‘The Spider Network’ book weaves compelling tale about the global financial crisis

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In “The Spider Network,” Wall Street Journal editor David Enrich spins a tale about a global conspiracy to manipulate the Libor interest rate benchmark.

To many readers, a non-fiction book about a complex conspiracy to manipulate the London interbank offered rate, or Libor, might sound like fodder for a good nap.

But in the hands of journalist David Enrich, the true tale of former UBS and Citigroup trader Tom Hayes becomes a page-turning crime drama that engages – and educates – readers from beginning to end.

In “The Spider Network,” the author weaves together the vast web of players who blatantly worked to skew the benchmark that is used to set interest rates for everything from home equity loans to complex derivatives. Their goal was to nudge rates in the direction that boosted their trading portfolios – and earn them fat bonuses.

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