With a brand new Afterword addressing right now’s monetary disaster
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When it was based in 1993, Long-Term was hailed as probably the most spectacular hedge fund in historical past. But after 4 years during which the agency dazzled Wall Street as a $one hundred billion moneymaking juggernaut, it out of the blue suffered catastrophic losses that jeopardized not solely the most important banks on Wall Street however the stability of the monetary system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the disaster that might strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein exhibits that LTCM’s implosion must be seen not as a one-off drama however as a template for market meltdowns in an age of instability—and as a wake-up name that Wall Street and authorities alike tragically ignored.
