The Spider Network

The Spider Network Author David Enrich
ISBN-10 9780753552049
Year 2017-03-23
Pages 496
Language en
Publisher Random House
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Listed as an FT book of the month ‘Anyone with an interest in financial services and in what has gone wrong will find The Spider Network compelling.’ - Daniel Finkelstein, The Times ‘Will snare you in its web of deceit, lies, corruption, manipulation and colourful characters. [a] brilliant investigative exposé’ - Harlan Coben, bestselling thriller author ‘A gripping narrative ... impressive reporting and writing chops are on full display ... reads like a fast-paced John le Carré thriller, and never lets up’ - New York Times book review ‘A feat of reporting, and much of it reads like a novel’ - Leigh Gallagher, Washington Post ‘A model of investigative financial writing... a more satisfying read than THE BIG SHORT by Michael Lewis’ - Literary Review ‘Remarkable’, Sunday Times ‘Jaw-dropping’, Financial Times In 2006, an oddball group of bankers, traders and brokers from some of the 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 administrators, and that they could reap huge profits by nudging it fractions of a percent to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed “Gollum”; the broker “Abbo,” who liked to publicly strip naked when drinking; a nervous Kazakh chicken farmer known as “Derka Derka”; a broker known as “Village” (short for “Village Idiot”) who racked up huge expense account bills; an executive called “Clumpy” because of his patchwork hair loss; and a broker uncreatively nicknamed “Big Nose” who had once been a semi-professional boxer. This group generated incredible riches —until it all unraveled in spectacularly vicious, backstabbing fashion. With exclusive access to key characters and evidence, The Spider Network is not only a rollicking account of the scam, but also a provocative examination of a financial system that was crooked throughout.

The Spider Network

The Spider Network Author David Enrich
ISBN-10 9780062453006
Year 2017-03-21
Pages 528
Language en
Publisher HarperCollins
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The Wall Street Journal's award-winning business reporter unveils the bizarre and sinister story of how a math genius named Tom Hayes, a handful of outrageous confederates, and a deeply corrupt banking system ignited one of the greatest financial scandals in 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. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that among others included a French trader nicknamed “Gollum”; the broker “Abbo,” who liked to publicly strip naked when drinking; a Kazakh chicken farmer turned something short of financial whiz kid; a broker known as “Village” (short for “Village Idiot”) and fascinated with human-animal sex; an executive called “Clumpy” because of his patchwork hair loss; and a broker uncreatively nicknamed “Big Nose.” Eventually known as the “Spider Network,” Hayes’s circle generated untold riches —until it all unraveled in spectacularly vicious, backstabbing fashion. The Spider Network is 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.

The Fix

The Fix Author Liam Vaughan
ISBN-10 9781118995747
Year 2016-11-22
Pages 216
Language en
Publisher John Wiley & Sons
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"The first thing you think is where's the edge, where can I make a bit more money, how can I push, push the boundaries. But the point is, you are greedy, you want every little bit of money that you can possibly get because, like I say, that is how you are judged, that is your performance metric" —Tom Hayes, 2013 In the midst of the financial crisis, Tom Hayes and his network of traders and brokers from Wall Street's leading firms set to work engineering the biggest financial conspiracy ever seen. As the rest of the world burned, they came together on secret chat rooms and late night phone calls to hatch an audacious plan to rig Libor, the 'world's most important number' and the basis for $350 trillion of securities from mortgages to loans to derivatives. Without the persistence of a rag-tag team of investigators from the U.S., they would have got away with it.... The Fix by award-winning Bloomberg journalists Liam Vaughan and Gavin Finch, is the inside story of the Libor scandal, told through the journey of the man at the centre of it: a young, scruffy, socially awkward misfit from England whose genius for math and obsessive personality made him a trading phenomenon, but ultimately paved the way for his own downfall. Based on hundreds of interviews, and unprecedented access to the traders and brokers involved, and the investigators who caught up with them, The Fix provides a rare look into the dark heart of global finance at the start of the 21st Century.

