Open secret
Subtitle: the global banking conspiracy that swindled investors out of billions
By: Erin Arvedlund
Publisher: Portfolio / Penguin
Published: 2014
Language: eng
Number of pages: 290
ISBN-13: 9781591846680
Subjects: Banking law; Commercial crimes; Global Financial Crisis, 2008-2009; Bank fraud; LIBOR market model; Criminal provisions; Interest rate futures
Description: "A bestselling financial reporter exposes the decades-long banking conspiracy that swindled ordinary investors out of billions. Following her national bestseller Too Good to Be True, the inside story of the Bernie Madoff scandal, Erin Arvedlund brings her reporting chops and deep financial expertise to the first book to tell the full story of the Libor scandal. In 2012, news broke that a group of young, chummy bankers had, for years, been colluding to manipulate the London Interbank Offered Rate--the interest rate that determines how money is borrowed and lent throughout the world. They set the Libor higher or lower to suit each others' needs, while ordinary savers and investors suffered without even knowing it. It was a classic "open secret" among competitors that cost countless victims as much as $1 trillion. Arvedlund takes us behind the scenes of elite firms like Barclays Capital, where twenty-something masters of the universe played fast and loose, while their bosses looked the other way. She also examines the failures of prominent regulators and other officials"--
Notes: Includes bibliographical references and index.
Table of contents: title: Is LIBOR a lie?; title: Yanking the yen; title: The world's most important number; title: What was really happening?; title: Hedging the LIBOR; title: The golden banker; title: An open matter; title: Barclays and other bad banks; title: Trials, fines, justice?; title: The victims.