The Spider Network
The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History
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Narrated by:
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Mike Chamberlain
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By:
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David Enrich
About this listen
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.
©2017 David Enrich (P)2017 HarperCollins PublishersListeners also enjoyed...
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During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry - and even the entire country - lost its way as well. Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events.
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Sad and Angry by Turn
- By Johnnie Walker on 07-24-12
By: Kirsten Grind
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Good for the Money
- My Fight to Pay Back America
- By: Bob Benmosche
- Narrated by: Sean Pratt
- Length: 9 hrs and 33 mins
- Unabridged
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In 2009, at the peak of the financial crisis, AIG - the American insurance behemoth - was sinking fast. It was the peg upon which the nation hung its ire and resentment during the financial crisis: the pinnacle of Wall Street arrogance and greed. When Bob Benmosche climbed aboard as CEO, it was widely assumed that he would go down with his ship. In mere months, he turned things around, pulling AIG from the brink of financial collapse and restoring its profitability.
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Worthwhile, informative, and just short of inspiring
- By Preston on 11-17-21
By: Bob Benmosche
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Exposure
- Inside the Olympus Scandal: How I Went from CEO to Whistleblower
- By: Michael Woodford
- Narrated by: Michael Woodford
- Length: 8 hrs and 5 mins
- Unabridged
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When Michael Woodford was made president of Olympus - the company to which he had dedicated thirty years of his career - he became the first Westerner ever to climb the ranks of one of Japan’s corporate giants. Some wondered at the appointment - how could a gaijin who didn’t even speak Japanese understand how to run a Japanese company? But within months Woodford had gained the confidence of most of his colleagues and shareholders.
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Starts off great, then gets stupid
- By Happy Mountain on 10-21-21
By: Michael Woodford
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Chain of Title
- How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud
- By: David Dayen
- Narrated by: Kaleo Griffith
- Length: 13 hrs and 51 mins
- Unabridged
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In the depths of the Great Recession, a cancer nurse, a car dealership worker, and an insurance fraud specialist helped uncover the largest consumer crime in American history - a scandal that implicated dozens of major executives on Wall Street. They called it foreclosure fraud: Millions of families were kicked out of their homes based on false evidence by mortgage companies that had no legal right to foreclose.
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Capital Corruption and Greed
- By Anthony Freyberg on 07-30-16
By: David Dayen
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Dethroning the King
- The Hostile Takeover of Anheuser-Busch, an American Icon
- By: Julie MacIntosh
- Narrated by: Joyce Bean
- Length: 12 hrs and 57 mins
- Unabridged
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How did InBev, a Belgian company controlled by Brazilians, take over one of America's most beloved brands after barely a whimper of a fight? With timing - and some unexpected help from powerful members of the Busch dynasty, the very family that had run the company for more than a century. From the very heart of America's heartland to the European continent to Brazil, Dethroning the King is the ultimate corporate caper and a fascinating case study that's both wide-reaching and profound.
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Good Story but Narration Can be Annoying
- By Ken on 10-21-11
By: Julie MacIntosh
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The Money Culture
- By: Michael Lewis
- Narrated by: Alexander Cendese
- Length: 6 hrs and 52 mins
- Unabridged
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The 1980s was the most outrageous and turbulent era in the financial market since the crash of ’29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. In these trenchant, often hilarious true tales we meet the colorful movers and shakers who commanded the headlines and rewrote the rules.
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Not the normal great Michael Lewis
- By Me on 05-12-12
By: Michael Lewis
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The Hellhound of Wall Street
- How Ferdinand Pecora's Investigation of the Great Crash Forever Changed American Finance
- By: Michael Perino
- Narrated by: George K. Wilson
- Length: 14 hrs and 34 mins
- Unabridged
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In The Hellhound of Wall Street, Michael Perino recounts in riveting detail the 1933 hearings that put Wall Street on trial for the Great Crash. Never before in American history had so many financial titans been called to account before the public, and they had come within a few weeks of emerging unscathed. By the time Ferdinand Pecora, a Sicilian immigrant and former New York prosecutor, took over as chief counsel, the investigation had dragged on ineffectively for nearly a year and was universally written off as dead....
