Sign up for our literacy platform for free for reading at home

The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History

Authors: Enrich, David
Publisher: Custom House
BISAC/Subject: BUS023000, BUS004000, TRU005000
ISBN: 9780062453006, Related ISBNs: 0062453009, 9780062452993, 9780062453006
Classification: Non-Fiction
Number of pages: 528,
Audience: General/trade
Synopsis:

SHORT-LISTED FOR THE FINANCIAL TIMES BUSINESS BOOK OF THE YEAR

The term “Libor” is obscure, but it determines a good deal of our financial lives-the interest rate on our credit card; our student loans; our mortgages; our car payments. How did a math genius, a handful of outrageous confederates, and a deeply corrupt banking system conspire to pickpocket you? They were in your wallet to already. 

In 2006, an oddball group of bankers, traders 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. Among the motley crew was a French trader nicknamed “Gollum”; the broker “Abbo,” who liked to publicly strip naked when drinking; a Kazakh chicken farmer turned something short of financial whiz kid; an executive called “Clumpy” because of his patchwork hair loss; and a broker uncreatively nicknamed “Big Nose.” Eventually known as the “Spider Network,” Hayes’s circle generated untold riches —until it all unraveled in spectacularly vicious, backstabbing fashion.

Praised as reading “like a fast-paced John le Carré thriller” (New York Times), “compelling” (Washington Post) and “jaw-dropping” (Financial Times), The Spider Network is not only a rollicking account of the scam, but a provocative examination of a financial system that was warped and shady throughout.

Sign up for our literacy platform for reading at home

LightSail includes up to 6,000 high interest, Lexile aligned book titles with every student subscription. Other titles are available for individual purchase.

Watch the power of

Lightsail in action

×

SUPPORT GROWING READERS

Immediately Engage Students
Immediately Engage Students
Simple intuitive design has classrooms reading within minutes.
Exponentially Grow Reading Time
Exponentially Grow Reading Time
Students love the LightSail experience and naturally spend more time reading.
Accelerate Literacy Development
Accelerate Literacy Development
Students reading 25 minutes a day on LightSail are seeing 2+ years of Lexile growth in a single year.

LightSail Education is a comprehensive Lexile and standards-aligned, literacy platform and digital e-book library. Including multimodal learning functionality and featuring books from leading publishers, LightSail holistically assesses and nurtures each student on their reading and writing-to-learn journey, throughout elementary, middle, and high school.

*LightSail offers a 2,000 or a 6,000 title bundle with its student subscriptions. Other titles are available for individual purchase.