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.