JJ Cramer opines about LTCM:
"Random musings: While I am at it, I see Long Term
Capital's making a big-name, big-money comeback, aided
by everyone from ex-Goldman biggies to Larry Tisch.
That's just super. And so deserving! These guys almost
bring down the entire Western world, but, heck, they had
some darn good numbers in the early '90s. Why not throw
money at them again?
I say we go one step further. Let's give them Social
Security to invest. If they screw it up and lose 90% of it,
you can bet the big firms will step right in again and bail out
the fund. The New York Fed will get in and backstop
things. What the heck, why not? They've got the size and
scale -- we know they were running a couple of trillion,
albeit in borrowed funds. They could leverage Social
Security up to the nation's eyeball, really roll the dice, and
then get the big stopout when they blow it all up again.
Sounds logical. You gotta love those guys up there in
Greenwich. Now they think big!"
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