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This post isn't really a book review, although I will say that the book is definitely worth buying. Most of you have probably already read the excellent Spider Network. That is arguably better written than Stelios' book (as it's written by a professional journalist, and as anyone who has read my books knows ex-traders are not always naturally gifted writers - Nassim Taleb is a black swan in this respect). Stelios' book is less polished, but he still does a good job of hooking you into the narrative and it got very exciting towards the end.
More importantly, as far as I am aware Stelios is the only person who has written a book about this scandal from the inside. And his book is very thoughtful and reflective, and his reflection has inspired some personal thoughts of my own.
This post is about three people. One of them is Stelios. Another is an Italian by the name of Carlo Palombo. And the third is me.
What do we have in common? Well, we're all in our forties, and our hair has long since departed our scalps. But more importantly we were all trading interest rate derivatives at Barclays Capital (as the investment banking arm of Barclays bank was known at the time) at the same time: from around September 2002 to February 2004 (when I left the bank).
In fact until early 2004 the life and career of myself and Stelios followed an eerily similar track. Stelios of course grew up in Greece not England and is three years older than I am, but like me he lived abroad as an expat child. Like me he was interested in computers, and like me he decided a career in IT was not for him (in my case I dropped out after my first year at University, in his case after several years in IT consulting).
We both returned to education a little later in life, attending the University of Manchester at the same time. I was a mature Economics undergraduate, whilst Stelios was doing an MBA. We overlapped by about 18 months but we probably never met, although many of our lectures would have been in the same building.
Stelios was hired by Barclays in early 2002 as an associate after doing an internship (at the same time as I was doing an internship at AHL). When I was being interviewed for a position on the Barclays analyst programme, he had probably just started in the Canary Wharf office (5 North Colonnade - the home of Barclays investment bank then, and now, at least until next year). We were interviewed by some of the same people, a few months apart.
We were both hired, I suspect, for ulterior motives. Stelios' computing experience meant that he didn't start properly trading for a couple of years, as he was initially tasked with rebuilding the banks yield curve systems. My instinct is that I was hired because I had the right personality and was a few years older than the other graduates - more of that in a second.
In September 2002 I started on the graduate programme. The programme covered around 75 analysts and associates, covering back, middle and front office. I was one of only two traders. The other was Carlo Palombo.
Derivatives trading at Barclays
The crucial post it note
What I did next
What Stelios and Carlo did next
The LIBOR scandal
Why them, and not me?
"Try to put yourself in my shoes and think about how you would have acted in my place"
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