Black Edge

Black Edge Author Sheelah Kolhatkar
ISBN-10 9780812995817
Year 2017-02-07
Pages 368
Language en
Publisher Random House
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NEW YORK TIMES BESTSELLER • The story of the billionaire trader Steven A. Cohen, the rise and fall of his hedge fund, SAC Capital, and the largest insider trading investigation in history—for readers of The Big Short, Den of Thieves, and Dark Money. The rise over the last two decades of a powerful new class of billionaire financiers marks a singular shift in the American economic and political landscape. Their vast reserves of concentrated wealth have allowed a small group of big winners to write their own rules of capitalism and public policy. How did we get here? Through meticulous reporting and powerful storytelling, New Yorker staff writer Sheelah Kolhatkar shows how Steve Cohen became one of the richest and most influential figures in finance—and what happened when the Justice Department put him in its crosshairs. Cohen and his fellow pioneers of the hedge fund industry didn’t lay railroads, build factories, or invent new technologies. Rather, they made their billions through speculation, by placing bets in the market that turned out to be right more often than wrong—and for this they have gained not only extreme personal wealth but formidable influence throughout society. Hedge funds now manage nearly $3 trillion in assets, and competition between them is so fierce that traders will do whatever they can to get an edge. Cohen was one of the industry’s greatest success stories. He mastered poker in high school, went off to Wharton, and in 1992 launched SAC Capital, which he built into a $15 billion empire, almost entirely on the basis of his wizardlike stock trading. He cultivated an air of mystery, reclusiveness, and extreme excess, building a 35,000 square foot mansion in Greenwich, Connecticut, and amassing one of the largest private art collections in the world. On Wall Street, Cohen was revered as a genius. That image was shattered when SAC became the target of a sprawling, seven-year government investigation. Labeled by prosecutors as a “magnet for market cheaters” whose culture encouraged the relentless hunt for “edge”—and even “black edge,” or inside information—SAC was ultimately indicted in connection with a vast insider trading scheme, even as Cohen himself was never charged. Black Edge offers a revelatory look at the gray zone in which so much of Wall Street functions, and a window into the transformation of the U.S. economy. It’s a riveting, true-life legal thriller that takes readers inside the government’s pursuit of Cohen and his employees, and raises urgent questions about the power and wealth of those who sit at the pinnacle of modern Wall Street. Praise for Black Edge “A modern version of Moby-Dick, with wiretaps rather than harpoons.”—Jennifer Senior, The New York Times “Excellent.”—The Economist “If you liked James B. Stewart’s Den of Thieves, Sheelah Kolhatkar’s thrilling Black Edge should be next on your reading list.”—The Wall Street Journal “A lot of people do not trust Wall Street. They regard it as a moneymaking machine for those who work there, which has little interest in practice in its stated aim of channeling capital into businesses and helping them to grow for the broader benefit of society. For such skeptics, Steven Cohen is Exhibit A.”—John Gapper, Financial Times “A richly reported, entertaining tale about the cat-and-mouse game between the government and Cohen.”—Andrew Ross Sorkin, The New York Times Book Review

Barometer of Fear

Barometer of Fear Author Alexis Stenfors
ISBN-10 9781783609314
Year 2017-05-15
Pages 336
Language en
Publisher Zed Books Ltd.
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The LIBOR affair has been described as the ‘biggest banking scandal in history’, a deception affecting not only banks but also corporations, pension funds and ordinary people. But was this just the tip of the iceberg? Was the scandal the work of a few ‘bad apples’ or an inevitable result of a financial system rotten to its core? Labelled ‘one of the world's most infamous rogue traders’ in the wake of a mis-marking scandal, Alexis Stenfors went on to rebuild his life and now guides us through the shadowy world of modern banking, providing an insider’s account of the secret practices – including the manipulation of foreign exchange rates – which have allowed banks to profit from systematic deception. Containing remarkable and often shocking insights derived from his own experiences in the dealing room, as well as his spectacular fall from grace at Merrill Lynch, Barometer of Fear draws back the curtain to a realm that for too long has remained hidden from public view.

Lucifer s Banker

Lucifer s Banker Author Bradley C. Birkenfeld
ISBN-10 1626343713
Year 2016-10-18
Pages
Language en
Publisher
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As a private banker working for the largest bank in the world (UBS), Brad Birkenfeld was an expert in Switzerland s shell-game of offshore companies and secret numbered accounts. He wined and dined ultrawealthy clients whose millions of dollars were hidden away from business partners, spouses and tax authorities. As his client list grew, Birkenfeld lived a life of money, fast cars, and beautiful women, but then he discovered that UBS was planning to betray him, so he blew the whistle to the US Government. The Department of Justice scorned Birkenfeld s unprecedented whistleblowing and attempted to silence him with a single charge of conspiracy. Yet Birkenfeld would not be intimidated. He took his secrets to the US Senate, Securities and Exchange Commission and the Internal Revenue Service, where he prevailed. His bombshell revelations helped the US Treasury recover over $12 billion in back taxes, fines and penalties from American tax cheats. But Birkenfeld was shocked to discover that at the same time he was cooperating with the US Government, the Department of Justice was still doggedly pursuing him. He was arrested, pled guilty, and served 31 months in federal prison. When he emerged, the Internal Revenue Service gave him a whistle-blower award for $104 million, the largest such payout in history. A page-turning real-life thriller, "Lucifer s Banker" is a fascinating behind-the-scenes look at the secret Swiss high-net-worth banking industry and a harrowing account of our government s justice system. Readers will follow Birkenfeld as they will share his outrage with the incompetence and possiblecorruption at the Department of Justice, and they will cheer him on as he hammers one of the most well-known and powerful banks in the world."

