The Spider Network

Résumé du livre

David Enrich is the finance editor for the New York Times. Previously, he led a team of investigative finance reporters in London and New York for the Wall Street Journal. He has won several awards for journalism, and his previous book, The Spider Network, was shortlisted for the Financial Times and McKinsey Business Book of the Year Award.

Tom Hayes’s meteoric rise in finance showcased his exceptional mathematical talent and strategic acumen, particularly in derivatives and interest rate trading. After generating significant profits at the Royal Bank of Scotland, he joined UBS in 2006, where he orchestrated a scheme to manipulate the London Interbank Offered Rate (Libor) for financial gain. Hayes leveraged brokers to influence Libor submitters, often incentivizing them with rewards, and later streamlined the process through a key connection who controlled a widely-used spreadsheet of suggested rates. Despite the systemic nature of the misconduct, Hayes became the focal point of investigations following evidence from Barclays Bank that exposed widespread manipulation. His arrest in 2012, fueled by testimonies from colleagues and a vengeful former boss, led to a grueling trial where his defense argued he was a vulnerable participant in a corrupt system, exacerbated by his undiagnosed Asperger’s syndrome. Hayes’s abrasive personality and struggles to fit into the hostile banking culture further isolated him, culminating in his departure to Citibank in 2009, where he continued his practices with executive support. Ultimately, Hayes was sentenced to 14 years in prison, becoming the sole individual convicted, while others avoided accountability. His case highlighted the pervasive greed and moral failings of the financial industry, sparking efforts to reform its culture, though the allure of quick wealth continues to attract new participants.

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