Description
A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and New York Times
NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK
In this business classicnow with a new Afterword in which the author draws parallels to the recent financial crisisRoger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. 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-Terms partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a 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. The dramatic story of Long-Terms fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCMs implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instabilityand as a wake-up call that Wall Street and government alike tragically ignored.
Praise for When Genius Failed
Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all,
Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more Washington Post
Story-telling journalism at its Economist
Author: Roger Lowenstein
Binding Type: Paperback
Publisher: Random House Trade
Published: 10/09/2001
Pages: 304
Weight: 0.46lbs
Size: 8.01h x 5.16w x 0.60d
ISBN: 9780375758256
Language: English
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