Introduction The Fl Reeve Rank of New York epee in a gay sand Stone sin he est of Wl re. Thh yl inquomercedin r9tqthe bank is ta set aces pens amvng it vey ctepeciil igh The sea died th “sean ores and lancome id, slown everywhere, ker Se fre and banks The Fels meine versie soe J.P Monga a ew locks away ltr othe wet, Meel Lyk the people brokerages gates atthe Has Rie at Schuh ie the ref Amin sel mst of Meri canoes The Tank skyscrapers pet an open, scm ae but the Fed wine, dts for ing arched wins areca oy metal elle and ac trace on Liber Sect, ped hy ow of Bak ceo The New York fed only a spoke, ehh he os portant spokes mhe US, Federal Reserve Syuemy Ameo’ cea Ga, Brasco he New York els prin 0 Wal Seta the js and ari market forthe bak’ gorering bard sn Was‘je tread eet tiene ay arog recorded ie vt ade om Japanese bos $371 hon _— weilcene binge S219 ain = Sicomalon The very makes om whoneelfiesy the meee TS i hovered bu fori fat tht Lng Terao levered to apa adn the age vera pits de ‘within pent limits) he leverage But the nestor wh is highly heaped and hud playing Resume, for he must be ih hour the mae nttercy a the steer singe day. (Ove rom a he of ann) Lng Term was devo Blithe mares woul Some Aus and Sepa rade cule fie what war enomble or what was predale Ted on he pas The profenor the fcr ha poole trdes led aes aap esol Tin the ue lesion af Chik hat mde machines ied by slo chp; they ar mpresionale and imi the; they fn lack ed eet Bode en when aes yt things "rgb" markers can hardy be ex smal pint Rusia enor; bow traders wil respond ess os the ure general Unter wocen efi condton, ne that Uo sd ukinacy to mine natty bese pena om ste nes mesenger witha pete jad gly be oer ma ‘On Wal Setined the hf fate see “Tobe are some mor ha rds however gh may hae been crested bythe Federal Reserve ote Fed chal dared: Homeve he ath ch eats were owed bythe rk of srs dt Keeps had Long Term re posed sel no bark Ponca he Long Tee epee nalaton one wound sage tart Fed wari to tenn ja oy conte wth 2 acly mel waabe pn, mow docors wo wig rosie» tangle The rake of 9 breakdown ae smelt: ome of aon are long cr Bethe Lang Ter Capt mat be sen for wht nailed instance ot he ats i “ahh an agency af the government (the IMP) hac teow fas gow tn nce he savings and ig commerei the Hal involvement ws med sod thar mo goverment money crinous power and influence ofthe Fed behind the efor Lang Te surly weal have collapsed Psumad Tooke and acer wonld hive sfc more severe Howe mre wat hag, but, speed ove all of Wal Set was ber Stopped. At some pone hers would fave rene apd mathe orld have stable. Oe Bo sald Reve fed though that ecg sich ones to occ wha ets Atsade of pesperty and buoyane final markets feihace cans pce weal feo thing. Wl sears iene prable ci, having bs led the a ning eine for Long Tem, be souting othe Fed 05? On lnc vedio undersandatle gen te Panky comune of September 1998™regetahy squandered ih alway defended bis ations shooah he seemed di pleased and pehape embarrased by he and sural. A year afer te bust of candor he Fed presen flared, “UTA lone ing ot of busines, am ete you tht consistent sag of he ce for rept and eter decone rah read erent pres: Dede the bank aby Toph thomsen fore the crs, Grenpun calle fra ess bu dene eltry reine ary ac mnt ae i” His Nese ‘Sppotion to ethaned docoure—ahichy ec Hl ‘eros ah thee wath, cer the be oe fe ca ral Av Rand) one wrote ~The hs of sao raed the Longer epaode proved saying that the sytem of closure that has worked so well with rear to wadind sco tes hn mot been able to do the ob wh reset era alaneshee rik thy ecm bead wih end de ‘eaves Some ofthe rporting standards are being changed {cnr the oppostion of th Ccnspon and he ans bu goog insti the amount sat Chase anhaan ond tak can ha tht eas do not exced eran ati of apa The wl exceed the tints of rence they can. Why he, ce eb of regaled defn anoraed fn talk a Ne eeatd bonds ha wide 8 Tanke lew cet worthy an bscaly leven hg They had bern done hey ed by risks. ren ate chee histo Tereeble rent peet rm sch ke tm Wl Sein sek bse in Than ae ‘isn eae Poole coup nach inal cacy feel ay onl, bu nancial sey pete wath example of he: Though Wal Soret recovered, Lon Ters band of sbage {ot Under stew owner the fd enjoyed God ast ue Indhe summer of 1995S, allowed. neath far higher tan then Langer a ered she trp tre ae, Inthe fiat yar after the toute fend eared 10 percent a Jaman over. Ther, ao co th Soaponeded in Sctonbe, where prot thenorer mpi i em colpesother Wades wen on ke andke sur the unveling atheraper el oie “The pores ely elvenvbourneptinions had gaa oronents been hem andthe barks mre resold in favor he rer, which no hil the power The onset, atin eed he fo age hang eer of ee they oles pube sateen with this new bones now i wa he paren that ca be woe Wore Sesing sal peal that hd prided eon iyslevr aekane of tne the tral Reve Service anced otal sui oF ETCM sod varius afc The au, wich fo. {ites om the year egg and 1997, an wh email ured "ice mont fe th fu elias, expose! he pare the py one ay down te oad, ng led foe ame Bk fines ed he csi se groups extraordinary unity broke down, Sx craofthe pares cameo eve that forthe or brand and Hagan head gor nx ony forthe pre 8 kung he D exmwork, Meriwether hed compli abut te 0 om prepared wo deal with them. JM. held a fw meetings and ened eo Flas he mtn SoBe wa oo deliberated loyal 0 Seuched oar the abd declared i chat aster Hl Brand ov him Sts sway spare with words, “Good ick Fret connects and fesume a rl working We. No gra wa rach second 2c on Wall Set ea omen a they a Fol Perhaps Juno the Bay Arca, where he tok up wing ad res, ith the beet of hi ha won fathand bowled Meron ‘afi a conan nek mangamen by JB Moran outs at Mongan San. Malin he cna bker deeded Companies thar pried financial serves over the tere Hovis and Mec ew up plas fran inset fn With te exception ofthe onepken Sel who max ener hy sou feng hs howto on Long-Term on wc ha kee aed nter=the departed prtacs comely dapper for shrink onthe bat agreement wa yan i oye Bp ‘cate nde the constant oon They smal pestered thie overt them ae ne taney. and] bean ae that Azone ised ta the Group shuld wat 2 bi—wse Tsing up his rome si the groups sae was dete ho Do thse gys fos think hey can ede hemes” one sf the consort bankers wondered Cleary hey dil tn hi ne foe they mere ge he ater pt forth ni Wend ew of thrive t-2and of rast rd apogied oo vars gan ut hey ver tad lea it vat tas they were pooping fo. JM. Co. peal denied Shae the lxerape these ofthc or ba ern cant contrib at they desde even that hel i rt ‘gy had eo fle! Rate sn mcg ae meng. theananyonetosave the nd war soon seed within Merl LF snd memories ofthe pac faded, Anon ws ued forever rfc that he wes not line to sce Kemah, Alsen 7 tok the all for ‘he wings But Long Ter and ober edge ons) dil ve 2 ‘eft on Wal tal the sae The Bk had ot Bon ae with eatal they ad ihed to st up hi ating ls pd ad mimicked The de fan cee aes. nthe rath of Lon Te clap, the Bak, Bad ots ond brag, Risin adn egy dvi Famany had ed || area igh rice —Mareen at wll ean ege sr he ie sth tht was he tae pce he bath’ “exe fer Lang-Term. Corse a calle Mince Awad to gouge the Neral gach’ sack pie placed by ow tds i (arabe, the fond hase andthe consti had no ed of thee monthe=net rarer sod can ta eadcing the Goldman's pepe bakers sown cred ting wou come onder res, Meal by A Corti mak ore ap th Meee fs ash hg sony ares ct eos and fied 3500 people lrg inthe wanted sks pre forall he spring he ono aed op to depres yids ot only ns Long Tee go ernie money tacos Longer fm Wal See met inganain bur new owners, the kang aks on Wall Ser ere with ex that Core sd Merbether woul in oper Ba ‘a depening rouble te effor fae. Then Crete who had vxped Saye nalon in Rnd som Ala Grcrpon ee ie hid see enh On Ost ‘Goan’ IPO, git Wal Src and bog igor capa or tae ys the Fed chil cat rates fora Send tinea sal hat he {She emoctan senatorial tominton im New hese, A bole of the portaio turned around. After se moaths that had een by tu \ {or Meriwether, a rival who dinappoumed bin bat enchanted har all Pin hen urpsing ten agonising and eben tery devs. | the same {lggterm Capel wich nce Ape ha st the alos ol ‘UBS eke in ear devantat by leisy frm it ‘oubes about the dubious Lang Terr warrant. Foe bling take hs onoern the wey top, Sila was fredweve cord tthe ncond ener rr The cen serie pre wre unl “by ow ine was rally sing shot lever oe would eve Cas igh sl dy a8 wel ihe Meal bank burs ‘ Went ant abe edge ands would oo, What woul Them Merl co ny aes, it Ke ta Faring dnppears a brokerage cn Tate sturdy, Jose Fem, Skaden’s rane parte lld MMpas epay perma Ina and to enable the Aon Mead ma the Rone reid te conor Nerl felt make Slam Cs Gol Soran os Mead ep truth a pom and thre poet the rc. The Coldan law town back trongh ge stk wh fall by: MoCorts. No on od ah Mesiwetben bat Nien Wheat of rei Soe ict Bon sid world ea mabe ta wake off The FelGaliman’s Than wh od he sina howe of Long Term, decribed th sks The pup sed yond Mowsone uty ponons wee spooky Soe vests oak oe eon tor the sure su the ga septic Without Len Philp Hany 4 preer tS ttTU NMOL HAElve na ope the ctor ea Alo shy psd to ther greed he hunker with apm, bur Hiirand reve ln had akon the sth portale war wot, Sncnny the Bankr rive at Bi othe sa dw ile more tha ee Haghan se len “Tk yon fo coming” he Banker wih ar of vb, "hat we don chink you'e ihe hr be ives wo vc” He ws he droning en Ws hen fe he was veo Ber Senn avid Fab sot gh Teds We ‘ivi yan for ure The Moog ral that "Mr Bg weal suc, toe Allon ky five invsine Bake, wa ay mang top executives at Mer mont of wh al een lak Ye with am MA, fom Sard, was alg and recta he mae none 9 da 1's tent for decorating da ednsAti LCST i los md be ow i ir ‘se new ulin he day at Monsy in Rca yal Waren Sn