By Liam Vaughan
"The very first thing you think that is where's the sting, the place am i able to make a piece more cash, how am i able to push, push the limits. however the aspect is, you're grasping, you will want each bit of funds so that you can in all probability get simply because, like I say, that's the way you are judged, that's your functionality metric"
—Tom Hayes, 2013
In the midst of the monetary situation, Tom Hayes and his community of investors and agents from Wall Street's major corporations started working engineering the largest monetary conspiracy ever obvious. because the remainder of the area burned, they got here jointly on mystery chat rooms and past due evening mobile calls to hatch an audacious plan to rig Libor, the 'world's most vital quantity' and the root for $350 trillion of securities from mortgages to loans to derivatives. with no the endurance of a rag-tag workforce of investigators from the united states, they'd have gotten away with it....
The Fix by means of award-winning Bloomberg reporters Liam Vaughan and Gavin Finch, is the interior tale of the Libor scandal, advised in the course of the trip of the fellow on the centre of it: a tender, scruffy, socially awkward misfit from England whose genius for math and obsessive character made him a buying and selling phenomenon, yet eventually lead the way for his personal downfall.
Based on 1000s of interviews, and unheard of entry to the investors and agents concerned, and the investigators who stuck up with them, The Fix presents a unprecedented look at the darkish middle of world finance first and foremost of the twenty first Century.
Read or Download The Fix: How Bankers Lied- Cheated and Colluded to Rig the Worlds Most Important Number PDF
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Additional info for The Fix: How Bankers Lied- Cheated and Colluded to Rig the Worlds Most Important Number
K. Prime Minister David Cameron, is in many ways the epitome of the British establishment. Journalists are given tours of the trading floor, then schmoozed over expensive bottles of Barolo from Spencer’s in-house wine collection. S. Lowry. While the ICAP brokers worked hard, they partied even harder. m. hordes of them decamped to the local wine bar Brasserie Roque—“Brasrock” to those in the know— where they mingled with gaggles of women who had traveled in from Essex in the hope of bagging a big-spending city boy.
In fact, he didn’t think Porter even knew his name— he had accidentally called him Patrick the last time they’d bumped into each other. Hayes persisted, coaching his stepbrother on how to make the approach, suggesting he befriend him over a few beers. Tommy Chocolate, the nervy oddball with the superhero duvet, had come a long way. “I thought, oh well, if Peter knows him he might be able to ask as a favor, just to set it on the low side for the next, you know, few days,” Hayes reasoned aloud to his brother, keeping his tone light-hearted.
Before long he has fixes every day. Sometimes he may want the three-month rate to go up and the six-month rate to fall. Other times he might want them all to move higher. Some days his fixes are small, others they are huge. Part of the skill when pushing Libor around A Day in the Life 23 was knowing when to sacrifice a small gain for a big one coming down the track. In every currency there were Libor rates for 15 durations: overnight, one week, two weeks, one month, and then monthly up to a year.
The Fix: How Bankers Lied- Cheated and Colluded to Rig the Worlds Most Important Number by Liam Vaughan