Hatching Twitter

Hatching Twitter Author Nick Bilton
ISBN-10 9781444761962
Year 2013-11-05
Pages 232
Language en
Publisher Hachette UK
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New York Times Bestseller Wall Street Journal Business Bestseller Evening Standard pick Favourite Books of 2013, Sunday Business Post THE ULTIMATE 21ST CENTURY BUSINESS STORY Ev told Jack he had to 'chill out' with the deluge of media he was doing. 'It's bad for the company,' Ev said. 'It's sending the wrong message.' Biz sat between them, watching like a spectator at a tennis match. 'But I invented Twitter,' Jack said. 'No, you didn't invent Twitter,' Ev replied. 'I didn't invent Twitter either. Neither did Biz. People don't invent things on the Internet. They simply expand on an idea that already exsists.' Since 2006, Twitter has grown from the accidental side project of a failing internet start-up, to a global icon that by 2013 had become an $11.5bn business. But the full story of Twitter's hatching has never been told before. In his revelatory new book, New York Times journalist Nick Bilton takes readers behind the scenes of Twitter as it grew at exponential speeds, and inside the heads of the four hackers who created it: ambitious millionaire Evan Williams; tattooed mastermind Jack Dorsey; joker and diplomat Biz Stone; and Noah Glass, the shy but energetic geek who invested his whole life in Twitter, only to be kicked out and expunged from the company's official history. Combining unprecedented access with exhaustive investigative reporting, and drawing on hundreds of sources, documents and internal e-mails, HATCHING TWITTER is a blistering drama of betrayed friendships and high-stakes power struggles. A business story like no other, it will shock, expose and inspire.

Why Aren t They Shouting

Why Aren t They Shouting Author Kevin Rodgers
ISBN-10 9781473535633
Year 2016-07-14
Pages 320
Language en
Publisher Random House
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When Kevin Rodgers embarked on his career in finance, dealing rooms were filled with clamouring traders and gesticulating salesmen. Nearly three decades later, the feverish bustle has gone and the loudest noise you’re likely to hear is the gentle tapping of keyboards. Why Aren’t They Shouting? is a very personal, often wryly amusing chronicle of this silent revolution that takes us from the days of phone calls, hand signals and alpha males to a world of microwave communications, complex derivatives and computer geeks. In addition, it’s a masterclass in how modern banking works, for those who don’t know their spot FX from their VaR or who struggle to recall precisely how Monte Carlo pricing operates. But it’s also an account of thirty years of seismic change that raises a deeply worrying question: Could it be that the technology that has transformed banking – and that continues to do so – is actually making it ever more unstable?

Why Wall Street Matters

Why Wall Street Matters Author William D. Cohan
ISBN-10 9780399590702
Year 2017-02-28
Pages 192
Language en
Publisher Random House
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A timely, counterintuitive defense of Wall Street and the big banks as the invisible—albeit flawed—engines that power our ideas, and should be made to work better for all of us Maybe you think the banks should be broken up and the bankers should be held accountable for the financial crisis in 2008. Maybe you hate the greed of Wall Street but know that it’s important to the proper functioning of the world economy. Maybe you don’t really understand Wall Street, and phrases such as “credit default swap” make your eyes glaze over. Maybe you are utterly confused by the fact that after attacking Wall Street mercilessly during his campaign, Donald Trump has surrounded himself with Wall Street veterans. But if you like your smart phone or your widescreen TV, your car or your morning bacon, your pension or your 401(k), then—whether you know it or not—you are a fan of Wall Street. William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He’s one of America’s most respected financial journalists and the progressive bestselling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent seventeen years as an investment banker on Wall Street, he is an expert on its inner workings as well. But in recent years he’s become alarmed by the cheap shots and ceaseless vitriol directed at Wall Street’s bankers, traders, and executives—the people whose job it is to provide capital to those who need it, the grease that keeps our economy humming. In this brisk, no-nonsense narrative, Cohan reminds us of the good these institutions do—and the dire consequences for us all if the essential role they play in making our lives better is carelessly curtailed. Praise for William D. Cohan “Cohan writes with an insider’s knowledge of the workings of Wall Street, a reporter’s investigative instincts and a natural storyteller’s narrative command.”—The New York Times “[Cohan is] one of our most able financial journalists.”—Los Angeles Times “A former Wall Street man and a talented writer, [Cohan] has the rare gift not only of understanding the fiendishly complicated goings-on, but also of being able to explain them in terms the lay reader can grasp.”—The Observer (London)

