In the summer of 2012, global financial headlines centered on the British bank Barclays’s masterful manipulation of Libor interest rates. Yet despite the novelty of the machinations involved, the root of the scheme hewed a path similar to those of many previous monetary crimes. Investment insider and author Dan Davies dissects the psychology and pathology of major institutions’ devious behavior that investors and regulators often overlook because, as Davies explains, the activities are “outside your ﬁeld of vision.” getAbstract recommends this engaging narrative of financial scams and scandals to investors and executives.
In this summary, you will learn
- How the 2012 Libor scandal unfolded,
- Why this illegal episode mirrors so many other nefarious episodes of the past and
- What lessons investors can learn from these incidents.
About the Author
Dan Davies is an author and a former economist at the Bank of England.