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.
From the community