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The same thing happened to Long-Term Capital Management. You can read up on it here: http://en.wikipedia.org/wiki/Long-Term_Capital_Management http://en.wikipe
by jswinghammer 17y ago
The same thing happened to Long-Term Capital Management. You can read up on it here:
http://en.wikipedia.org/wiki/Long-Term_Capital_Management http://en.wikipedia.org/wiki/Long-Term_Capital_Management
They were bailed out when they failed too so that set the precedent for the bailouts we had recently.
- mattyb 17y agoAn excellent book on LTCM is 'When Genius Failed' (not an affil link): http://www.amazon.com/When-Genius-Failed-Long-Term-Management/dp/0375758259 http://www.amazon.com/When-Genius-Failed-Long-Term-Managemen...
- jwb119 17y agoto be more specific, LTCM set the precedent for Fed organized bailouts.. private bailouts have a long history, going back at least to JP Morgan