The Fix: How Bankers Lied, Cheated and Colluded to Rig the World's Most Important Number (Bloomberg)
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on February 22, 2017
I'm not writing as an expert, merely a fan of these types of books (financial insider books - Michael Lewis types). With that said, I do have some financial background and enjoy learning/reading more about it. For me, this book was great. It does a good job of clarifying that there were many more people and banks involved in the Libor scandal, but this isn't a textbook on the topic. This is a narrative, well written, that brings the reader into the banks and onto the trading floors. It has to focus on something and, an assumption on my part, it is probably easiest to focus on Barclays and on Tom Hayes because of the amount of data and testimony given from both parties. I came away from the book with a much better understanding of Libor and the culture that pervades banks in general, not just Barclays, and the pressure that traders, not just Tom Hayes, face each day. That is what I believe this book is best at. Making such a complicated and specialized field as derivative trading, largely on interest rate swaps, readable and enjoyable for the average person. Also, this is not an indictment against any bank or person, but I felt gives a generally straight forward view of the situation, and allows the reader to form their own opinion. I'm glad I wasn't in the jury for Tom Hayes or the other bankers that have been put on trial because the book clearly describes the lack of oversight and regulation, so how can you really blame someone for taking advantage of that in a culture that forces everyone to try and find a way to do just a little bit better (or a lot, in Hayes' case) than your peers. Especially, as the book points out, it was pervasive in the market at the time, but we probably will never know exactly how pervasive it was.
Quick read, kept me interested the whole time. Fantastic overall.
Quick read, kept me interested the whole time. Fantastic overall.
on April 6, 2017
Very interesting reading. Had no idea LIBOR was so easily manipulated and effects so many different financial devices. I thought the authors approach was fair and kept the story moving along in at an interesting pace.
on May 14, 2017
The first half of the book had too much detail. Maybe I'm dim, but I couldn't keep it all straight in my head. Probably should have included some kind of flowchart and glossery. However, the last half was a well documented cliffhanger. The last half gets five stars....
on May 6, 2017
An excellent narrative of how LIBOR was manipulated and how the main perpetrator was brought to book. Whilst the banks and the inter-dealer brokers involved paid heavy fines for their complicity, most of the individuals who were part of the scheme escaped punishment.
on May 21, 2017
I read the entire book which is not always the case for me. There was some dry (and confusing) details but I enjoyed it. The title is a little overdramatic.
on May 17, 2017
GREAT BOOK IT JUST MAKES ME HATE BANKERS EVEN MORE
on January 29, 2017
Takes you into the dealer's world. Now it's time for someone to expose the manipulation of the gold market especially the events of April 2013.
