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Open secret : the global banking conspiracy that swindled investors out of billions / Erin Arvedlund.
- Format:
- Book
- Author/Creator:
- Arvedlund, Erin, author.
- Language:
- English
- Subjects (All):
- Bank fraud.
- Banking law--Criminal provisions.
- Banking law.
- Commercial crimes.
- Global Financial Crisis, 2008-2009.
- LIBOR market model.
- Interest rate futures.
- Physical Description:
- xiv, 290 pages, 8 unnumbered pages of plates : illustrations ; 24 cm
- Place of Publication:
- New York : Portfolio / Penguin, 2014.
- Summary:
- "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"-- Provided by publisher.
- Contents:
- Is LIBOR a lie?
- Yanking the yen
- The world's most important number
- What was really happening?
- Hedging the LIBOR
- The golden banker
- An open matter
- Barclays and other bad banks
- Trials, fines, justice?
- The victims.
- Notes:
- Includes bibliographical references and index.
- Local Notes:
- Acquired for the Penn Libraries with assistance from the John Lammey Stewart Memorial Library Fund.
- ISBN:
- 9781591846680
- 1591846684
- OCLC:
- 884961562
- Online:
- Cover image
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