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Great Story
- By Lynn on 03-22-11
By: Michael Perino
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The Greatest Trade Ever
- The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
- By: Gregory Zuckerman
- Narrated by: Marc Cashman
- Length: 11 hrs and 40 mins
- Unabridged
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In 2006, hedge fund manager John Paulson realized something few others suspected - that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him.
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Better Books Now Available
- By David on 05-02-11
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The King of Content
- Sumner Redstone’s Battle for Viacom, CBS, and Everlasting Control of His Media Empire
- By: Keach Hagey
- Narrated by: Gabra Zackman
- Length: 10 hrs and 51 mins
- Unabridged
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Sumner Murray Redstone, once feared as the “mad genius” of media who would dump his CEOs for mere wobbles in his companies’ stock price, had built one of the world’s greatest media empires through a series of audacious takeovers constructed to ensure that he always maintained control. Today he controls 80 percent of the voting shares of both Viacom and CBS, meaning that on a whim he could replace the entire boards of two public companies with a combined value of $40 billion.
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Feels biased. Well researched, but not engaging.
- By Anonymous User on 04-03-19
By: Keach Hagey
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Too Good to Be True
- The Rise and Fall of Bernie Madoff
- By: Erin Arvedlund
- Narrated by: Karen White
- Length: 12 hrs and 57 mins
- Unabridged
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Erin Arvedlund, the financial reporter who questioned the amazing returns of Bernie Madoff's hedge funds way back in 2001, traces the life of the infamous swindler and addresses the tough questions surrounding the collapse of his Ponzi scheme.
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Doesn't add much more that a lot of details.
- By Robert on 11-07-10
By: Erin Arvedlund
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Iceland's Secret
- The Untold Story of the World's Biggest Con
- By: Jared Bibler
- Narrated by: Jared Bibler
- Length: 9 hrs and 57 mins
- Unabridged
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Overall
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Born in Massachusetts, Jared Bibler relocated to Iceland in 2004 only to find himself in the middle of an unprecedented financial crisis a handful of years later. Personally wiped out and seeking to uncover the truth about a collapse that brought the pastoral country to its knees, he became the lead investigator into some of the largest financial crimes in the world. This work helped Iceland to famously become the only country to jail its bank CEOs in the wake of the 2008 crisis.
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Excellent description of Icelands finacial crash
- By CJF on 08-19-24
By: Jared Bibler
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From the New York Times’s Business Investigations Editor and #1 bestselling author of Dark Towers comes a long-overdue exposé of the astonishing yet shadowy power wielded by the world’s largest law firms, following the narrative arc of Jones Day, the firm that represented the Trump campaign and much of the Fortune 500, as a powerful encapsulation of the changes that have swept the legal industry in recent decades.
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Arif Naqvi was charismatic, inspiring, and self-made—all the qualities of a successful business leader. The founder of Abraaj, a Dubai-based private-equity firm, Naqvi was the Key Man to the global elite searching for impact investments to make money and do good. In 2018, Simon Clark and Will Louch were contacted by an anonymous whistleblower who said Naqvi had swindled investors out of hundreds of millions of dollars and offered bribes to sustain his billionaire lifestyle. In April 2019—months after their exposé broke—Naqvi was arrested on charges of fraud and racketeering.
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When Freakonomics was initially published, the authors started a blog - and they've kept it up. The writing is more casual, more personal, even more outlandish than in their books.
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this book is free on the blog and podcast.
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From a veteran culture writer and modern movie expert, a celebration and analysis of the movies of 1999 - arguably the most groundbreaking year in American cinematic history.
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The authors of the best-selling Bold and The Rise of Superman explore altered states of consciousness and how they can ignite passion, fuel creativity, and accelerate problem solving, in this groundbreaking book in the vein of Daniel Pink's Drive and Charles Duhigg's Smarter Faster Better.
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Ben Horowitz, a leading venture capitalist, modern management expert, and New York Times best-selling author, combines lessons both from history and from modern organizational practice with practical and often surprising advice to help executives build cultures that can weather both good and bad times. What You Do Is Who You Are explains how to make your culture purposeful by spotlighting four models of leadership and culture-building.
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Life changing book!
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In Plays Well With Others, Eric Barker dives into these questions, drawing on science to reveal the truth beyond the conventional wisdom about human relationships. Combining his compelling storytelling and humor, Barker explains what hostage negotiation techniques and marital arguments have in common, how an expert con-man lied his way into a twenty-year professional soccer career, and why those holding views diametrically opposed to our own actually have the potential to become our closest, most trusted friends.
