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.
November 18, 1998 |
A top federal regulator knew a Connecticut investment fund was highly leveraged months before that firm's near-collapse threatened to disrupt world financial markets in September, but she failed to act on the information or alert other regulators. The regulator, Commodity Futures Trading Commission Chairwoman Brooksley Born, defended her actions Tuesday, saying the financial information her agency had about the fund--Long-Term Capital Management L.P.
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 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.