A Man for All Markets

A Man for All Markets Author Edward O Thorp
ISBN-10 9781786070296
Year 2017-02-02
Pages 400
Language en
Publisher Oneworld Publications
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Mathematics professor. Professional gambler. Tech inventor. Hedge fund heavyweight. Bestselling author. One of a kind. Edward O Thorp worked his way up from nothing to become a professor at MIT. Using one of their early computers for his calculations, he invented card counting, making huge winnings at blackjack, roulette and baccarat in Las Vegas and brushing shoulders with mobsters along the way. Thorp then went on to Wall Street, where he began a hugely successful career in the stock market, attracting the attention of global investors such as Warren Buffett. He used statistical techniques to find and exploit pricing anomalies in the securities markets and built a significant fortune, earning him the nickname 'The Godfather of Quants'. For the first time, Thorp shares his incredible life story, explaining how he made his money and giving advice to the next generation of investors.

The Golden Passport

The Golden Passport Author Duff McDonald
ISBN-10 9780062347183
Year 2017-04-25
Pages 672
Language en
Publisher HarperCollins
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With The Firm, financial journalist Duff McDonald pulled back the curtain on consulting giant McKinsey & Company. In The Golden Passport, he reveals the inner works of a singular nexus of power, ambition, and influence: Harvard Business School. Harvard University still occupies a unique place in the public’s imagination, but the Harvard Business School eclipsed its parent in terms of influence on modern society long ago. A Harvard degree guarantees respect. But a Harvard MBA near-guarantees entrance into Western capitalism’s most powerful realm—the corner office. And because the School shapes the way its powerful graduates think, its influence extends well beyond their own lives. It affects the organizations they command, the economy they dominate, and society itself. Decisions and priorities at HBS touch every single one of us. Most people have a vague knowledge of the power of the HBS network, but few understand the dynamics that have made HBS an indestructible and dominant force for almost a century. Graduates of HBS share more than just an alma mater. They also share a way of thinking about how the world should work, and they have successfully molded the world to that vision—that is what truly binds them together. In addition to teasing out the essence of this exclusive, if not necessarily “secret” club, McDonald explores two important questions: Has the school failed at reaching the goal it set for itself—“the multiplication of men who will handle their current business problems in socially constructive ways?” Is HBS complicit in the moral failings of Western capitalism? At a time of soaring economic inequality and growing political unrest, this hard-hitting yet fair portrait offers a much-needed look at an institution that has had a profound influence not just in the world of business but on the shape of our society—and on all our lives.

Building Wealth in the Stock Market

Building Wealth in the Stock Market Author Colin Nicholson
ISBN-10 PSU:000067225255
Year 2009-06-15
Pages 620
Language en
Publisher Wrightbooks
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Building Wealth in the Stock Market provides a complete model for investing successfully and safely in bull and bear markets. Experienced investor and teacher Colin Nicholson shares with readers his very own investment plan -- one that has been honed over 40 years and that has seen him consistently beat the market and his target rate of return. Everything in Nicholson's investing method is fully disclosed simply and with a minimum of market jargon. The central idea is how to manage risk in order to grow capital and secure a stream of dividends. The various risks to be managed are explained, along with strategies for managing them. Aspects also covered include: how to improve your decision-making skills, modelled on the way the best investors think what is needed to succeed and why having an investment plan is crucial for success how to select stocks, using charting and fundamental ratios in combination to achieve a margin of safety how to manage your portfolio -- when to buy, how to build a position, when to cut losses and when to take profits. The methods are brought to life through case studies based on real investments and the sharing of insights gained from years of experience and research. This book will change the way you think about the stock market forever.

Nerd in Shining Armor

Nerd in Shining Armor Author Vicki Lewis Thompson
ISBN-10 9780440334040
Year 2003-04-29
Pages 336
Language en
Publisher Dell
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For Genevieve Terrence it seemed like a dream come true: a weekend alone on Maui with her sexy boss, Nick Brogan. But little did she know that Nick had dreams of his own--a nefarious scheme that nearly got her killed on the flight over the Pacific. Lucky for her, brilliant computer programmer Jack Farley was on board and quick-witted enough to crash-land the plane. Now Jack is her sole companion on a remote desert island with nothing but guava trees and sharks for company. Who’d expect the shy genius--and the least alpha male she knows--to turn out to be the uninhibited stud of her wildest dreams? Saving Genevieve’s life has made Jack a hero in the eyes of the woman he has secretly lusted after for months. Now they’re alone together in a tropical eden where they’re free to give in to their every sensual whim. But when some nasty unfinished business puts them at risk again, Gen will learn there’s nothing quite as dangerous as a fully aroused ex-nerd who’ll move heaven and earth to protect the woman he loves… From the Paperback edition.

