1998年long term capital management的那些事儿！

需要补课的看看google搜索long term capital management的结果

记得98年long term capital management的经济事件么。当年大银行和金融机构说好了帮忙。因为都是道上混的，一家出了事情，必然暴露更多问题。黑社会有时候也抱团，因为利益一致啊。

bears sterns当年没有帮忙。wall street的银行等了10年，今年上半年给bear sterns进行了安乐死（http://karmabanqueradio.com的max keisser入木三分的评论。）。

1998 Bailout

Goldman Sachs, AIG and Berkshire Hathaway offered then to buy out the fund’s partners for $250 million, to inject $3.75 billion and to operate LTCM within Goldman Sachs’s own trading. The offer was rejected and the same day the Federal Reserve Bank of New York organized a bail out of $3.625 billion by the major creditors to avoid a wider collapse in the financial markets. The contributions from the various institutions were as follows: [4] [5]

• $300 million: Bankers Trust, Barclays, Chase, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, Merrill Lynch, J.P.Morgan, Morgan Stanley, Salomon Smith Barney, UBS
• $125 million: Société Générale
• $100 million: Lehman Brothers, Paribas
• Bear Stearns declined to participate.

In return, the participating banks got a 90% share in the fund and a promise that a supervisory board would be established.

The fear was that there would be a chain reaction as the company liquidated its securities to cover its debt, leading to a drop in prices, which would force other companies to liquidate their own debt creating a vicious cycle.
http://en.wikipedia.org/wiki/Long-Term_Capital_Management

看到了？怕连锁反应，各帮派都出来拉一把并撑撑场面。bears stearns拒绝参与。

归根到底，bears sterns还是太小，也没背景。其它家大部分都是政府支持的帮会，有的甚至是政府的一部分，怎么斗啊！

更多背景：
http://en.wikipedia.org/wiki/Long-Term_Capital_Management

http://en.wikipedia.org/wiki/When_Genius_Failed:_The_Rise_and_Fall_of_Long-Term_Capital_Management

Too Big to Fail?:Long-Term Capital Management and the Federal Reserve
by Kevin Dowd
http://www.cato.org/pubs/briefs/bp-0...