fr and is lane rhe mar al the tars shooting td the earn sauawk, Rickirds and Beuse Wilson the funds controle, rss nd mt ott The Merl ple were ped the eve of Galil the wou alan ade be spe an dak the Merl pple nthe oe i whats more, that marks were de reich Andy Sic sow ta te ‘Bemerand then el ry Mery wih Rad bout cat wel informed of he big he ings getup taped: He ditched ied wen oer the ela ot ha ste the Randelmt LALLA ANIMAL GAMA LAN AD wl i ilCECT OU ANOLE AT THE FEDANTI UNL GON cet ins varios fader fare and ceil non othe ts He deta of LTCNE Bate folded sown partners dos pry for sch reno he de or sane he. Bat ii ae as mtr of ing Lng Tes tes poy Heaten dows kecpng Merete he aor Tsong. tht eghe works Bofe l Krnus Refining shi "hgh te an a aout Berksize pd Goldman oy tai or Lan Tem’s sy pup ans with AIG, the ore the da, Goliman sted around the moson of» Be ‘Cokin ha wells ther ways sing te fd ‘Artong-Term, th aiteaton was coming re, The frm go se fon Bea ly saing cto vo pleating Nelo 505 Palme the fiat before ting i. Now eas me ‘also Chae. Though Long-Term hae ply ck aon {loan fy suing the pair wane to hear Chas ay >, {oo Molin heb ban called David Plog lg bad ald Skis nck ar tr Lon Tey ssring Het’ ln, Would be Pg banker’ unk knew hat Chae alte cer sy cate members di fond shy gt ge the money ck Bai ‘Gh dd and cole ie Moree Pg ws ea ht ‘Lanett mht revere al er Wall See And Wall Sct wae jr cn Calling Waker hp, Chae che man, Pog sad“ don think we ave ay ce” ‘eanwbe, Lang Term’ marten eve bling in. ney, iy tlaity jp to 3g prem IS sap ene 104 And went. Mogg peas wee Br 7 pt ath ons Ts The Dow fl 8 pots fpanse ss fel vl ose ily eenng, Round allot Mong’ Peter Hancock, ho edn Mamaroneck, the ne wna Ronen nd hon hi hen attended the sane sh an Rivet The wal eal fats wos ght apne was pid ht Her wold pall 7 ned that lang Ter might no ne the ol ig sk Long Tews losing ered nm and wes were ig exaceratd by rumors many of them ae or wil xa ‘On a whi Roveneld sages tht she Monga banker cll Than Goldman Asa ae know hat ws his in anyone ind st he Funk odie hts, Hatxk a Thain ‘poke tac ‘iste fankrspearhending he Gan tr, ha ken is ssifeand lento enthonen incr sh Newack on Friday AU ‘imo, Kes dacke ot 02 py pane od ded Oma. He Rte pened nt ome rar fors des Balti se ing mane to his wife or he shee. Then Balle called ph Talon of Gene Re Rsk sono-bemrae cain Thee fs ht sem melon They my nt Make "he Sloane wae. "Acap mo exe we dean pesto or make a mar all Asp es” Tho Feppeda sane for Sei est Bl Cat tol rp st was Pina tvr-eck ay in Rnd sd sane of he meer ‘Now th dram was ale Hat Baer wou se Lon Tem — a: he has oneal, aon seven eas alee, Nontices, ‘Carin tough the Fe shuld be bug in the bop. He ele SeDonaugh whoa spoke wih se heh fer tans To sarc Moweoe hey were wed ti if ng ten fled {dive a seo debian Tih sch fear md Coane fer 0 have allan bi the Fed on Langer por Meee greed dha he Fed “habe td bar natal rele ave amgTem do ‘Ra Tho on Study, Ml,» former cna Banke called clog sd ted the Feo Grech NeDenmc cows ba boon hing ot Lng Tem fo snl Hs ad kaon sa evenly eet av op be aso Trew that ing so woud exon the Fe to stim & rear 3 fore pet por godine, He dies + publ spaces He INsctlesne when he cin wl is power dere by reel tecarning ator cng doi big Mose In McDonough mind wal Be for some pate Wall Seer ease ‘ocho hon, He na John Whcbed the aan of the New York Feed abr ko cul do. One ae Wis ton of Chiba ov Cas Levy of Goldman ol ave rated Wal Sen Acenury ono J-P Mong, Sea played hpFO TURE CM CCU O TU UU ETO esate pti ram sing ier Lang Te et al tape fad fencing th can fn each fy ors counterparts Ina ang Ter deta ona of inveven inv ora wollte i fev heathens whch sence wre S41 ‘nkrupcy mas comida an at of det a troll eon con the Br Tho sh hi debra Ia shlte ye, Ove lace ut sk aoe "What ere trove fad tht fst 3 you sk twa He ‘ening hs lips, Mernetir hse he a ls ha om te rma efor Bato Bednessy, Sper Slane impale the vty The ok et Rob Aan, Seen’ ead thee management fen, And Cavan, wo an deen Stalin he the fm and Mave Wei—Sany see Groce ‘oldman andor the hanks ne re he tne de Saar ae war 4hate the meting vee. dean nue ah ie ‘Snes weve od nd the ang Hews sed. Haghan took rin on he gen “We ned mes.” He ned hon teed sow thet the as wich were aoe 3 spe ert fur Welk hls ise athe dda want co sengromne Salome y mci truck. So the froup drove hore “he nex dy, Samo wat mire senor tam See Bok Thoms Nhe ad Pos His Br mo High cr Be tn ahck, One he a ie wang dns Lng Term had os 3930 ‘On Thanasy, spn rote fi a Ut S45 lio. on Ft fy, Stco lo, The net week had stopped om Ma {tee dopye $45 mil Tandy, $7 mon. Wed Ar eptember 1 wn eal a 132 lon Like 3 We Pine the ines gave nates, Haga went ve the ses wh xT asthe ha Rappened wo scone ce, He suki fovanasiontbing 8 poiny UK" swape mei wee a {ates maine pons nee te es ane could ke ‘opt Haglan ter at Wal Se opel kan for ‘ning upon the fa on Though fas at Goldman, che partes were asa nthe banks sane Roeland oes were alin Linn hvooghour te week th growing deoperon. Depte Term now fied hat md bt fo bl ae fr asm, Meier ibs Reel Merton we tre hte wih Glan huraliy orig Sep. nein and Jon Than the mats, agli ani scene the Towel ud Titer that Thorny, Mesurier adsed Bil Diocagh of Long Term ple Wench ond mae sone hada Bt Pot atlmonh Bare passa petance, Selina tb Mean ate Lng Ter ety was cnn 8 Pl Tew soning hin tar oly amt ad pel since Romi de ‘aint one month, Log Te ad se eh of pia me of Wall See pc alps ‘On Fass, Lang Tem ead fom Goldman, Thin mod hat yw pple cu inves nthe sou the Lng. Te eee Ther mig be god for chun and Secs mi, Bar Long Tem Nadatendy aed sh at wel twa everyones Gold Ian’ in Ptr Kran eden ore har a he Bate chat very morning Ba had erat hat he ad old ‘dani, be wana need. The thers ad eee to. There fos Than di thik na pombe Tin Sd other toy tribe thinking pay al apevanes, Long-Term wat re onde Ba Goldman dds sop eng. Kea ad Bate spoke seer reine thar da The ie stumbling Heck or Baer wan hat Felidae Lang Tes complexed parasite HckalFNMA Re LDN Tat soc 2 tk, Sr Michiel Dela Sau Prince Awake i Til bon Abn a So ad ley bem le Lang Teo dd fad ead rye tend Cones ore ha ie ‘owes wth he suson desperate, mss ne or Langer Tome Term til xing oe of ions of dollars cach dy sesdspenly yng pr ay Du progres was Slew: Semin po yn in Re tee lw the eg The fin ted eo dump penton on Sank br the Mews the Gian ao rs hey were . forum marks for Canes to apne mere doth forthe IRF appro flow of ra and fo Great owe i tree OF he he, Greenwater and he ie peal The Fed ves dey concerned abot the wieing of crt spend an the New Yor branch hd epee een add TDpetome pg. Abo, on Speer 4, Repent Richard Hike Lousns Repuban si Cresta tthe ft ha eds as mee gana the onion of py raed bah Alpe om 1 Mersnpaste ome all waned. I iy ome 0 in) ateron ta ug! hes fds wih ae en ly ICened may be combing ery ouabain i the Fac On September. ome So warned the Hose Boing {Commie that Rasa ipo ha Te gal rei can "eben ns sha. dra are etapa that ed ned by hn cre elie th "Te lowing a,Spter 16, Grea went efor the sme pane He ded he hes ops ling Congres haa ate at tou ofthe queion. nei he aan owned the ks ore by rope vos sah as Regen he chins ‘Sey seme cow no nn: edn are on lata by those who lend he mane.” Gren ase ine hat opto ender a honed the ray Bee ands ‘dr toconle that Geeapan waster wet ofeach ‘oe viflly deat what he had sud. Sacesary Rabin a ens owl hat he ull met ad met many bare seme of prac.“ Wte you've ha ve ee eas god rela” he tol he pel, “pope who even etn Be» ie cara Finance often pci ot paises the reckless wth spe feroe Long-Term’ calore were sing thor ti ke remy had made the cur it mor Ware whe 2 pel ‘lene defaledy a rocae owl ex the or ean sy Baldy lenders Lama Term ol hotly op al he way ‘en The han wilaps fo nae Langer wut ay ae ot a enable he and peat ig up the ee ‘Ete, noting woul ee ‘Not srpinghy the kde wore hosed by. what thy had ssh, “We hod ie they wld have tee ope Sere known for ik mansgomet They hod us hy dered ‘ered Dan Nap he Mil rk manager wh bad so ive wl ith che presi esd “Gn Krome ‘Sein with Note! Pose winner! Kony only very ilies tng ol have pt Wall ec nach pec Lever ew woul hae ten he financing sat the following tht fle socks baie, sre hat the ce earn he and ws ping, Genera Re, a tsa corny tht wa the re re ing with Berkshire Hathaway. was comtoting, Long Ter ark~that aright whos petal ter lay Tony Tia the Londres of General Re dey Stee aubidary, wich bad anal yen saps wth Long Tem, ves waking people in Tyo the ml thigh pres cls Sse te and ren J. Morgan, which as ofering capital co Gren wih one and was iting though export La Te tare for posible dee mt he tere wa og al Si" 4 Morgan excote sone: Bro drefor inane, th Hunt brs hi ted a corer he her mae sty aking the rx o $50 eee, Ba hes pope Bane si hh sor sey oer, an rap dhs al ove the trond stared melang td, When tl eahed he Tet pie went fk atonal Bank fopey: Bur uty vlaliy wav rare bre. No one had sored yn ati re au no sags we upp “Egy cy wa the une sont ue,” sad a Kredi Lap term employee Thue were only fou ve deals And the reed Aste fms fses mounted, the Inet vie Berwse the inne {ptf partner and th ates een to or wine, nea {he set panne samed Hed nd Haghan for Rowing 50 inh mel Hain so Hiibind ese he Bo Fe Be Cie baer foward exh thc and Sele apd Hiband were Fl apstng The apy ptr eset ot ast Hibs 2nd Taghan’s nse eal frei domineering see {bl Sls feta he srecveHtrand ad eal Deen 2 pore: Lary hae rsd eet, Illy was the ae “Spc the an a en aking kn NE ‘Shas seas sr othe, He was mamta by aching hick a ambi expen ofthe pare eps rd Ince ber tat Netwcter had hele i wai “Gne the fy ares hr cosmo ln a5 als human fee pre oso te ens Theyre ig nt ny hr forrest a ho repuatonn, Merietr ws ng ‘fe bearable ncn af eond diac