Open Secret: The Global Banking Conspiracy That Swindled Investors Out of Billions
Language: English
Published by Portfolio, 2014
- Hardcover
- Used
Seller: Archives Books, Inc., Edmond, OK, U.S.A.Archives Books, Inc.
AbeBooks seller since November 14, 1997
Condition: Used - Very good
£ 7.76
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Dust jacket is in Good condition. No markings. Historic Oklahoma Bookstore on Route 66. Packages shipped daily, Mon-Friday.
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- Title
- Open Secret: The Global Banking Conspiracy That Swindled Investors Out of Billions
- Author
- Arvedlund, Erin
- Publisher
- Portfolio
- Publication year
- 2014
- Condition
- Very Good
- Dust jacket
- Dust Jacket Included
- Binding
- hardcover
- Language
- English
- ISBN 10
- 1591846684
- ISBN 13
- 9781591846680
In the midst of the financial crisis of 2008, rumors swirled that a sinister scandal was brewing deep in the heart of London. Some suspected that behind closed doors, a group of chummy young bankers had been cheating the system through interest rate machinations. But with most eyes focused on the crisis rippling through Wall Street and the rest of the world, the story remained an “open secret” among competitors.
Soon enough, the scandal became public and dozens of bankers and their bosses were caught red-handed. Several major banks and hedge funds were manipulating and misreporting their daily submission of the London Interbank Offered Rate, better known as the LIBOR. As the main interest rate that pulses through the banking community, the LIBOR was supposed to represent the average rate banks charge each other for loans, effectively setting short-term interest rates around the world for trillions of dollars in financial contracts.
But the LIBOR wasn’t an average; it was a combination of guesswork and outright lies told by scheming bankers who didn’t want to signal to the rest of the market that they were in trouble. The manipulation of the “world’s most important number” was even greater than many realized. The bankers kept things looking good for themselves and their pals while the financial crisis raged on.
Now Erin Arvedlund, the bestselling author of Too Good to Be True, reveals how this global network created and perpetuated a multiyear scam against the financial system. She uncovers how the corrupt practice of altering the key interest rate occurred through an unregulated and informal honor system, in which young masters of the universe played fast and loose, while their more seasoned bosses looked the other way (and would later escape much of the blame). It was a classic private understanding among a small group of competitors—you scratch my back today, I’ll scratch yours tomorrow.
Arvedlund takes us behind the scenes of elite firms like Barclays Capital, UBS, Rabobank, and Citigroup, and shows how they hurt ordinary investors—from students taking out loans to homeowners paying mortgages to cities like Philadelphia and Oakland. The cost to the victims: as much as $1 trillion. She also examines the laxity of prominent regulators and central bankers, and exposes the role of key figures such as:
- Tom Hayes: A senior trader for the Swiss financial giant UBS who worked with traders across eight other banks to influence the yen LIBOR.
- Bob Diamond: The shrewd multimillionaire American CEO of Barclays Capital, the British bank whose traders have been implicated in the manipulation of the LIBOR.
- Mervyn King: The governor of the Bank of England, who ignored U.S. Treasury secretary Tim Geithner’s repeated recommendations to establish stricter regulations over the interest rate.
Arvedlund pulls back the curtain on one of the great financial scandals of our time, uncovering how millions of ordinary investors around the globe were swindled by the corruption and greed of a few men.
"Synopsis" may belong to another edition of this title.
About the Author
ERIN ARVEDLUND is the bestselling author of Too Good to Be True: The Rise and Fall of Bernie Madoff. She writes the Your Money column in the Philadelphia Inquirer and was previously a reporter for theNew York Times, the Wall Street Journal, and Barron’s magazine. She lives in Philadelphia with her husband.
"About the title" may belong to another edition of this title.
Archives Books, Inc.
Edmond, OK, U.S.A.
AbeBooks seller since November 14, 1997
Shipping rates within U.S.A.
| Item | 5 to 14 business days | 3 to 5 business days |
|---|---|---|
| First item | £ 4.88 | £ 8.97 |
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Archives Books, Inc. is an independent, family-run bookstore based in Edmond, Oklahoma, established in 1989. With more than three decades in the trade, we have built a large and continually evolving inventory of used, out-of-print, and collectible books available to readers and collectors worldwide. Our stock ranges from everyday reading copies to more specialized material, with particular depth in religious works, Western Americana, classic literature, and select first editions and leather-bound sets. Much of our inventory is acquired through private libraries and long-established sources within the book trade. In addition to our online presence, we operate a retail location at 1914 E. 2nd Street in Edmond, where we actively buy and sell books Monday through Saturday. Our inventory is updated regularly, and we take care to provide clear descriptions and secure packaging for every order. We have been active on AbeBooks since 1997 and are recognized as a Heritage Bookseller, reflecting our long-standing presence in the online used book market. We remain committed to offering a wide and dependable selection of used books, backed by decades of experience and a straightforward approach to the trade.…
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Religious works (including Church of Christ), Western Americana, Native American and Civil War history, Oklahoma history, classic literature, art, first editions, and leather-bound setsSeller's business information
Archives Books, Inc.
1914 E 2nd Street
Edmond, OK U.S.A. 73034
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Archives Books inc.
1914 E. 2nd Street
Edmond, Oklahoma 73034
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