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The Spider Network

528 pages, 2018

business & management

business & management

1082 books
economics & politics

economics & politics

987 books
money & investing

money & investing

165 books
Takeaways
Description

In 2006, a group of traders, bankers, and brokers from some of the world's largest financial institutions made a startling realization: Libor—the London interbank offered rate, which determines interest rates on trillions in loans worldwide—was set daily by a small group of easily manipulated functionaries. 

Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a shadowy team that used hook and crook to take over the process and set rates that made them a fortune, no matter the cost to others.

The Power of Greed

In The Spider Network, David Enrich explores the power of greed and its consequences. He shows how the desire for wealth and power can lead individuals to commit unethical and illegal acts. This is a great reminder for us to always check our motivations and ensure we're not letting greed guide our actions.

The Complexity of Financial Systems

The book gives us a deep look into the complex world of financial systems. It shows how interconnected and fragile these systems can be. This is a great opportunity for us to learn more about the financial world and understand its impact on our daily lives.

The Importance of Accountability

David Enrich emphasizes the importance of accountability in the financial sector. He shows how lack of accountability can lead to disastrous consequences. This is a great lesson for us to apply in our own lives, always taking responsibility for our actions.

The Impact of Individual Actions

The Spider Network shows us how the actions of one individual can have far-reaching effects. It's a reminder that our actions matter and can have a big impact, whether positive or negative. So, it's important for us to always think about the consequences of our actions.

The Role of Whistleblowers

In his book, Enrich highlights the role of whistleblowers in exposing corruption and wrongdoing. This is a great reminder for us to always stand up for what's right, even when it's difficult. It encourages us to be brave and speak out against injustice when we see it.

Quotes 5

A gripping narrative, The Spider Network is a fascinating insight into the world of finance and the manipulation that occurred, leading to a global scandal.

James B. StewartJames B. Stewart - Pulitzer-winning journalist

The Spider Network is a riveting tale that unveils the dark underbelly of the financial industry.

Matthew C. KleinMatthew C. Klein - Economics commentator

David Enrich's The Spider Network is a captivating exploration of the financial world's intricate web of deceit.

Sheelah KolhatkarSheelah Kolhatkar - Financial journalist

The Spider Network is a compelling narrative that exposes the shocking reality of the financial world.

Andrew Ross SorkinAndrew Ross Sorkin - Financial columnist

The Spider Network is a thrilling journey into the heart of the financial industry's biggest scandal.

Bethany McLeanBethany McLean - Investigative journalist
James B. StewartMatthew C. KleinSheelah KolhatkarAndrew Ross SorkinBethany McLean

Recommendations

1
Marc Andreessen

Marc Andreessen

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The Spider Network found in libraries

1
204 books

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