘Will snare you in its web of deceit, lies, corruption, manipulation and colourful characters.
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