October 2, 1998 |
Federal Reserve Board Chairman Alan Greenspan defended the Fed's role in brokering a rescue of Long-Term Capital Management last month, saying Thursday that failure of the $80-billion-plus investment fund could have severely disrupted world markets and damaged "the economies of many nations, including our own." But skeptical members of the House Banking Committee peppered Greenspan and William J.
September 30, 1998 |
Merrill Lynch & Co. continues to suffer unwanted publicity in the wake of the near-collapse of investment firm Long-Term Capital Management last week--and the news isn't doing anything to help Merrill's sagging shares. The brokerage confirmed Tuesday that 123 of its executives, including Chairman David Komansky, had personally invested a total of $22 million in Long-Term Capital, the Greenwich, Conn.
September 27, 1998 |
If it sounds too good to be true--well, you know the rest. Consider this e-mail message, which arrived last week, unsolicited, from a company calling itself Diamond International in Beverly Hills. "Dear Friend: This is an EXTREMELY important announcement for you. Your Future May Depend On It!" That should always get one's attention. The message goes on to invite me to learn from the "World Currency Cartel" how to profit from the "secret flaw" in currency markets.
September 26, 1998 |
Long-Term Capital Management, the huge private investment fund on life support after a $3.5-billion capital infusion, on Friday began selling assets in a bid to stay alive. But bankers warned that the liquidation will be a tortuous process. Meanwhile, lawmakers said the Federal Reserve Board may not be doing enough to make sure that U.S. financial institutions are operating safely when they lend to and invest in so-called hedge funds.
September 25, 1998 |
The massive bailout of a tottering private investment fund, in a deal overseen by the Federal Reserve Bank of New York, triggered a mix of outrage and fear on Wall Street on Thursday and helped send the stock market plunging anew. The $3.
September 3, 1998 |
Long-Term Capital Management Inc., the hedge fund run by former Salomon Inc. Vice Chairman John Meriwether, said Wednesday that it lost 44% of its net assets in August, and blamed emerging markets for 16% of the loss and Russia for 10%. Chase Manhattan Corp. and Donaldson, Lufkin & Jenrette Inc. also joined the list of banks and investment houses issuing warnings that turmoil in Russia and other markets has hurt results. Chase, the largest U.S.