HONG KONG Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : HONG KONG

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: RealMuLan who wrote (2338)	9/24/1998 2:19:00 AM
From: Tom	Read Replies (1) of 2951

I don't see what all the fuss is about. These boys would do the same for me. Wouldn't they? WASHINGTON ( AP ) -- A private investment fund nearly collapsed Wednesday from losses on more than $100 billion invested in financial markets around the world, The Washington Post reported in Thursday's editions. In response, chief executives and other top officials from two dozen of the world's largest banks and brokerage firms spent six hours Wednesday at the New York Federal Reserve Bank putting together a preliminary rescue plan of more than $3.5 billion, the newspaper said. The Greenwich, Conn.-based fund, Long-Term Capital Management L.P., is run by John Meriwether, a former bond arbitrage specialist at Salomon Brothers. Partners include Nobel prize-winning economists Robert Merton and Myron Scholes. The Post described the rescue package as a takeover by creditors who want to buy time to recover some of the firm's losses. The consortium of banks lending the money will now own 90 percent of the firm and appoint an oversight committee to make sure its market exposure is reduced.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next