For those who don't remember or weren't alive, Long-Term Capital Management was the whale hedge fund of the day and had on staff at least one Nobel laureate, Ro

For those who don't remember or weren't alive, Long-Term Capital Management was the whale hedge fund of the day and had on staff at least one Nobel laureate, Robert Merton. They essentially bought into the "let's buy at a discount" plan, too. They were leveraged on a lot of Russian debt. Russia decided to simply default and not pay anything. No restructuring. And LCTM's resulting crash and burn is now a financial history lesson.