The Spider Network Summary, PDF, EPUB, Audio

Q: What is *The Spider Network* by David Enrich about?

*The Spider Network* investigates the Libor scandal, where math prodigy Tom Hayes and a group of bankers manipulated global interest rates for profit. David Enrich traces Hayes’ rise in finance, his Asperger’s-driven obsession with numbers, and the collusion among traders from major banks to rig the London Interbank Offered Rate (Libor), impacting mortgages, loans, and investments worldwide.

The Spider Network

David Enrich

4.07 (6321 Reviews)

Finance

Business

Economics

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Dive into the Libor scandal through David Enrich's financial thriller that reads "like a fast-paced John le Carre novel." This award-nominated expose reveals how math genius Tom Hayes orchestrated one of banking's biggest frauds while possibly having undiagnosed Asperger's.

What is The Spider Network by David Enrich about?

The Spider Network investigates the Libor scandal, where math prodigy Tom Hayes and a group of bankers manipulated global interest rates for profit. David Enrich traces Hayes’ rise in finance, his Asperger’s-driven obsession with numbers, and the collusion among traders from major banks to rig the London Interbank Offered Rate (Libor), impacting mortgages, loans, and investments worldwide.

Who should read The Spider Network?

This book suits readers interested in financial scandals, white-collar crime, or the inner workings of banking systems. It appeals to those curious about real-world market manipulation, ethical failures in finance, and the psychological profiles of individuals like Hayes, who exploited systemic corruption.

Is The Spider Network worth reading?

Yes—it combines investigative rigor with narrative flair, earning a spot as a Financial Times Business Book of the Year finalist. Enrich’s access to key players and detailed storytelling make it essential for understanding one of history’s largest financial frauds.

How did Tom Hayes manipulate Libor rates?

Hayes orchestrated a network of traders and brokers to submit false interest rate data, artificially inflating or deflating Libor to benefit his trades. His tactics included bribes, collusion, and leveraging his mathematical genius to exploit the rate-setting process.

What is Libor, and why was it targeted?

Libor (London Interbank Offered Rate) determined interest rates for trillions in loans globally. Hayes’ group targeted it because its opaque, self-reported structure allowed easy manipulation, enabling them to profit from derivatives tied to rate fluctuations.

What ethical questions does the book raise?

Enrich explores how Hayes’ Asperger’s and the banking industry’s cutthroat culture normalized unethical behavior. The scandal highlights systemic failures, where personal gain outweighed legal and moral accountability, even among high-ranking financiers.

How did David Enrich research the Libor scandal?

Enrich drew on his investigative journalism background, interviewing Hayes, bankers, and lawyers, and reviewing court documents. His financial reporting expertise, honed at The Wall Street Journal and New York Times, ensured rigorous sourcing.

Who were the key figures in the Spider Network?

The group included nicknamed players like “Gollum” (a French trader), “Abbo” (a broker known for public nudity), and “Big Nose.” Their collusion with Hayes created a web of deception across institutions like UBS and Citigroup.

What happened to Tom Hayes after the scandal?

Hayes was convicted of fraud in 2015 and sentenced to 14 years (reduced to 11 on appeal). His case underscored the legal system’s struggle to hold individuals accountable in complex financial crimes.

How does the book critique banking culture?

Enrich depicts a profit-driven world where backstabbing, reckless risk-taking, and moral ambiguity were rampant. The Libor scandal exemplified how institutional complacency enabled widespread fraud.

What awards has The Spider Network received?

Shortlisted for the Financial Times Business Book of the Year, it solidified Enrich’s reputation for exposing financial malfeasance. His Loeb and George Polk Awards further validate the book’s journalistic excellence.

What makes David Enrich qualified to write this book?

As the New York Times Business Investigations Editor and a Pulitzer-finalist journalist, Enrich has decades of experience uncovering financial crimes. His previous exposés on banking corruption informed this deep dive.

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Key takeaways

When the Rules Are Rigged, Who's Really the Criminal?

00:00

A socially awkward math genius sits in a British prison cell, serving one of the longest white-collar sentences in UK history. His crime? Doing what everyone around him was doing-manipulating a financial benchmark that affects trillions of dollars in loans, mortgages, and investments worldwide. Tom Hayes became the face of the Libor scandal, but his story reveals something far more unsettling: what happens when an entire industry operates without a moral compass, and one person pays the price for everyone's sins. Hayes wasn't your typical Wall Street villain. He couldn't read social cues, obsessed over routines, and preferred making sausages at home to networking at fancy restaurants. Yet this unlikely character orchestrated one of finance's biggest conspiracies-not because he was uniquely evil, but because he was uniquely good at a game everyone was playing. His downfall exposes how financial systems can corrupt even the most literal-minded individuals when institutional culture normalizes the unthinkable.

The Boy Who Saw Patterns Where Others Saw Chaos

The Benchmark Built on Quicksand

Building the Web: How Manipulation Became Routine

When the Music Stopped: Investigations and Betrayals

The Trial: One Man Versus an Industry

The Spider Caught in His Own Web

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@Matt, YC alum

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"Reading used to feel like a chore. Now it’s just part of my lifestyle."

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"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

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"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

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"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

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"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

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"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

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"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

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"Makes me feel smarter every time before going to work"

@Cashflowbubu

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The Spider Network by David Enrich Summary

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When the Rules Are Rigged, Who's Really the Criminal?