sone sing ee Nad seas no mater ha hey might compli ates wold lays be tw fort le in Long Toms supendous rae and ft Rosette monsoonal of the ropa he mont de Cova oe fn aoc sexe eat be wat esa Te wa draught an! wo SSecea whe th Merny kr tah wae ape, hansen that Long Tem’ alape woul uni the Samaing of mney fiance al Be ha ey work f—Meron Fepeaely ok eo tare The profesor was wondetly human, Mer all Sey to, knew that the im Gd, any wo ide their Nobel Prise ribo Colney asthe fn Note lnwete, Hs aude: had noon of the trouble at Lang Term an the tami on he ac f hor mt have en bese tie Ae fonly wc ht youth thy Scholes neal broke do, Mali’ prospects ha darken 8 wel The natty ker ad ence tmagned ha he might be sacs Alm Geena, Now stir they fol omar wel Wak meting abou he tems Keen the pricey tin the fe le They ot ‘ed wndr er reat bt sk th ay om pra {nc want name Meriwether tpl het hi mins unr wraps bough kph dies sha th se eased soul nda, Roel adore sem a amen cn war Merete sen ren Fs nl nents einen the es work Ime crt ds sen days wecks ave ay Gra seat o he sh OF wih Ley ‘Sites IM. sok whet puss we cul sll osles N neous Catal Manges That br up the gry ESS andor Mrs: whisk ald -Oh, we he she Ss ws bi” He mean he bg Sms sor | Moke “Wel Imre be ale ost a Sevan inthe rs ate Seu OULUTROLL UR LU ‘the bs of iid le Goldman, nk wa am extreny ten de in Sper, armors tht Galdan wi sl. sehr ied ond of Lan Terms pon wa Fy tm compl. Slrnon massa had foe, pound he fan poo for i. Deasche Bak ws bata oon trades and Arran natin Group, ah ret eon vat eer, wa al Ph sadn nee Term ds? organ Fad woul oy anche and buy asks sors. Then anyone who tre thne pnts wo ke» bane There in Greenwich The garners banked vc ofthe word tna them Hy sstpae yo conspacy thoes paticlary Ture ine at hay Seer the Wal Src ks were on prowl ah Ln Tey Cathey re Yrorned shoot temslren. iv ht sry fuk had any the trades and wh sk ocr ar wets uy wa despre ‘its cur tears repeating thay mil Soren he oe ir esha oldman shah sen tg Tes bk ad $e sling by bas wast wage ‘emae difcne wheter the banks wore consol wing to profit at Lang-Tomsenpeme or mary prt thames from the tal wave of wine tha chy spt em Cienich cal igh en Longe trader, Onc ing Te rade et trades were so arcane opel Fintan al of Sealey” Morgan, Slam UBS, Socte en, Bankes Ta ‘nd Morgan saniey—trned ey rota. They ke ht Lone Tee was masnely shore, a they kw tat wae o at the and wl ave by way ou fhe tS dhe Sel fe Fedo el depratin, Long Term called Sic Gea eh tng 3 tors point the Frc hank ace icons iy pice ro peretage ois above the ate? Abed a twa thor wre no sherpa yes of equ ely. ne ‘he prc aloo Normally are marker cores wich buble on i{is i mdi to sata ede ty auc en team ad dean ne. Glan dive ha res onto wr wll wn oer eer ar could net Ont {thom witht stern hry ls” Prrs etd em fem ounce hack, ut Goll’ panne agin Hee Long Isr thr pat sk lene Means Coane futher vn ‘id the rte bin fag fr te bas cot, ‘Corie ha sen rg wth chef ing ors with Me wether befor, me ol dea wh al fm 3 potion ‘cath He aed pode mses sal, bt pie: Tar saci an th i set bt the fonds expos The empl ance wan poping ming shor of 2 taker pon 5 wells 2 prom 0 hlp Lang Term rane cd bib Re ily ng the worl tat Geran many Long Tes emer mgt pth Beings Meret old wt Thera firms quickly ark ene der snot on Gk {estar proer, Coldman hae ve fat, before a a amie wer muni Hs at pte Renee, Meron, tnd Four ofthe sao Hed Src. Meron wate poi shoe he ‘pone rate ve of thet fr ong A Gaba tae pened the abiagers ith quest. Then aldo kms {rom Salivan & Cow Gans eut ln fi cba and sje the cmc fn Longer 0 taro ei Ine lla sor, wh hate am oes, Clan ppl wets un were rom the he fi en hey amber he Galan eam es ac adel, Tandy and lan bu se ade Wes lam shat fe tesuhome Gleld ape be doling Ln Te’ pt rmbt anda eon garded, orn Lng Ter “semper Sel tan veraed pop di ht rn [ncrall: esue Coldas aria New ork wel a see ofthe ey sae poston. Arh noe day en thes ‘avon akg at meena ese TJM. and pater, (Colman was raping Lang Te rtf ha very pe ‘Oh Mond the dy the Ceska ci gy selay ced oa aon spre On Tny 33 ferceteach poi cnt the fond S40 millon. Trowghou she us po was slr story. Lang Term aot es ‘a parca mele hatred, om Dani toss 1 to Hoy Duc, dsonly wala oo a specad 84 “ln Even there alan hd hho ad any “tg mat of 98 om el Backs, Tn every caso staal ver he word the market mene sean the Re fod Greensich, Reka he bons toy, “Tr to celles the TEM death rads” The sone tha one to ons every wll wasting op sake eps, THe ‘fe owl sandal ions 2 mal pase 1 Hack sheep apd wie she, ads an ay ad jacks and ‘lor stagrng se very tae dy afer dy air day: The profesor ad or he trol whch hey were el sett in markt the ae shay a Sack he as salle palace fa om New Yor toi ding ors, thy hd ret that ads ate ot undo co even rh Vgc such 6 Fad ba pepe mosey we an en Stse cuenta eapecaly of sky ered. The ples ‘dally that cad never dt hd gon te pean sca, anlovrvinningy pctv cs that gover a Tierney bad forte the hua aon . Meriwether bitty complies to he Fe Ptr Fer that Gal MYCet tat Perce gan the pare wl be one TUBS, Lng Tes ug sav as Fling eve worse than fear, Dani Slt dates whi rm he ld Sue By et. into Ie—thi the ney merged UBS wan fo or oo Marcel Ovo Sse Band ow CEO (UBS na dg her mene partners Sot aed opal This ade war appre byte URS pup ence rd a by ny ppl ng cond one ae Merwe, that Monk, Meret, Rose ad teay salle on Lehn Boers Jef Vanerbok who ra the bond ie ‘at ey gnu IM beans hough eting were wrong.“ {mreaome money hack int ene Now we ee the bot opts wen ent Hh ere sre by Lng Ten onal Sil he prune 9as wader showed, Meith asked Rosco explain he ort oe then ort erp Ni Lng Tem dl ase oe cp atch the rong re tha ob tie 196 rom he an syne hy Chas Th 00 reverse fom Seo lan italy) war 9 andy fait that Lang Tem cul ap men wae Usual ich a sth on Term Choe a nie the mater aden ce lie. The revoir eve canal athe end of any ct tenn, Long Tes gy fell hy ore tan hal. Ad the has Steve sain hat he fan's ha ed ther othe. mf ut th aon pew had endo ly i: banks were om te bk, Thanks 8 Chis slop dating the "aks oul Rave tnd $00 min eo anole compan. ath pase mcr baly oli om wht hey ahold oro suis hough they shoe ee and en own why ake he "ke wih de? An ado loa wou omy comple mater i Hwkinn, Maat, ard the Nati agreed Fibro Tian Lay and Rove agus hr ding he te How the ke cou they hope t repens est ial at fone Krak McEntt, and Shutak wore fr fing, wim Rear the lye, mtd st that Lag Te igh Be Ilo ts wm ered por vey opin =e den hive dc eth ont” LS Rly a cing of the de In. They did't ed th mney de et 1 Srember emer at Lig Ten ane ee oes Tall rd andes Coes bad vay seed seni ian Bo ‘Somos southern he had yd host nce nd marie fom kindest el" 1975.9 Yea ae Meriwether bn i by ibe bed Ispmet at Gaiman, He ha eclogite rade rhs clad than Merve, om be rank amd ahs aire wt vem ale so ee (rane cine te a Gal, be reine aad 2 sng, knw for fey patched ser na worl of eee “Gilman, Wall Stet: nt pene flares ime hank, tee many dead, ad Foor unily sx The Goldman ce seventy rh I of Gad pos ceo hearer se Bd Ses), Ul rent ia had eo hn or sheath sel om Bae Idd bose akonse loses wah ‘suum, om the noble prem eng el pt the Ba Sentinel the tou at a “seh lend ‘dan and Rate Rete, ier of Te ad rag rin Geka’ Bikes remved he iea nti ai rere lent, 4 welhy China American as ead inet $3 ion ‘he profes at ky Thy eta she sl woud tne Ss0-malon pow ant nates Solo Lng Ten cal Cova mor nvetoe They mere ay owe the many so ane ‘tom acount, bu Slee eased the sg. Lon Te ka ie poles clr may in sl en Tor he big money, Meriwether comma to ag ith He A: loa af Merl Edn Sih Deu Bay Donal Layton ‘peen ant fo US. Rn ther hs Wl rect ls cl ad ough eaoures Bat cul the ns Fe ron fo te on The pte owing erecns ort the bankers ha 9 hose for woue. And wih Long Term icensigly desperate, he hanks eal ford be pao Everyday ha pat the rare opp tay" mel pe cee Imposed Langer ares hot sinking: Rk sib spreaie opened tce we ine the 1989 rsh Pic Stock oferinge ground thls ssding 2 shu tow tbe Bankers a Glan Sch" Yel fered nd lined $20 Bass pins abe eh yh on le hia frm S00 ons 9 yew before. The pref shore em sk markt ean Coty oly doled Ws lke a ake fr ha een ver the marke” ah opeions tade ld The Ml Srv Jura” Ore. seis prices teed seer pac res rie inde regi are de sane to r720 pis an US, Tess tp rom 300 pins yar felore!