The Spider Network
An honest albeit opinionated look at the monopolies enjoyed by Amazon, Facebook and Google. Taplin is very good at exploring ties between the businesses and the government, and offers insight as to how this unregulated monopoly is skewed to the 1 per cent of “content generators” — Read the complete FT review
The Spider Network is the almost-unbelievable and darkly entertaining inside account of the Libor scandal – one of history’s biggest, farthest-reaching scams to hit Wall Street since the global financial crisis, written by the only journalist with access to Tom Hayes before he was imprisoned for 14 years.
Revealing never-before-seen details into the inner-workings and private lives of those involved, and with ramifications that reach across the British establishment – from the Labour Party to the Bank of England – The Spider Network is a gripping, thriller-esque story with a host of unusual characters and financial excess that will draw comparisons to bestsellers The Wolf of Wall Street and The Big Short, but with its roots in Canary Wharf.
A culmination of years of investigative journalism by David Enrich, using emails, text messages and his secret relationship with Tom Hayes – a brilliant but troubled mathematician with Asperger’s syndrome – The Spider Network follows Tom and a group of British bankers as they stumble on a way to manipulate the obscure number responsible for the interest rates of trillions in loans worldwide (Libor).
Featuring a mismatched cast – including a prickly French trader ‘Gollum’, a broker nicknamed ‘Abbo’ who likes to publicly strip naked when drinking, a nervous former Kazakh chicken farmer known as ‘Derka Derka’, and a karaoke-loving executive who falsely claimed to be a member of 1990s pop group Ocean Colour Scene – this group generated incredible riches. Then it all unravelled in spectacularly vicious, backstabbing fashion.
With unparalleled access to key characters and evidence, The Spider Network is not only a rollicking account of the scandal, but also a provocative examination of a financial system that was crooked throughout, the consequences of which are still rippling through the world today.