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.
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Long-Term Capital Management - LTCM: Long-term capital management (LTCM) was a large hedge fund , led by Nobel Prize-winning economists and renowned Wall Street traders, which nearly collapsed the ...
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.
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 instead allowed for an orderly liquidation of the hedge fund’s holdings.
He was a principal and limited partner at Long-Term Capital Management and a managing director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor ...
Text. The 1998 meltdown of Long-Term Capital Management was a singular debacle. Markets around the globe plunged and the financial system itself seemed in peril -- all on account of a tiny band of ...