* Alan tosespan mney ‘ened thar he Une Sts se expat so ea os af po Fev such woud woe bar mast ins no ma Ad Ler a em ik al er he wo In vey abi srge ited the ner mer very cnet the ent se Bonds Thar Septemboy 10, was a very had day. Sap spends jumped anrker > pos wer spreade widened ona opera Ilckor was ts paren cet eying den Clas stele felou ofthe yond ele. anger athe ‘ened Globshtarbondk The purrs sat Laue ee the eaves were agai them. the rk rier sing He ‘tue went aod the abl cach eprint, When he seca sat sry der os, lin demanded srs ‘Cte ce ake noe ju For one dy ofa in Sere sha hadn't ons Market were mpm sie reryone was The fund was imobied by sb is The sale fh sos mee ling very tnd ni, Bat Lag Ten as ‘ilo Boned whe sounded daa pranhas The ft 1S oe pony pr the partyin tere md he sd sna sny Kato 1 i pions of saps wou Sed Step phnmeting a edu the valu fal dhe Fe se ii Simm days gas had pr es peso double nd ‘emule tit tons Now sw that we exact poe By te afternoon he ny th urbe hy hace 2 debi pscolgeal bare thr apa had fall blo {elim wos le tar dy wc Merete gor ee all be had Iveded~fom Waren Spson exooie vce pret of Bea Cte Long Terr set the ox hd ped bow 00 mai Tha they were rested By day end pare 1M. es hed, sme of Long Tern tang partners Rad sted 0 take ‘hermes in mnses da, Novo wat 0 py a roe Sku: Br Spector was pt he pnt of xplnaune. He cary SIUJ.M ht Bea wa fea on at ng Ter ison Sunny, Oxbridge erm ado Monin. “Te nextday, September 14, Meriwether called Corin, The Goldman cit was ote fn Nene, where he Bade cele ings weding sera FM had» sme wesoges Long Tem nee weasel of honey na ry. One io dele sear ge rg To ve ay bore she fond Mul hove to one tle Slonim J Meese MeDonoah mening aig the New Yosk Host om Langer ‘shew behavi udenly a decent, pened bss a et “oven of sndihs, Pas the psf raping fs and parc took de wstrs thou every fae Mester and Rented amended henner ht Ug To wa fang Bers treat say Awa amped y the performance Fe dtd Dy the ie of Long Terms de. The net dyer i comment, Ale raed t SneakHON TENNHOHOnEDAToUoNnOAO none nee f Wdanvansnnenernnoninvsvoesaquenons from Hest, TCM pedal David Mag he Chase Mant Sank to nue Fes oe which aed roughly 646 mil a agree ott al the Série cusandi fom Chie Rosfeld was deeply grat fr Chane “ice ‘ove Bat now LTCM was in hk te Chine for $108 lion, 0 {eed Lyonnais toe $5 ilo, Lyd or lion and “Skin capil yer api, Meriter ila i of Mail ee sve Sepember the Sony btore Laboe Day, Daly sane Mereils Richard Dunn pee the lying through entomarketif alps by Long Term parked ua forthe ex oul theme Set drug these deat ox? Meal wat se cone hat dep ancy hess snd Bab McDonough, te wet manage tt sone ats Grech, Denese, mo was om fen rnewith the pn ake hom mt lank, "Are you gos OK?” The pcr, tinge al Bit LM. and company rly ved that with spread so wide a frlden vinden ay sound the comer “We dea he doy ies he th Roeneld san Whe ey Inked ashe means so cape}. M. was now abst pe ston fi the prone having to Ke wae tow J. me the Inst toe one se se Moines il the New Yok Fed presen tat Long Tem washing lok my. Mander aor sxe a ne be ‘Shed for noha ved the Foo along ‘ould noe me dh ste ai, Throuphou te of Agu Sep the para nod grated with ihe prope for Heh mses They side Stepped the deste eof LTCM' cath ples lid ‘he tapos bight prospects or ayone no mesa tm, Mer tans Mondo wast pms Sct muon He erly dopo ‘Renamer of Ble hip ites om ht lig Jack Wek he ‘eaced trom LTCM by oer afar He was utitely fond of he Frm, bathe panes ware dv on wt Mendon a the rove lee ally ong ympht Parmesan sony amet oH Ghok comaced Mal Dol te poral chosen eco pec the Fn ok The Hoses he Tex ances anda bot of het alowe Spey he Ble rem Tio Tone teons st campign a 93 surg inbiey ta ad epee ors or em ere They had tr, Merete nee oct Lo Te iy Keka only forte fie thee peat, Psa ach tener th have worked enc, JM ir omy empray eco sah the Ze sy aragan Sach the ephemeral ler of group ofthe partir al visited Jlian Roker, the he of Tipe Managements hg ee fd operate Reb ahr dlwe 24s blo so pled 3 Bt ie oem a specating mol ony cne Robern, shred {meter aly sper experts. ove aga the pares he Lan Teme investors wee hang ss the and a base gh Maron Pease, te dees of fc the Un ‘toy of Paaburgh lowe Grooms one Merona! ees, (nto had val re ann academia The pfeors were he tha sou tho ext ls at ls the fn peel hole ever the allan, expres confidence that Looe srl ie bi ri Soper and note balion by "We had tee lle othe ree si” sa Wiliam Sharpe, Seana profesor ho add on ofthe assests fon mow Sharpe sapped out of. When Sch, herienevennten | ' This warn longer plone, As it caren fr capita, elt ad been force yo eval bits an ees a eve he had ene sop ok. Marke as Vinny Mao mit say, compe ga the mea, And shanks we Menwethers ewe al sellin advance of what hy evel would bean saan ir ain by Long Teen "Ae ple sled tou they sed Bt fing aoe” Conran Kalai rhe raat Salamon, tated aay at Long-Term ade Leaky fle sky a tag he fis dnpets wr ligating Lang Terms ow postions or He Merimeher may Rave ke he nw lig br Hea Stas wa longer awn the hha th ath aod ‘rest kero calla Bear—wre dropping he ay Bets mately unsombortl show cing re fn Making mat ‘es wore, Rat Sha, whe oped Beir on hea ea ‘Ser aera, repeat unread the fs se Th sna on Stas pur, Long Tem had te he Salt of ny of HS wad parry deseatiey, whch meen ably quoted. Lng Tem pte snathe™—se pete et Ling Tes wy uring dw ade ng Sst sor, Ann Sh ta if Ung cor $400 mln Bear won so kan The peesure to Bote put Mie Renan, Lang Tr’ ‘wh foul the fancing an ly the hss ple snc wh on ps ofthe Gham: Comedy lain Mana mana key ete gt wat Resa. Butt eae Sep te the ep ay was mnt fr omy, Resa, ho ec had bi geo he ad pul, ca hee tha if Long Tm dd se rw mney Dy th end tthe hth fd wo oe ‘thc coud The lf had persons son for flag anos. They had ee own capual nbn yet thy emai in he ark abut what the frets wee dng to sve The employees were gue heros (king lng dye cena te are cae sesigl clo itv thy roeted the pater eho worked alongside ther Fax neve sated hr see, Woe ah amas sh he dace for reins the ai onl wat wh hd et When he pe Inpeal respon “We working ome” Ara sabe for aod Inf enploces moxkingy slope 9 ete sade the mu uc wh wore the empyecs ed, the mre Bg me "px and tne the deeper the fo ob! The prs wo it won a ee eployers wo fo the ecu or be pred, Pease TCM hh pi the Foyer sala, as athng fw hg Inthe ft wos of Sep Tb Feta cb lous UTC, hse ha ETCSL wasting on he le oul put to ankrupecy ay ie Fresh haps Lg Tes rain counts ‘vl hen him a dao thr swap agreement ad phe ond Tring th ws crt th arn: moved 8 il ‘he potato LTCM fh thoy posal a he Fert of sa This dion emcasto poll the sts 0 py ‘Mines hough he sad of 3 yng LICR some ew he faye The and aide dor approve he han, eng WVEFCA ta the and te cou ope. Bu the on, even though corsa pels wae st though wath conte of Incest. The panies were withiawing og echnical, borrowing Satta seen the hd wehow oi hee orton othe atc esos or whom hey were reste Trent ony newark warm engh, Sl ing heaeen spnadanneabagvendadennennnatanenveesuenesdeessnennceceavitien Wen ll rider sil, Owing this “phe wig” a FM. peat “ur lomes arom sates were cence sfc the fae fo. tured contraction deo ean tht Ling To ha oe ry His analy was devoid of any sogestiom that ay ad mde tke fo tan by mening che athe endo 19h pi a oe wae, By imple, JM fed meh trader tte mares ha had othe css that “ep hve heen ake relic inks nowy comment tho Kel apa: Bat ws rather mcg cmon, en that Lage had done Te ee way of cling and ha erage a i 0 $5, ora fc that Meriwether nied: Te ie xpton Msoath amr the song alco of ies a Hash Sito come there ads ob al hat ay “Wee pesto. = wr ot srarpen” he mot te ‘eantime, LA eutd th and sgte — pie shat Sentra ha that alt rs the een th ew pele de ‘ofthe peor leaked 10 Blamber. he Bartle “bh published een Bere the tive ha ren hi op str The Wall Set Jara pave sp lings Leas fa broader ry final en a umes Cre no tie franca columns stig obered tht pba he tre or should reve or Moar a tor arbrapes. Thon earn By te nein pny the ands en pesing a eormaround ow ha adr ee returning ox the Hampons ‘Abn presmaly,had Pen a quik "People were ston, the parts to omc ae. "Naw wll Bick at he ay ater Merwsthers la, Nbneys mene See downoad auton debe This wi a ad sn Te lb ars who aed by aoaoken accord cing Bre Carey soclatrs we tea the ng on Slo Pal, which—hllmane te dbus ex Empl of Monow wan Senyng that woul er dvs. The et Inet ie hanks ghee icin Bea Her Allon, Me sy preside led» sein fo Speer 4, te Pda Btore ml to know why Mil wan naam the ‘ ce -What da you nen, Hesham of Alsons andes re "nealing tos bs lamer nes or ong-Ter “I Ses of yout” All ugh a olds af not oe i appe her ova nouns oan, Morgan, Sl tre Meri anthers ge porn of Br atin i Fk, tos fa edged prin by short OS. Tena “prea Norcovr the baths share pres ha tubes, Goma, “Th ha fred the fgg ew gia nervous sth ‘emarket rss publ ing anne othe lian mnt trom Arba mit pare Ms pending merge eth ikon. sine for Outer Ud Wels wea err, Salonen co nde I Haghans lo pst ta Be ‘Sh i paren thn aghas s afLong Ten wat Sar powson co Dy aye: The lb Fgh was no ing anode sot toh crseoyed teh of baring eveything ake Whe ire commu opal ork uf bing was ro ar he pores ee a amos per: Me falling owe tar here The we 9 ee nk Frese” Sense snap sends were widening in Figand ach Inne rpc mae ea Lng Term rae ane. Erland wat ues ma fight ogi shuld lope have Stock inns. Bt ogo tern, Wall tet es ‘ereromnng rom Long Teves ie sae rom a ing. funds buTHE HUMAN FACTOR iyHHUA endvUpbenentduenvndnonvo¥orsedusanyen it “i esting would stops Napel a ayone che cos! know Then JM calle San erching the UBS muna a Tok iar anyone in yor bank wan vo mene™ Meriwether si "Keppra ar ong Term ele ‘had up lon ober ew mney aly sewed op US, hough war aeay Lang Terms gs nvr "You smth dw tmony-ine pc Shan al TM rel ly "Mor elon prs porn Knew wd ee Inunch + global band busines for Dewace Bank. Could Nbcel st Des abe cpt fo on Term noe Ml st ani Meriter warring ot of feds, Whe ll Set ste pace Mange tht rook she averse down 7.93 ra fallen 99 percent Shoe aly, Secretary Rabi, hack fom salon Ging ls, trl to cabo makes by dag thatthe US. own" This rely dept the mtr pce of ee a egonule Te Wall St Jura 4° {nd oveetoed Te ene Sec ad ln nr. The cal a Now they ween ful dd pi The damage Lng-Terns makes was ce: E 1 ed ‘es ded hadi. The bond marker ba cel ond 0 oe “ull wade out of anything no witht sling bored ies sa bomb oars lke tse ‘he src tated lak back, Baye wee spy mir be oud. August thie was 4 wnigue dy” sad Ca Sh the fon sratpt at Cre Sue Ft Rontom So fe fe ‘olin lad be th Bad ended wich she ma ihe ind of bond mvt sain fond ke al thi tnes no deren tested Mun Set perhaps hw Three quarters of ale fot mney in Ags, an Long erm id the worst of ay ther, Ine dca thy Mer sethers gag lo 1b, 4 pert fs ap en nad Stag ho a este—98 pen ois ro on 38 tinct als lees woah at 28 lon se {egy nam eye Bik Yer that vera cold not be ene ram the sie of the tesa thee no gi. The arts were an unfrar lc ettory t elers had explored Sais fe the pres I gotten to kind ofesos take Th ste so fe huring ae wo The arnssbopan ines hat sey mig nema it Th in vak nape ay vig af myles tn danger o sein "We were de of ug” Rend deed