Long-Term Capital Management Bailout | On This Day

All right, let's take a look back at this day in history because it was on this day 27 years ago when long-term capital management, one of the most lauded and opaque hedge funds ever created, was forced into a $3.5% billion bailout. A stunning fall from grace for the brainchild of former Solomon Brothers trader John Merryweather who in 1994 recruited financial industry heavyweights like Goldman chairman John Cororsine, New York Fed President William Mcdana, future Nobel winners Myron Scholes and Robert Mert ...