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Inside this Book – The Brackenbury Primary School, in the dumpy west London neighborhood of Shepherd’s Bush, was in a three-story, redbrick Victorian-era building. From outside, the school looked grand. Inside, it was a different matter: High ceilings created a cavernous, intimidating vibe, paint was peeling from the walls, and cold air drafted in through ragged insulation. The small campus, just down the street from the Goldhawk Road Underground station, was in a part of London marked by tracts of similar-looking, century-old houses and down-on-their-luck convenience stores, pubs, and Laundromats. Brackenbury’s student body, drawn from the surrounding neighborhoods, was primarily working class. In 1990, one of the school’s students was Tom Hayes. The ten-year-old was big for his age, with a mop of sandy blond hair and small dark eyes. He was burning with anger. It was hard to pinpoint the exact reason. His parents had split up six years ago after his mother, Sandy, caught his father, Nick, cheating. Hayes detested Nick’s absence from his life. Nor was he thrilled that upon his father’s remarrying in 1989, Tom and his younger brother, Robin, had inherited two stepsisters from Nick’s new wife, as well as a baby half sister. But Nick wasn’t the only issue. Hayes resented what he saw as Sandy’s cold, controlling nature and the fact that she seemed more devoted to her job than to mothering her two sons.
Inside this book –The Spider Network PDF Book by David Enrich – John Ewan was not happy. The past eight months had been stressful for the man in charge of Libor at the British Bankers’ Association. Starting the prior fall, he had been on the receiving end of a growing chorus of complaints about the benchmark. Phone calls and e-mails were pouring in from bankers who said the rate was divorced from reality. As the financial crisis intensified, banks’ borrowing costs were soaring. Yet Libor wasn’t moving. To make matters worse, the Bank of England was sniffing around about the rate’s accuracy. At a November 2007 meeting at the central bank’s headquarters, regulators and bank executives grumbled about Libor being too low. Ewan reassured participants that the BBA had rigorous quality control measures to prevent any problems. The reality was different. Ewan knew troubling things were afoot. Banks, terrified about the escalating financial crisis, were hardly lending to each other anymore. Giving money to another bank, even a relatively safe one, seemed to be a reckless act of doubling down on a highly distressed industry. The safer bet was just stashing money in accounts maintained at any number of central banks. That made the Libor estimates little more than guesswork. How could banks figure out how much it cost them to borrow from other banks if such borrowing wasn’t taking place? Plus, banks had a powerful incentive to err on the side of understating their borrowing costs. If it seemed like it wasn’t expensive for them to borrow, it might look to the outside world that they were more stable than a bank that faced higher borrowing costs, which would represent a bright red flag for jittery investors.
The Spider Network by David Enrich PDF : eBook Information
- Full Book Name – The Spider Network
- Author of this Book – David Enrich
- Language – English
- Book Genre – Business, Economics, Finance, History, Non-Fiction
- Download Format – PDF
- Size – 2.3 MB
- eBook Pages – 419
- Price – Free