Ths tone shed Traotker sgn of ther ging desperation the pores an ‘Ma ep ir pervs om gst y Lang rewrth bal bl Badly in need of it, Meriter sled and fend Vows Maton wh ad eth ft com a en Sis, Na ‘tho ha te, was ect hat FM pat pokes serena He wore gl hun sa pic, ae oh st ong Term in Mack ik shire open athe chew, He fe weighed eee handed pounds lke FNL ranges “Wee dwn by hall Mernsthe so “arene,” Maton pe the ist ing, Merve sanded wor “What ae anaes sad, “When yout don hy hal el fre vp dwn al tc way. They ging topo he market Th sh ook thm“ should 1° si, Mernether and Mets we oe fn fsond hy {and etapa Wal ons Merwe nk uk! have tend to yous” FM. si ‘uid wou ler om wee op el ete roc waned fo be wth anyone che ad theme dey hoe iste they. ened erin Gre a dee hy fan the cet dawn tare i ni Tei hysoal pss ane could sp the hesorhapng They ener, sedcng we one fens of bankers Roseland ci Tey tld ia Were show th pan in see The hey eves alr mig plea for fey eoponded nt eve the ‘mam clon The iy wow Fiband would rk by ortho be did hse from meng Sore ny and put serpy 08 Wal ee whe de omer to wie a sheck win tf wn forte end a tc Lon Term bat cre dreds aon of (Tsay afer dy every sgh ay or eke aly. tad “ioe that sing py om Fy. el hoe agate, Mes ‘One was Mer Dan Napoli task when NHenrvnoennn iii i [ lie wkd rset, acd 2 yen yer fo The exe ay TWA Set for mold "yb ain sal Everyone train tomy ck Bar yf spclson in Rus, sos were ting ik ny aes veh enna. Someta Tesuy lta 35 pent he we sine Lydon nun was present. Yl om sig ceded Dy the tiaechp Ford Morar he word-snred 15 oer Ter though Ford was no ke alesse han np hon tamed the pace of mid hat sky bo vem ar Tires Hina athe spt thie Thay an eon tir ack hi le mex wie npc hgh hc actom the fet rom » pera Hilband an al metho el He sis canid abt Long Tem’ lowes etl cone He dd Tse Batra deyerae Years neon bed oils i dco Milan seed thar he sm grea pots fy forward pene personal debs, he hd ite coe But TS Tem nas shay aeons Hisense and te oteed cu the fy a ea al Ths wat bay eng for Baten is option, Lng Te fc ben gh thy wre a ie ha ile ae (Sate for mow Ht tanks, ha 0 nk ‘thor Hiiteand let an called Gace the es wa even woe The fn hid $257 lo Thanet second evn gst omic a made my fe hs ‘te tre leung it mquratiyfaser, a he te nein Rap Fer Om the nent dys Fin, Ang 2, Cong Term eared 3 att Crotch nae the fn anal ney S138 thon ast subsama op ay nr The pares ms ‘hat iy bop hth ead nw a a sh pers had aor vd sh ata quire ist arent: ETCNE, thr perma oe “Stop was facing stot aw prtems- (TCM owe rte lon toa group kel rt Iyonnay, Chae Manan snd Le By le Agate banks, egy ey, were seaming Hat the fans paw perowmance connate an sem of fala hase he aks were nied 0 ‘arpa, Bar the managenot company dt hase the I ar of The mney ba be putes te fa ihe ie pts imesh he management company was nen a fst ane pi ath he fi a shou his personal debe thouphe LTCM sho simply sll some Weve he fr and yf he Rak. Bat ican the ye proper wa hat ier ok acy em en he ore mesos hd shape ery ha ae Mermethe whe nt yam sd sense frm the SEC Three. Norco he eae tht he sul carey sk hts The pares money woul ave ey he ab ‘nthe fend dt em TFCAD Rad is ow wor 00 A Akl say th partner elg presar om Be ‘Seams frl len baer wha was metre eye the “Topo Lang Tens cqty Tha fo ban’ habla ntact theft eae hl see ree ea SMe ar fea ma etn sper aes whee es Thc hote pote none si tht mnt of ade were heed {endo oto swe hrf, ch a8 demanding ‘Mumia teers oul ave, LanTeom wa ri re sot ad wx ane, bt te jb was veri the Tonos ming sy eas sly Tong Termseates ies had ea bt he poh of png tes wok ve enn or for Era eater Stree om ecpng aks the atk oa and the ober ado had gone ty ih ig ron even roan he the find war anton bt mm th sa sopesony was ening Tak ofa om, Lng Tem ws vg lad for een (hers hans ht ha fend he paren were tre fy the memory of hang med the She's sen {eons 3n7blon oestrs Weey had freed hl i hw ih en aii Way of he ces mounting ses aks were aly en igh ere ns hes fn, See Fred the hedge fd ‘tuna at Banker Ts, sping margin cll i kan brokers ad changed the ane Once hey ha shocked my this om the were demanding mae mang Fidos wath in hora the sao of hc bs si Benen te valu he ny asi the, Se many hs bode nee uml Fae sl ttedteesr Turkey, Thailand, US. monpae cui high Sik! bn Ida air what hee he pun wa, he ad {el eometbing tsi tine cpl trl ews rr ker a ferro rity one nespetv of tho unig al, Ts ny ‘Kye, rhs own ston me dos. Maid by 3 how sand ether Fic al over Wal Sees the rs off cine + sali prophesy, je a» Meron’ ft, he ha co he hrc had oie, Ae ps el bake hed oy fro ede fords Anda banks hacked aay edge fads had se ing Sad in oes ead ace Cae eda in ata, ling trp lowe tet exe teen Even as sown unr were edi ant Season, swe ecg fom i ritrage a wll in Raa, Well {aat w hate order bs minis t rede the numberof hee fan ing hain wth Salomon frm fe hurd to tes ‘Wels buy Waren Bath wan moni is peoples dean then in er ded ems hour esse aay eos to hee fan Bate who mssively then he ip on is ‘onnpany’s ca le ier at oa wared oh a Berhshee trance susan) wan holding sdeqate clleral om swap re ‘Gollan Sache was nervous about i ap to sap, ari la eth Long-Term, When Coca whe had cn red by J 3 cil rr China, ald Meriwether hack, be mired hry We ae [ting adequate eas, rc hart your tet soning” Gol tran war tepngto py infra ne oe aay ihe ppd eae ot Leng Term a sl ela 9 share norton. Ics tig oop a ane bs at eB no Ione had the capital to dee tem lly Under pee from Gon a the bank, knowk of Lon Tens oon ‘Now wes Weteay August 26, ond Mil Ali calle to ce. Sl in the ac, Alia ae, “J, im nt sare rere a the onc. emo ke you¥e Bg “So's denne sive days ff athe marks ews coninu se fd: Egy vy mob pt more poi, 4 9 pe on us La Aric cake, Only, Wee banks “ed adit les hi om the lore Sve Uno re Se Fre son sd Repub Nana Bak of New York Fah hed shamans the nese apie Ro, done ae Vises there Ae nen nue db he prope nal Tigh Risk Opprsis Fan Py I One Ary Wee Palm Bach, Hor ma np nt Will MDa ese the New York fd har ene Jskoon Ho ‘mings er he a was di nl ate arm tea Wi ivr the pul McDonough ha ie Tncenings degre Meriwether Reese placed another a lle Smee pares ad never Fog Balle So he edn Meriter out Salama, They reseed the iy iho tendency reach paral since he Hd (0 span om tec ms sfch fe exh Tine Temis parent a eve ned fhe ae om ‘chy halos shout Ss ion Ra ule mse pare fst ali cee “oir An ow Langer needed money ane Aer refer ates had mre than Bae Tht ated vse iiande nb Hew ut Oma on Thar hy hat ty othe sap na dene 89 lh The uring New. Yk Tones sls“ ng compare tems pl fot Ihe ne tikes mon re to pani” Racy Mian on cere That ys Ros ial 47 pce. ee Ita nae sont ed wo ‘els wr’ arte snes work’ The Dow spestanly about oe sage varios f Long Tem’ po tom" Narwaly, Lange ed for flys Reersa Mendon, the Morgan vse chan to whom had eer» partners Tho clone tthe parts, expecly Mert, Malls Roe lL Mende ha a no estat Lng Tem wm srs ro he Roni bine "We nec tage an nines shocked Mera, Underanab the baker ad to now le wimg shout Ling Term’ por LM asked Miran cine Ant eter Ha spered thar he uke sy 4 word shot hess porhin. He bed eens ‘Shainbe bad Tyr wo on. The omy sat he ad re wr wong as devastating Tar theme, LST sed lead woul have dn ve somhing The arhesgur sri sops. Mens he pares cr oyly pone tat Nangan och woul pal for $100 mila, Now Long-Term mcd 8a oll sore hl nor com so mich, Rha the hose any dated ‘ware Alon the Mel pee diary tht ond Fave ben chang sur the opcoming pt Wal at th Sept there wl Re pf neken JM Stoned tat he fon ail ad falen n> lo. le ss tha Log. Ter tad plenty iy adc hat guy was an sean Calin vera: JM, il ved inthe mode andthe des Noretlan LN need, Log Tem would have to report ie lose nse athe eof he mth ew fel eso i show ther hat nee me wa ing, Smt sw ashe empha the open! spat tr anyne wh edn: Panis rampcard, empl tht igor Al gud he mean Sowa aed sn Fray Mev ‘would it in hi adc, Sy mao 0 Sy aon tore she end of Aug? Tho Fn of Merino ‘hough was cui natin, ews ef one oe wane {LMC oer cl shat day wast Jami Dima a Tanks, the rtf Salon Sth Bary: Isa af thet fms pking “hecho death by lgoating args rade he sagged, by Serge Group ing ack whe ra fimeina sen rape of Ms pares elle Salon, a0 efor cpal They sh th fd ee 1 ht Longer ws lining rounds ot gaming Mathers wee sey cuming on he fd Mogae aed ped an aon ‘Thoin thar Monday, mone on Tasiy, a3 tote on Wed “any Sopit 26. gh open Hc amthr 25 ps Nh ‘ch ike nore of Long Terms one abundant capa dined Sethe fi ws ling money fer than i cul abe ‘Storey the wing stra pee o do sting abt them trader were ein and tke ay eT ts bare” on ote sad. “Day afer day we had masae Toss and hey dd to” Their was ee sot wit markets ander sre, Dept balshoed growth nde Trae, there nar my toe mde Thwe meter ad msc When lone everpel ter ch 3 La Terma nc seth kes overt ther, Whe fet sostosllin a mast without bayer, pce an othe exer Yond te bll cure Ttake ott example yl om News Ca Joraton Bondy which had rset bem aig at 110 “Freaunsharcly soaed go so one ecn th he capa Promos hd ot changed oe a the lng, sch 2 read Po sem aa Bot npc hiking ay om aes tne oe gly vera hey mays sane ht me The er of gin lay 3 kw ime makes, but hs A tv fd mary al ur rane. The mat frre! Tend we simpy ded ap Scheu ew ferngs weve arp Shiau, whch wast wel, sae here as on Them The ever nese te cosa the fone al a, thenemcomers soars snd teal, Eoin based adr: ttc ting te spending buns or withing thi capfrom Landon} om UK. sap ad Royal Dutch. Disturbing thet ihre wan demand or Lang Teme Spe thr seming sundnes The Tokyo poets eprted 2 solr ‘ing he markets ees oe The pene ad ae tht her hcl eg the vals hat hey sw fare Sp forwand psd em? Now i peers oe Stat thy fond th od nt Bcd Instat Meriwether and ctr ior parr raid ng JM ad Jr aed ue Esk, i a bers ad em amano