Bullseye

Bullseye Author Matt Kirk
ISBN-10 0731400046
Year 2006-06-30
Pages 256
Language en
Publisher Wrightbooks
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What's the secret to overall trading success? What sets successful traders apart from the unsuccessful ones? Expert author team Matt Kirk and Sari Mustonen-Kirk believe it's the way they think. In this fascinating book, Bullseye: Top Trader Thinking, the authors combine practical trading advice with valuable insights from noted traders such as Larry Williams, Daryl Guppy, Andrew Lythgo, Guy Bower, Catherine Davey, Andrew Patterson and Tom Scollon. Bullseye shows you how to hit your trading target. From creating your own trading mandate and system, to learning what markets and products are right for you, Bullseye shows you the hows' and 'whys' of being consistently successful. Matt and Sari let you in on the secrets that top traders know and use every day, and provide easy to apply tools that will help both novice and experienced traders realise their full potential. Learn how to trade CFDs, options, futures, shares and FX profitably and with confidence. Bullseye delves into the psychology behind successful trading, providing you with a comprehensive yet simple guide to help you get the best from your trading. Starting in financial markets in 1985, Matt Kirk has traded his own account, managed portfolios in the billions, and is a highly respected adviser and educator on global markets.

Open Secret

Open Secret Author Erin Arvedlund
ISBN-10 9781101635766
Year 2014-09-25
Pages 304
Language en
Publisher Penguin
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“Gaming the LIBOR—that is, fixing the price of money—had become just that: a game. Playing it was the price of admission to a club of men who socialized together, skied in Europe courtesy of brokers and expense accounts, and reaped million-dollar bonuses.” In the midst of the financial crisis of 2008, rumors swirled that a sinister scandal was brewing deep in the heart of London. Some suspected that behind closed doors, a group of chummy young bankers had been cheating the system through interest rate machinations. But with most eyes focused on the crisis rippling through Wall Street and the rest of the world, the story remained an “open secret” among competitors. Soon enough, the scandal became public and dozens of bankers and their bosses were caught red-handed. Several major banks and hedge funds were manipulating and misreporting their daily submission of the London Interbank Offered Rate, better known as the LIBOR. As the main interest rate that pulses through the banking community, the LIBOR was supposed to represent the average rate banks charge each other for loans, effectively setting short-term interest rates around the world for trillions of dollars in financial contracts. But the LIBOR wasn’t an average; it was a combination of guesswork and outright lies told by scheming bankers who didn’t want to signal to the rest of the market that they were in trouble. The manipulation of the “world’s most important number” was even greater than many realized. The bankers kept things looking good for themselves and their pals while the financial crisis raged on. Now Erin Arvedlund, the bestselling author of Too Good to Be True, reveals how this global network created and perpetuated a multiyear scam against the financial system. She uncovers how the corrupt practice of altering the key interest rate occurred through an unregulated and informal honor system, in which young masters of the universe played fast and loose, while their more seasoned bosses looked the other way (and would later escape much of the blame). It was a classic private understanding among a small group of competitors—you scratch my back today, I’ll scratch yours tomorrow. Arvedlund takes us behind the scenes of elite firms like Barclays Capital, UBS, Rabobank, and Citigroup, and shows how they hurt ordinary investors—from students taking out loans to homeowners paying mortgages to cities like Philadelphia and Oakland. The cost to the victims: as much as $1 trillion. She also examines the laxity of prominent regulators and central bankers, and exposes the role of key figures such as: Tom Hayes: A senior trader for the Swiss financial giant UBS who worked with traders across eight other banks to influence the yen LIBOR. Bob Diamond: The shrewd multimillionaire American CEO of Barclays Capital, the British bank whose traders have been implicated in the manipulation of the LIBOR. Mervyn King: The governor of the Bank of England, who ignored U.S. Treasury secretary Tim Geithner’s repeated recommendations to establish stricter regulations over the interest rate. Arvedlund pulls back the curtain on one of the great financial scandals of our time, uncovering how millions of ordinary investors around the globe were swindled by the corruption and greed of a few men.