I took out “The Spider Network” from the e-library. (Now that real estate is so costly, I no longer buy books.) The problem is that the Libor is so easily manipulated is surprising to me. I suppose it was one of those things that everyone assumes that it is impossible to collude all the time to fix the rate. Once in a rare blue moon, shit happens.

The People, post GFC, wanted banks to be punished for wrong-doings. So politicians, regulators and the judiciary came after Tom Hayes and locked him away for 14 years. (Hayes was also conveniently unlikeable.)

I feel sorry for Hayes. He reminded me of a poor dauphine in The Lost King Of France. Yes, in fixing the Libor, he impacted the loans, the hedging, and the returns of pension funds over the period of time that he and others were involved in manipulating the rates. But why is the Libor so easily manipulated in the first place?