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By PRH USA

Description

When it was founded in 1993, Long-Term Capital Management was hailed as the most impressive hedge fund in history. Led by the notoriously successful bond arbitrageur John Meriwether, the firm boasted a partnership that included two Nobel Prize-winning economists and a cadre of Wall Street's and academia's elite traders. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money, but also how the personalities of Long-Term's partners, the arrogance of their mathematical certainties, and the culture of Wall Street contributed to both their rise and their fall. It is the cautionary financial tale of our time, and in Lowenstein's hands it becomes a first-rate thriller peppered with fast money, vivid characters, and high drama.

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