How the FBI Trapped the Libor Scandal’s Mastermind

The following is an excerpt from the book Spider Network written by David Enrich. The same can be obtained from Amazon on pre-order for $15.59 hardbound. The book cover summarizes the book’s narrative: The wild story of a math genius, a group of backstabbing bankers, and one of the greatest scams in financial history. The excerpt was obtained from an article published today by the Wall Street Journal (http://on.wsj.com/2n6FIbg). Mr. Enrich is an award winning reporter for the Wall Street Journal.

“On a mild, damp March afternoon in 2011, Sarah Tighe and her husband Tom Hayes arrived in the prenatal wing of London’s University College Hospital. They were there for Ms. Tighe’s 12-week pregnancy scan.”

“The pregnancy was off to a difficult start. Ms. Tighe had suffered from severe vomiting sickness. Mr Hayes, a disheveled, mildly autistic 32 year-year-old mathematician, hadn’t been helping matters. He didn’t seem especially concerned with her discomfort. Instead he was preoccupied with his favorite British soccer team, Queen’s Park Rangers, and his firing months earlier from Citigroup, which had accused him of trying to manipulate an an important interest rate called Libor.”

“Rebuffed by several other banks where he’d  sought jobs, Mr. Hayes was slowly coming to terms with the fact that his career as a wildly successful trader had come to an end. More troubling, he’d heard rumors that governments were investigating his conduct.”

“The authorities were hunting for bankers to hold accountable for the industry’s many sins, and Mr. Hayes was blundering into an elaborate trap, cementing his status as their top target.”

Thus far a very interesting read. I already pre-ordered my copy.

 

 

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