Salomon Brothers
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Long-Term Capital Management L.P. (LTCM) was a highly leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York. LTCM was founded in 1994 by John Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers.
Long-Term Capital Management (LTCM) was a large hedge fund, led by Nobel Prize-winning economists and renowned Wall Street traders, that blew up in 1998, forcing the U.S. government to intervene...
Long-Term Capital Management was a massive hedge fund with $126 billion in assets. It almost collapsed in late 1998. If it had, that would have set off a global financial crisis. LTCM's success was due to the stellar reputation of its owners. Its founder was a Salomon Brothers trader, John Meriwether.
The Long-Term Capital Management collapse—which led to an unprecedented rescue by the Fed—was 25 years ago. Heard on the Street revisited that crisis with a three-part series that wrapped up ...
by Michael Fleming and Weiling Liu, Federal Reserve Bank of New York. On September 23, 1998, a group of fourteen banks and brokerage firms invested $3.6 billion in Long-Term Capital Management L.P. (LTCM) to prevent the firm’s imminent collapse. The capital infusion forestalled a fire sale of LTCM assets into already turbulent markets and ...
The demise of the firm, Long-Term Capital Management (LTCM), was swift and sudden. In less than one year, LTCM had lost $4.4 billion of its $4.7 billion in capital. The entire story is...
As the Federal Reserve Bank of New York pointed out in a postmortem of the bailout, by the end of 1997, LTCM was holding about $30 in debt for every $1 of capital. “We forget that the financial ...
For a longer-term perspective, though, it may be helpful to consider another anniversary that will be observed in September 2018: the near failure of Long-Term Capital Management, L.P. and its fund, Long-Term Capital Portfolio, L.P. (collectively “LTCM”) 20 years ago.
In 1993, Merton co-founded a hedge fund, Long-Term Capital Management, which earned high returns for four years but later lost $4.6 billion in 1998 and was bailed out by a consortium of banks and closed out in early 2000. Personal life. Merton married June Rose in 1966. They separated in 1996.
Hedge Fund's Losses Seemed. Sept. 11, 2000 12:01 am ET. The 1998 meltdown of Long-Term Capital Management was a singular debacle. Markets around the globe plunged and the financial system itself ...