le une to JAS care: Spreiay me ack et ing tl of capital, Larger reaped cn dangly high—dangeon becuse les asa erat levee crete, Therefore, eae tc ithe pms would rrr arbiape. Lan Terms desl poo ba! mtr 0 nesses and SICIMorCom the les asco te MCT terercommcnated anion wth Bit Tecra). The Fares though ofthese marge wo gn hgh oe ‘ds chy dal Bat hy wre hardly ceva the fans pt A al of ha did olpc the Cn nr as Lge “aes hart cold ee mean Ral ion dias an Thar sme Sunday ight, Rosell ae Waren Ba, rach ‘Sonim 991 afer the Mor anal hon he hal worked gets tors Sloman pn the eri hlpng bat eos mame, Now Rowe Fig there mae anette ce Longo ima prtlio totam Bo, The ils ke del se Head dane rk arbitrage fore And thanks to wining des eon nv in mgr thie in wil nd wan wp spe Novae Gravousy he ace there wn anything a ecu 3 owt soul hk of anything The nxt da, Aug 2th partners stl igo dle with trp sed rn of cata tho hn reco her tows puttin, modern Cos ws Heard thi ack {Gay Hawkins agp a ond Gee Soro oad sop 3 Teck or Meret, Son and Staley rachel, he i ona tp ate Soro iret oa Commas Hu ttnand Meriwether wee a aise avs be. Sn Eder aendeny ro launch ie pio Utne ke could have een he Sete Faro at Sw the ret. The ep rere unlike asi esting to. Lag Te tse a era tae stm in which pris moved aur 3 etal pose of anal slim, “1 had diferent te” Sorn otal” The Spector si aes ogc and npredicabe, He th {Rrted wh, and nee sellocine fy ning events Thy wee Naser asa systems Ae npn The ea thar {hat you care aca he Bas presen epernse.” Ra ‘She whore Soro fads a os ln lion wa a example fan sock am “syne phonon tht ate the profes Minter ned cals bugs hat Long Tes ma pr mo nap ch for hme with dey pot ee opposes ttre pct Sno lend sey, bt Dkr pepper IM. with gctons He sled» ch op Soe Ra loc nny Than Sr ly lhe wok Be ling ts Sgn millon ste cu of Anunttha Week ater Bed thar Lon Te souk! store cpt By rab anther Ss milan in aon, ‘Now Roc aed) P Moran eta long ad ised mk the ones egaer—o sm though Lang Tes Boks From tenon, Moran pope on Ln Tem one were aking &Whos he sa the guotaian for US, swap seas he tard this scree io dale” On an active day, Reker om US, wap Spreads ihe change bya much a po But om tis ma ‘ap spreads were wily omating ner rang of 20 pis They rae am astonishing ots ie, 7, ap Ho 8 Ap Ia ns eer han shy ha en J, rater cou ele i He sng ot Matt Zanes, ade, and Mike Reisman he fe’ rp an, heal, the ews. One ofthe stale raced nd i Hal ahi” he des Iida sen move ie hater Tre a hp Afar Lg Ter Kren wa omen esr Praca iponusliy"and ove or whic he nd ws al repre One of the at al tae at home an asked, "rt ou ike ogre swap spend a? When he aa Is tld ham ee ar snaps “Fk pra eve all at hae gin That Fr, Lng Tem at my who i specs spy expe. Mage seals urged trom 107 only wea bf: Higyicl bonds ced fom ‘Often Tiemurys nau fr ha ots ah thes mone tay em al nabs terme eft on Jol. Crit Lang Tem ws mightily the fr potent vel era and ‘ma sn fr more han he sate Russ a ron for that ald som hedge twee spp fo hve me {lmgTe ad bly vented in ena Corporat ‘unaianecompany tht wa planning mers ah labs ne srthad conn tl the stk ven when had xp wit amen was possponed and Ciena stock ponmeted $35.50. 0 Sites ashe Lang Tee $s 90:ion Yenc Resse had en warmed that nk arrange ms the pking op nh mle One had ly ped ih race rm very crac, They wee sow 50 ey lope thee rea, x9 cy unexpected ht he prt e cheno. hey had mel low cots the def ‘Mees fad boo dled se some asec dale! per had "ake hold hate In Grech he elton re Fat {Sled sro the gla to reach the eke parr. Visor Haghan ‘ei Ils he hd fk to London Ee Rene ad ot Phe ext ig hone Bele ef cal Jr Carine hee ‘sect of Glan Samar Long Tem tang partes 2 Corin ome, “Wee bad a seo athden” Merete a ‘cd ny “hat verti fine th Bac everything wane ine. LonTee, which had ekalatcd wih sich mathemaneal ering tha ts lik Tose me Phan $35 ion on ay Sg. ast doped 835) al 1s peer o fs capa on that one ei "Worl yack sro ls wos mac Mike she Robt sha Lin Tors sb tans Sak pty sent ove he is hy, A an az by Shs el hn tht nto se to A often the wok aed set copper emprey.iacha posmaiton, Minehead Sone jw Rely te amcratsunet oa the ound so eep a evond ofthe peed. Having he Bid y the Mur scat [ac rm baer experi thao ah te Ds pli ie wat lt tok ve en tit Sea ‘eam fe Hoi and New Yk Unsas imn slae Mf each dere ohn tea apr: band ski whine Beal, Mako xe Haghan hy pone‘On Monday, August 17, Rais dele 4 debt orator The ernment sinply dese wood ate ese bles op Rs Sin worker th West hondboder: Noe wou apt Ina the alco tn res nega marr In srt ay flelation anon a lat seme fs bering dea fom 4 goverment tht ha pombe that wld do nether Enger tothe end Rus al te mat eal apy fo 8539 blo ‘taal re} debe the aly hone een i he depth ‘ofthe Ltn American dee crs tac a ncn for “he reatom in mates was mud ates at ist Mesa a wana bods el ad socks Japan a ara en {tr wekene, Bathe Dw ne eal #50 pst Arena hk honoring a wdhtion tht extended ack to r930, ky dared shar ey expect owesthee he soe ah eee Robe Ssrngs cc red ote at Chine Nabatin who stock poe seas co fal50 perce within sk week ifn roland ‘Wall Sere scant doe Ra te’ for Chae oor US. bank Tn es oft ttl nde ins won big de ely anor Venu, acy tat Rast want Venera Sopp mea poms Aidala And when Rows somchng nthe at de Theor on ch the plata aca cope wld alway ‘hereto pr miter ight as ow expo flac. Tite, fr the Group af even Westen pcr, “Th hind de al ranged to sty ik” rath Morris Gol on se Inf esal The spain of thi oth hile ke a Svian gle The dean shared he ay at pros fst ta the aly net wold aye bt crt oral Hazard ble" tha ad ennai np som ine Rabin hal ie the af Sx Ines fang and then ode tha emerging mar ses fsvety you's Comm a or asc ‘etn marker sch eling ow sda debs cap (Om Tharany. tree ayn aer the deta mire snd the word hace Sarnia entra European Trey were weak: The Soak marhetia Craca plagel os pret ener pana dod hed to buy dlrs Bens fa re Blewsea pers. scully ramp crn the easter on. Inver mone were roi tj om emerging mack bt from vestments where ake. Th pa proved hat che Aan stor ad never tly been forge. Swap apes te thermometer of ce matric a dager Ko ‘The Beta hank Bly adel te waders aka short on int Kapa een hgh trad, ke hoe Langer, "hgh swaps were unreasonably ih. Bras decison eo aban "The ast dy, Fea. Aap 2 rade cere wate Seok markets Ana ain Europe pinged The Dv fl 280 rss before nthe recmoed a oft hss, Tis pbs ‘Srp in volt on Lote seve et of aio of dlls, The dap credit mas wat ar worse, Tess rail, at ie wan lly deen y pan for inves Bog Tees 0 ge ped oe ik fm he nee, Now tes al hey hoop fA “Slowed eed ad seis ne dark, dala hy Res, [ane eve the Cnr Lewnay cal Insory makes teamed only the aot ht the Uni Sete ha ob te TReypyear ese fo Gerany. the treer Ban. Aller the srr, peo mere Bing ter rer rds ans ‘Taker thpersildig! ons, puis Bewsen sch Bord puis ever wider Mint by mint, Lang Tem wae ng il ‘was largely desereed. Mast the seine patties wet waco {teva movnnge ah safle lsh SI The cll "ae sh dts Iinding the ete, Bil Krak the po tnony ofthe Bra dl assysoxh bold tlk bat Salomon’ trader enjoyed the eursabou in thei Robert Shawls Looper’ chet finn woe having esd cal very Bay to» wor en Sear Monga ad amor that Lom Teo iin posto ee me fotshman Broth ard he rms ons Tho Lome teem ad seth Lehman "The were ming sto da more business,” Nero ea of Fed ince at han seal omen hk tht tc guy wat dying op They waned ace ms were rolling oer Wall Set ks rt fal sein the poker for mang "owt ther persona wellbeg the partes sma ral hi tres Hans ich, bud hou Maha Bu fhm wh ha Bowe iy to ween Long erm got sae of sere Of 4 hunch, rua wher a fase ved was lane home Rosin Hil with Iigh clings and a verace verioking Fer ra’ Whac cot Sil." Bat then, Soles had may oa ‘Seah and And the fa ln fi a ary een see, Merneoe sone ahead with ip Chin tbe ride of ug The pres hou they had ssn be Att, Long Tem ped ore bevy n> Rein, whee i a. realy owned hedged Rion bond swells soe tha were thee Nv wi the ire world mat whinge we ics adit nent on ol, Haart for ought more Ruan bran th hey ha the ae cm nat Ester le, Nester ke Nob! ri ol he Ares mated now: the professors wee rong the de, Asi Ing tone raler 3 Lan Term the fond men "tight longa nthe end” Sai anos mea Tea apne THE FALL hein bd yea bot ly Ra Captla eter, tna soc OF ae {hn tothe Rema pie, bu ba how Merete and aye maned and ayo san, aw toy expected he a ‘ens They cl hardy heh er of he eh ‘aly the fortes wold shan Mh xe cui hey he isin ore Hanns theote ter of the polo in general Uy ne wiling to dea ey coleson um experince, ou mp a wel son you ade hing Bt wal x mode aly aoc a cn rere racks fs pian lator ts paso ‘asa slr por borat to Test thin dvd rene fn sin of Rw Ie a rile wrapped itt mysery ie am ‘Sima Ir 998 on Resa wan bend the el cont trove ofthe computes Greene The Fel was well ast of the danger of uns sig predictions ch the ps Inn open eer aks th a op bank ‘ea think about “leatve earn” ut x Rankupce a ‘Rtas, rather chan ane ht the fate woul be a seme {ers ofthe por” cnt! oth wal oul oto Fe ‘he! Gren was alsin the pater fuera deere ‘muds On Jy 30 Dre the Sovte nem Ae “Sch Lon Tem ve ha wold se home dn nal oJ Lang Ter pina ei nth iSkin Fue rel By ies be onetapped andthe pie fii chief common dm "erent te prernnen npn conaton the rable. The bank Ings owe for Ico vole a sateen. The Mewow ‘Sos markt bly hae trading, I ened the day down 6 estado pet or he year Shr rm eet nee ln soo percent Langer Hasan bons fl eo hl Uhr pc of aly tu ats eves whe Golda had ppl Meat hem "A the world waited for x ruble deviation, wich she gover: rem sl ised would peach, Commune dominated Damas the omer ne of omen ete ror mess ted on bythe IME. Th the memos wea on yea, When The goverment gg the Dama to rcomene the Isiah y then may poveramen lade hd Present or el, were