The Spider Network: The Wild Story of a Maths Genius and One of the Greatest Scams in Financial History by David Enrich

The Spider Network: The Wild Story of a Maths Genius and One of the Greatest Scams in Financial History by David Enrich is a gripping account of one of the greatest financial scams in history. The story centers around a charismatic math genius by the name of Tom Hayes and a network of traders and brokers court around him who form the ‘spider network’. The scandal became known as ‘Libor-rigging’, brought down huge financial institutions such as Barclays, JPMorgan Chase, UBS and Citigroup.

Hayes is a British computer programmer and mathematician who had an uncanny ability to fix price benchmark markets. He is the brains behind the the spider network, an intricate web between himself and the traders and brokers who regularly manipulated the London Interbank Offered Rate (Libor) in order to enrich themselves. The spider network was a remarkable feat of deception and manipulation as it hid the traders and brokers as well as Hayes' role at the centre of it.

The book takes readers behind the scenes of one of the biggest financial scandals in history. It is an in-depth examination of those who abused the system and the extent of their deceit. Hayes himself is a charismatic and compelling character, one who relentlessly pursued his ambitions, however far-fetched and impossible they may have appeared. His secrets and manipulations ultimately led to the collapse of huge and powerful organizations and exposed the scandal of Libor rigging.

The book also investigates the authorities involved in bringing down the scheme including the Serious Fraud Office, the Financial Conduct Authority, and the politicians and journalists investigating the scandal. David Enrich expertly carries us through the years of Hayes’ stay in Tokyo, his fraudulent activities and their consequences. In the end, the story of Tom Hayes and his spider network is one of greed, ambition, arrogance and the ultimate punishment for seeking to betray the trust of the people.

Ultimately, The Spider Network: The Wild Story of a Maths Genius and One of the Greatest Scams in Financial History by David Enrich is an intensely captivating tale that takes its readers deep into the depths of the biggest financial scandal to rock the market in history. It is a gripping and thought-provoking study of the nature of power and its consequences. For fans of financial and corporate thrillers, this is a must-read.