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Avatar for Andrea Pearson Andrea Pearson said:
LCTM collapsed and was bailed out in 1998. A behind-the-scenes study of the LTCM rescue "gives a flavor of what the same players are trying to do today to fix the financial markets." Dave Kansas, WSJ 6/29/08
posted Jul 2, 2008 at 11:20AM
platonicbomb said:
Mary Whaley’s review is inaccurate on one important point. She says the bankers who bailed out LTCM were ’led by the Federal Reserve’, and her wording even suggests (probably inadvertently) that the Fed was the leading contributor to the bailout. In actuality, the book makes it clear that though the Fed called together the bankers who eventually bailed out LTCM, the Fed did not itself contribute funds to the bailout or even orchestrate the bailout. Rather, it was Herb Allison of Merrill Lynch who led the effort to rescue LTCM. Because the meetings were held in the offices of the Fed, it was quickly and inaccurately reported that the bailout was done with public monies, but in fact all the money came from banks who had in one way or another an interest in the solvency of LTCM.
posted Jun 9, 2010 at 12:53PM
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