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In Dark Towers, award-winning journalist David Enrich reveals the truth about Deutsche Bank and its epic path of devastation. Tracing the bank's history back to its propping up of a default-prone American developer in the 1880s, helping the Nazis build Auschwitz, and wooing Eastern Bloc authoritarians, he shows how in the 1990s, via a succession of hard-charging executives, Deutsche made a fateful decision to pursue Wall Street riches, often at the expense of ethics and the law.
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A beautiful, ambitious angel stands on a mountaintop, surveying the world and its little inhabitants below. He smiles because soon, the last of humanity who survived the great flood will meet its end, too. And he should know. He's going to play a big part in it. Our angel usually doesn't get to do fieldwork, and if he does well, he's certain he'll get a big promotion.
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Being too reliant on consensus backfires occasiona
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Lincoln's Last Trial: The Murder Case That Propelled Him to the Presidency
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At the end of the summer of 1859, 22-year-old Peachy Quinn Harrison went on trial for murder in Springfield, Illinois. Abraham Lincoln, who had been involved in more than 3,000 cases - including more than 25 murder trials - during his two-decades-long career, was hired to defend him.
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Great Courtroom Drama
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The Perfectionists
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The New York Times best-selling author traces the development of technology from the Industrial Age to the Digital Age to explore the single component crucial to advancement - precision - in a superb history that is both an homage and a warning for our future.
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Somewhat less than perfect
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What listeners say about The Spider Network
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Lassi*aL
- 06-13-20
Sad and necessary story
To me, the book is a tragic reminder of how badly policed the financial world still is after several crises. If the story is to be trusted, corruption across industry is prevalent and law enforcement is both unwilling and incapable to act, as well as prone to change their sides.
I personally didn't appreciate the style of narration, the story unfolds quite slowly and doesn't captivate the reader like few other scandal exposing books (Bad Blood or Billion dollar whale).
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1 person found this helpful
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- Scott Engstrom
- 08-14-22
A Comprehensive Retelling of a Largely Interesting Grift
I worked on Wall Street for 20 years. So, I had a lot of context for this story. It was very detailed and provided so many great details for someone like me. For some one with a more layman’s background, you might find that there is too much story there.
Incredible reporting!
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- Mr. Beans
- 04-14-19
Good. Not amazing
Extremely well researched. However spends way too much time on complex business jargon that even accomplished people will have difficulty following. When you layer over 100 characters on the story it makes for a lot to digest. If you love finance read it. If not then stay away.
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6 people found this helpful
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- Robert P.
- 08-10-18
Great story of life in finance industry
Corrupt courts, corrupt system, corrupt industry..,sad story on many levels but quite a well documented tale of reality. Good author and lots of work behind this book. A good listen indeed,
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- Amazon Customer
- 12-19-18
Fantastic Listen. A Well-Constructed Writing
I thoroughly enjoyed listening to this book. It is thoroughly researched, well-written, and put together with thought.
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- Tom
- 06-28-18
struggled to finish
Just too much detail and not enough story by the end I was struggling to finish.
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- Average White Guy
- 05-08-23
Multi-dimensional story
Makes you really ask a lot of questions about what’s right and wrong.
Everyone here is very flawed. You kind of have sympathy for some awkward characters until you hear how abusive they were.
Great read and candid (often intrusive) look into the lives of key finance figures.
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- peter
- 12-04-20
shouty narrator
Great story - with many complicated facets - well told. Narrator is too shouty. Massive emphasis on every sentence like it is the most important line in the tale. Book would benefit from a narrator who takes it down a notch.
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- BMunster
- 02-10-20
Gripping and well-researched!
Great book, with lots of details I wasn’t familiar with, even though I knew the market and the outcome. Worth picking up!
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Overall
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Performance
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Story
- Anonymous
- 01-17-18
Wonky
Where does The Spider Network rank among all the audiobooks you’ve listened to so far?
An extremely detailed accounting of the Libor scandal. Interesting for finance professionals but I would imagine torture for those outside the industry. Hayes was a scapegoat for many of the ills of post Glass-Steagall. The author did extensive research on the subject matter but I felt he has a bias in his writing.
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