SHOW / EPISODE

The Spider Network by David Enrich

Season 1 | Episode 232
21m | Sep 23, 2026

These excerpts from David Enrich’s The Spider Network chronicle the life of Tom Hayes and his role in the systemic manipulation of the London Interbank Offered Rate (Libor). The narrative begins by introducing a vast "cast of characters" across global banks like UBS, RBS, and Citigroup, alongside the brokers who facilitated their trades.

It traces Hayes’s development from a socially awkward, mathematically gifted child into a star trader who viewed the financial world through a lens of rigid logic and profit. The text explains how Libor, a benchmark once intended to stabilize lending, became a tool for proprietary trading teams to inflate bank earnings and personal bonuses.

Enrich highlights a corrupt corporate culture where reckless behavior was encouraged by a "light-touch" regulatory environment and a lack of moral oversight. Ultimately, the book positions Hayes as both a mastermind and a scapegoat within a broken financial system that prioritized numbers over people.

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