aso a ese ache aig the citar Hwan ard hg v0 mode Tw the United Staten and Facope markets shaded fom 2 eli is of gainer Ran, ese ni Wags ‘sto pr all wee snopes, te pombe Of China {Tvehing de curemy and Prosive Caton spy abt ‘Svan ths White Hone incre, Momes ew AS gal Steers ted ot of Russe and Ai hey fre no Ties bulwark sey when noe wate ke TH ae nd ys ouch anerer sew lo: pent ‘tally eee speaks wiering Sse Api he igh oie for bn atrape, raedbonds a owedfm opm oer Wal Sree banka desk were cui Backs apa ws ee in fom od bj ot had He rm Asa The Fee fs had oe favor apne wand the toa Ses had te gh ce a ci Burn, teat of dw, the F's nerves were weer wa losing money Aare, the shied tom n ar The parla ar es stati toward AM Sere Relig that Sra, wh war contig hee major hendache Haan boy the hanks whole Fomton, worth sot $e eo eee Salamon people “epouganas® KOMUNIT PETALING JAVAenfant se ily the one or rw fad mont Be Fad one Bem enpecting bd come, The nly Sconce note an tha Lg Te Halon ny onal of ade, seta Fd expe Bot he soy add ht nose Fad would ake ikanage of lowe ok ald upon sme fre ad Se ‘ed Fels Facer th cit rk fcr a URS hat deb would eerily expe of ngs foes ioc, Nether mn ear Ser the rs cern an Long terms nebo Tuy the “ul ete dy PL protean ne wre we knew say Jy hore mas. spfan sonery one Bear Nike Ab “The ‘ory wy hey hd gone ack snd eed al tha mol ad oe twee consion hi Jne waa expected abereston, Tha as he TEM. was arf openonally my Alan at Mel yeh cic of the finds hg parnems about the mses He. neal tom clad: Wig mete Moped ha fr ested ret ane gde™ Mercer wan hs ll on te gal ‘ses tor the fos ha’ Jumped spt A ling end ead The etn ong Terms coined conience as tht he he partes bed it ne tare his over te ‘Since The wall a pe of 190. Tong Te id pre Pak ts ut ig ig ho a line wth ts moped ene, Bo th nl sling wan sgh ‘Whi Long-Term sl we dcronal ade, heparin were en ing on vote i comerpnce oon och a fel swops an Royal Dust thy stad Gv some ps Tans" Oretal hi asee dc oly $18 fll om 39 tg tthe fas amg Ter ha eed the amon 938 kt von on ape raig day o Sys mon 834 en,” Bot his was a fgy mechanic ay of eating ee tro pa ylation the pares ‘hv lng Ter ha he ees on he erie mo Taste marke conned Bey I Rn, where eso evasion haa bem put, i om shore rm ds “red a doaying sa prs anna rae Howey, the aie Ul vers pg ars ho mere reve hk IN CNN a Bln and nh seemed meee Wo seeps hat Risso ptm, brs vnuind ore. Avon a and no “isla seeds the ssl Beka say shut he elo {Tw ad al th inh of money. “People won cite,” he aed ue meh fan welt se I poe do coe won faethe maetary policemen ad teen ash pc sty sgh of rouble aby at Secretary Fob sig he MF ap artnet a S28 Tn Rossan balou sc Semon thre 28 fs aca poe tha hy cul fe (Mich of he (Sold fe olen by ssa lgarche and iphone ot ofthe cou (oo) Then Goldman xh indeed ser tsp tr sore usm mates for wey ya bone he oe wen weeks Fomin ere lev mach the next ny ear But sents od Jsrng Roan 3 credit hey were fling bak sored {INE *Ntckar powers dnt dtl” creda ‘Wr, the iar chm wo ha mae ha ‘ha dette Tu dheicredt, Tanles Well and Din rtd a Re when bes dandy ate Ras” aeing 1 one of hs Thon waders "Hesd tw wes An IMF mt ith Stone in Tone and aged he hank ask Moscow, bose ae Shp he pated. The IEF mon set n Manco sed een xk rng Salomon hatch Une Sees mould eve a a! per dealt Wail al Don were encima eh Feineapoed somal hy ser at Resi wl eg forking fur. Thonh locate hy eos nd Rows prec Foe Wal thought twin a poor area for ap esto nk to e lining an Th ner we ot “Once aa, Log Tm snd Saloon wee on oposite ids of trade’ Hashana Hala wae taken 9 ee es that Rosia Ceuta spy snl ke surtcy fa (Fanos wth an ed and, nln Longe edn th very motion} Lengo ke foun tha hscoatvale tthe poss ad mel hat they Blowten ios fdas ins Monson, Goldman a 250 mi tom Resa ls oustaing the ne Bo nied Resi 0 pay Goldnaa tack a in convene tine, The century event bak ws pring os ck the pba pe fered ro hve the Rost a of it ok, And Gola, wih Tete vests Byte nd neta nds ed by Gain ae el Morgan and ssh Bas eg mee ‘ert took on Resin paper Interest rater om one ear Rasa hile skgrckted 090 pe ren in Ameri he were hm somo. The sk ma Ker as adel sole, adoption pes amped OF det cancer Long-Term, np lt rn 027 pc, sng hore guy ola fa lower el, Lang Ten wes showings Semillon veal ane, the fan lt 10 pce yf 8 Stormo ever Lang Ferm an ne doe eee or he Ife 1998s at ned ing sek, Sslamon Sith Rare» Abieage Group a ans oo. Weill ad promad he woul be ale toe wth volte ing ea, rh coun Betoe fe was ot ede lose he fs US. fond arirage operon a Bins he ha eve Hk One gh wel ae hy Wel ad sted Sn Aso techie mone atc, San Depa a asc nero. Of cu here wan uta ora Bence Solomon’ poston and Langer ade Thun Slam sling helped top Longer prin ne negaine story rua ieee the funds dows spa Meriwether ad ed ‘eto fu oa! hae hi ro he re Lite Salomon, Long Ter ha shorted 9 single sap spread amber ta ered tom the intrest sta wl toed rade The spate may gien momen, the fie att ks ime and eer vers Sonand vo be pai nex foraging t pay the LIBOM ate shore Bank rate The st ith the LIBOR rae oat one hows bare il on he fare. Typ, wap ates eachcntry wade at ope spread aoe he interes rato the entry’ vere debe Th hi ‘wap pead whi barter fet ah any he prim tha inves dem fotki ik of ing emp ‘hate lation in fre Inthe ied ae, Api 199s thes pa as a nel aetna es, hic umber wan ih a Bon lm 3p fort ofthe 990% how, dig ee sre Fane LnaTerms poston wos more nuanced The swap pred snag pas in Enda and only 2m Germany. a ues wie yen Thee wor am von rerun forthe poy, eed {bea tmporry. mance or ism Eos Lane that the proud bewnen he hw spreads wld nar Tenth of Lng Tes swap tas wor ign converge sas tog a8 Hor had shew, sae sige The nap ma ern deep and ha» Retr ha a ey sable for moles onan ne Boh a) The pea the Unie Stats wide ‘Se pinta on hd he ap ate she Us King "What wa women fo, won of analy ders at diene rn bam unoad nee te ape bs wel ar aria ade fo ero bg trampled by Se The Lng Tee arr foil wr she aed bigs aye th ested ber atari hw Wha Ee Resets the ae ne! a sing hat the precy ween 09 the natn Ja fer Swe Ra ns URS megs, Sano vated Mero who stnned Scan hth news of Lange ei es Bat Me fs cecorny tae, who ha forced curensy dealation and x posal corrupt starts nett rogram a3 are reryon kcw the ptr nex ret ennay t wa Ra si Ser Dubin, chon ofthe Ros etal kya oe ‘blewas ak Hoang have the define word ead, Thee Sel en dea ofthe ae” By he emo Maye ‘ole ineent tet hale fight of apa Kans fil tens eady tcc res nom onthe verge of eller In the Une tes meni the conn wa liga ll for nd psc Viel Tenor el andthe spear Trey and ke type of bond, uch coport , Bsn raved. The end Bag cheapes of what Lng Ter we gone fr ads wor omc lining > pe Thogh Se Bank, whch woud ie Long Te ps svete afer mesing wth UBS, kn nrg of he hss es tert fer evn the waran paca Tam Feder the Nad of driver ne Sa By salle te ark’ Stan and warned in “Th ng nto pet” The hae prom wes athe eset war wedeble Swe Bak war spe ove onthe dae" tat pint Sean eal na te benign tumor If ings met fo bad wed ve» probe I Jone, Rom Tanvnhau, she UBS slean whe hal pied the stern ete hanks fet the unig rama OF rete ‘hy widened in sey maken which Long Term was sie The trouble wan't pci oy sary wae general paling back ee pees cn ht ik had en wdc ot ‘i lvoe waned salty they wou sy ay amt by 2 resry meaning ht they oul ep yl 8 om Fim McEnie, .sondase one pre who teh on is sot tis fom a compte sere the aden changing He ropenely aged hs parts to lowe the nk be ME ice jl aba nore, old shined gamble Since or ing Canney the parts hn lon ado wth ih "hong Wl Suet every day ha Encore ven more ltd from he acd, ut con auf on that ears ps frond They find ey orf McEne® lrun artow indy snc th She's nm nde a een ng mene, fandom ve Jer Riad, Long’ Te’ enero sc afer moro might atthe Hescnck Tavern Gree Rtas useing the next enorming om an expen to cb of tig eguay”that 0 Trea ard By Joe the el om the teen eer ha alle 048 percent the ow Seine the goverment had wre unt sea bonds Sarre -Everyme i te [Team markt aia to go hone shor” Matthew Akay. a strep wth Crt Sie it Baton, tol The Wal Set fora" Ese fo Langer Catal, wich rent hee short on Tress everyday. Trays wee the Bc a he the fad vd sro Bee the er hon ed Shank es ron on a ssn tn eo iteram Tears ci om pot nr to cer mare the pre dsr ‘ery art Larger spare Jaan the ens ming ceting he coe siedy dep resem. Jqunee bond yee wer plummeting ‘sh appt Long Ter’ And Japan oe he sos Stone ofthe Eau Aan scm. Wi Japanese tors sal, Thck thei porch there weal of rp Gopresn B lovee rope a pce pris a,b Sth Kea socks lange prot nt ge cay The fe asp Sire buen dye merge in 3 ic pl The drumbeat fm Rove pew sen ert Jone, Goldman Sache mana scl 139 ln nc year Ered utes fo fe Godman, mo, ly a eurph of eran, bil per Foden may have ea ile pre Natural he bk poked‘atelhin Hong Kong major hanbr sey changed he eo (fa del reduce the haners exonoe oa. red ered tothe United States ss pein mod “We fg hae the me afer ht” he led Cede pends a oe hed ever Been ier There won one wy forthe tog. be fh, ee Sly the sil ape ton of An shod ce psn sie cola Hankel cues fm hj st ack ‘heer peo hana Long Tem potion The eling was ne Corda bu he fc as mc ei it had Be fo she a ‘rang desks erally ted te same seni, Mester tay have fel bude of dy, st wth So the Sis Bak asa | sad ws ooking or a Co et he par capital sue he fan, poh in sks ore xe Thy wert concerts Maesteg sh i pa Sa tons hab bcd ar hath fd cn ahs {Sian Bethe ther ney acu stbaary rouely ok ame yearend bose of Sveti an more all ad i op "tea, amie Dano, were rl othe arte pce brand ander wh ar Slmn rn Salen Sh Ba tn penal toro teh ee Ret ch tebe company money ar hey oa. Evenly, Wl ad Doe ‘sewed abrage a drs rm fgg. Not urptnay they ok dm view of long-form» apr Salmon hen Shor