the Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History
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 the interest rates on trillions in loans worldwide, was set daily by a small group of easily manipulated functionaries, and that they could reap huge profits by nudging it to suit their trading portfolios. David Enrich provides not only a rollicking account of the scam, but a provocative examination of a financial system that was crooked throughout, designed to promote envelope-pushing behavior while shielding higher-ups from the consequences of their subordinates' rapacious actions.
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