Chronicles the rise and fall of Long Term Capital Management, a hundred-billion-dollar hedge fund that had to be rescued from collapse by the controversial Federal Reserve buyout.
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Roger Lowenstein, author of the bestselling <b>Buffett: The Making of an American Capitalist</b>, reported for <i>The Wall Street Journal</i> for more than a decade, and wrote the <i>Journal</i>'s stock market column "Heard on the Street" from 1989 to 1991 and the "Intrinsic Value" column from 1995 to 1997. He now writes a column in <i>Smart Money </i>magazine, and has written for <i>The New York Times</i> and <i>The New Republic</i>, among other publications. He has three children and lives in Westfield, New Jersey.
her, a famously successful Wall Street trader, spent the 1980s as a partner at Salomon Brothers, establishing the best--and the brainiest--bond arbitrage group in the world. A mysterious and shy midwesterner, he knitted together a group of Ph.D.-certified arbitrageurs who rewarded him with filial devotion and fabulous profits. Then, in 1991, in the wake of a scandal involving one of his traders, Meriwether abruptly resigned. For two years, his fiercely loyal team--convinced that the chief had been unfairly victimized--plotted their boss's return. Then, in 1993, Meriwether made a historic offer. He gathered together his former disciples and a handful of supereconomists from academia and proposed that they become partners in a new hedge fund different from any Wall Street had ever seen. And so Long-Term Capital Management was born.<br> In a decade that had seen the longest and most rewarding bull market in history, hedge funds were the ne plus ultra of i
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