In Open Secret, Arvedlund asks: Did the City of London swindle the world out of a trillion dollars?
Following her national bestseller Madoff, 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. Erin
Arvedlund is the acclaimed author of Madoff. She writes the "Your Money" column in the Philadelphia Inquirer and was previously a reporter for the New York Times, the Wall Street Journal, and Barron's. She lives in Philadelphia with her husband.