afer the erg, Dimon sed Lele Gr more formation Menwethrreloey epi har sch ikrmaton wis pat ion, who a gun to Grcensh desea a Lan Term of and Jt sly cope! wh Dans es Ae Rober Sai the cra of abirage a Salamon, ma yg ranch no guy aden as Lng erm war dn. ha tat rev bse, partly Seen Bch ead of aba equtes st Se toro Smith Barney, Nock hi tvs was cage 0 et Bern ‘Style ut Black put hs oe dove. Atay Lom Tem er “the Acne Grop at Sakon wa tuna inthe moe pe ‘koe fhe Longer gh ave ben ad JE tected th rt han ype Saleen grup was down S22 ilo, romping ion dicusons aor ure, Sav tk Wel the oul Drepured for further lose hick was ot wht Weil who ke ‘Rat Wal Set fc on sor carigs ad was al be Sane wth Teel ck pe, wed ose wae taped ‘ad iminted,ee Trckre exces mi gic decom tut neha had somehow cad Narita the aes Fike The oa go news a Saloon wan har Tatler ening ‘ergs with itcorp made Acre acm se important. Ind sn he ply aig lames, Wel wan ond of ang“ leo bono so that when weet ho expe thy wl fel like pnp" As arf Cocory, he would Sil ay chs, {Salem fil pt nt all vo LanTevm ofid ut ow mach apa the fede fond ws sig in eae sas "Als ‘Sove” Salomon, wich had snalyod te ariage Dies que “So ured cs vs ht re ad en Bing too mach on Ire and Soloman Sth Barney, leet Borin su back Tn hay conta 0 sh sas Longer mae nbirge specs hepato wien, Band aera ard He sting Soda hor hank frck eck sll Pes uch 2 aloe, Sebel capital a rau of he oes now ween ston Fhe on compte conned gins raring the pone ‘ef capital orc Th they moda mee, "A pole tite, sly toed up Saban aera Ln cl “Tha forced more pole toa Ie lt pk bu er wre ps han Wel ad reonedon- One of hem puncture hag market where Phe Sond marker woul of apa ba tare a, Mowtage backed Se rir dele. promping he as pte et expe, ‘Sch in sregog mrt Sud As wo a Tn ‘vei tbe ge ofthe As Ties the IM fou Snags Tenn May ste ning oe Presse Share ca ei Sher hero oie pce The elena ad Hen theRobert MaDvaongh the Merl ret fc espomile or hede fads about Lamgteos expose sneering ake Di re pd fd eth hen” he ned ey pod, we go do song ae Moris confess in Gresntchatom Apel 133 samyed Merl exter purchosed i iia scart ‘ake ost of Mrs vest Ln Te or he exces Fecal deer competion plans. ents, who Si [Sed Tal sv Mery showman, pi Sooo no hee Suis Inver $22 ion, oil, Merely Long Term Idi, peo ler thet han ange he, sing ‘Meise ounce sien was par pervasive ce stefani iy pulpal Wall Steger de (rc emerging ake Ria wa comm ted the next ‘Shala ana “People were saying Aaa was oad kt tne The amount of mee pug these tas was teen tl Meri Richard Dan, then hea of de makes Faroe Sonperon. "We mivead the haus that we needed Be po tetek” Dunn amined Iran 9 mine we made aly He tiation elng yo hat you are sy banca ker a ee ‘hes aunt of rare snd ups yo gn todo ie The cal ge that kt wrong Api San Wei sil ying edt his onside ca ‘hss nad. Ty ene Tcsuy sha ip bs pe fem remit of the sabe and incensed markets Marner’ south, The st na bg somoron Spl th thera iin od pone dr ites free te est “sedonrthy of hrm, Spreads lt he lowest ven ys ‘Xextcd onda lo 6 pms wn em 35a he sr the Sean. The shiking spend werked ke tonic a Longer rte wth ow point or spend ths high pit for conf, aot fk pot hr Lan Term Cath which bast 813 i im nt In ocr ur year an nvesment nthe fund had ‘Sop before acon rhe partner fe Ale deat, thse eh alc of sie lance athe wae ad ren 0 Seas~ phenomenal 85 pce pan arly meh Far fom revi on ur the pares ey Dick ea setup Bermuda hd rnarase stacey hritened Osprey Fe. Oop which was apt with soo ion etd Lange Term ingen an tare of ancl ks, Now the pans sro planing ce tangle ik sch oes fom severe orm crthgakes, hanes an the, Thiet nd er rh ONL he lian hak, hades ey he aan and Inthe manner of mare he tn of woul were sated seal ao sce ane. Job Sart heey de {rather Leh Brother wan anny hoe wh ht he Soc wa plying with fre, spocial wah he uae eveape ‘kvntve Ate end of Ape Sc won paling ta eno Scnfrecespomored bythe saver ewer pur James ‘sk feng am ys meaty sear ade He edged ting ths i mansnet wan ber more, Ba he ey dcsmplae For sumgeing chat Wall Stes op brave was i Farmed the prop acco wa ace si fn Usha, Tied Bnkicin spre 2¢ oldan Sachs as worl By leverage in th ptm He mcd eo Fa Tipe woul! bens pom, west tne ara. Teople weren't dingsing ska, Blk onplnedallating to ann walt spc: Pr the monet ‘Sethi wav 2 Tey bl For Stee Frid of Banks Tt dlr wand seving cp 10 Singapore and Hone, Rong. Cogizane of Mexico ‘api cer hens hopetlthat As xy woul RaoDanish morgage Marin Sigel who ded Bra and other ering makes, was mist Lang Tem. An line ade Be {ew nothing abst mode, Sigel had made money for Mri at Suomen y iveing inthe Mexican teoe sonny nd ING pala given hi a ob a Log Te oto ya Gea asin opr) he auton edge that had tit radar Scholes wa ely up by sich ra, pac tty ig pron tw Novwrgon Kone Harpe hat Lang em shoul sik te met id ot have ay okra Seog” in Norway A ye so sor, Haga had expel the singexion that Longcerm mein Giese. “How ca yo tran economy?” head dard Ba when halen eh, hecae uch les sue Haha fhe so nse ns Be bed ape is parsers tlhe this The fn wen dep int ues, on. Knowing ht may igh teh compares ou pts opin) chery to manage i ployee sckoption prams, Long-Term bog espe of ese Fors scl by compan sich av Miwa Deland ed hem by sling puts the SEP pon en ma he engine ‘hese radey, be Hap ssa, wae the ach, A ae wes stunned Bad hat Mad a cv sorted Bacompany ‘oka reporely ning Mrs, De nd Gena Elec “eminy on Haghanis whim. Moves exhined othe asec itor Row orm belied shire sold me todo” Med ‘stad ums Visor Vasko am ang to = 1p tow Lanter wat succumbing othe atl epaton pat itsmoney someplve, ns clear speculation, et om he US sock taker ro dein a options Then, + Joan ttl nde cy rvacber aed Alain Sie prope tyne sek tht, according 0 model ere lily toe ade he SSCP ie (when atk ad the nex, many phos te compel to hay th iad go very asec ti rade He gored Smrs model docardig. Sunes comunis and sg new oes ‘And Hib ined om buying hey bakes in eveyone hem Te tional este the ade oad am ttonam ‘aS lon, A clap sk what had happened Seer they Ups arms an epi “He bran tare aly mocks rand aia share Bershir Haba the hg company rum by Warren af, ving tht Berks wat ori el {re toa ndrl prs Bat se many of Behe’ et ee ae iin by the pat making 4 poly co oval aap Thowgh wuly cll caklng ibrand wae Ring to cert to prof at he illo expense al argos ting th fad af of expose. This was ny snwie Even om welcome aden he porters hades A sense of cal. one ade hat wok eta money, Lome Tem hopes hige 15 pee share woh Seo lon nk ee fn Saran How © Resor el eta pst ‘hal had sendy to ence Tough ther ads wat or sry mone han ee the ar ret sky rik mestings ese Intsangl sored They m0 Tanger ad eh pence eet ad aaa rade ite ty ad one with hal Tho ie Shas were ete te ret ‘Seok preorsined Schl posed tour te ne of the Bes Sirius potions Afr al he fm had had roble extn fi Stet le tas bo ed lage Merton, Ml nce made pots tn Bat the dienton stopped sh Ahram to the one soy ht ice rl JN Rosen to conf ho "And Hila and ago wer aly hog Youn i Aegtesesped an impels sls mt asap naan pe haps br rly hating the ae ian The lay ‘Mods mas eel resent of Raving hey inary cnc slave The ae Lome na wth Tenaionce intents Sede, nt wanted Boston, than enrepeneia eal se Ml the str panera {suns read conten yn and Bae hank ale reel 9 he he hd ive pte When Be res LonTorm bal ose spel mis preciplag ade cll eons: On» en dy tan ple thar nome moll wan wl wich exe Morgan could mack theme Yo whaece ihe pc ded wan resonable Thee for, Lng Tem wt ing nly the ee of kina ea inl vl, a hei on yyy fered olay ‘Krein by war er nscsos would pay for options In Shire Bacon, he purer had shandoned whan a “mtg inthe race mata wee Tn Term short pny at pcs hp a re ola iyo pone a ea rar tru th ing why 19 prec) Ae opto re tne, Ln Tem stszing $40 lon rigor each prsentae ane hang ne Etvope—peraps a four f the iverall master. Morgan Seley came forthe onthe Cental Bak Vola. ey xy ol ws Longer acyl ire ‘eee thon tha cen spc wold nar "Weve abeaye ada Bele” Ronn goed! The equity oleae wax ame ‘ht aun of the dns ended the eal oe hat feta playa n Lingle Merman unc, The ME ype sways wa to shat tls none Ake Hall trader hd worked Salomon he 98a," have eb Astin hr mind the Blk Ses cs hat ae the noe Inthe frst moms of 98 mates wer month, The Ineraton Moncny Fond worked bat of South Rory apnea ‘ing rend Ani I rope, wht he ach of the ea en lee than ea wey inet eve uring n'a pit of opin, Inks Uned Stes t Dow oe nt str tertay sins ‘uael venience, bd spec neon. Aehe Sat oF 8 ‘Rene bonds tse sed hy stone cnpratons such 0 Pod ‘Move seed 3 as ps more than Tasers by Rey he Spread hal marae ove pt ‘Sich aly cure aparey tlt rect ge eral sing shat te ral the pv fall ad psd een though ces edms lige In Other 997 ae the debe {len Assy Merl yh had ere nd adr 9 dow thar tons They hn tpl Bsks ba ys fing of rue) mete ering to Sane a ase The worl aden pot sm rics ha son the Uae tates an the IME ese Mosca, Thaland Koreas sNovone Beloved that Asi. would Speed ated Dan Nap Mess ra mag fring to te Toes who put he Gi capital on tel, sch sone 2 {ec esol up fom the rating desk of bank afr hank, cet Sree ineitly arom The md at Lng Tom a5 else nt. Tah che fs Severe sup a hugh the pres a ae ae hae pe sonal oan, he xp rae Acs ne Stee Thlibendsae was moth ball bly shllars and Merete want lw handle fans. And the parts rng tt mn te max hat hy were ely “any singe trading dy was Salyers elt for fm wth a handed tier a2 capa? According o thee tame ml, thes gi hes uring sane ra of Feu lckoy sin go rec ata tn sale th ‘erty hah a tho wen hy hey ad et See 3 pee Tne the Hus mp that woul tae ated wpa venta stn ek ncn one ‘Sen ten the warfarin mst the 0 eal they would’ ind enough neuen re they could win Ashe protret find sable rade mount tey cresyl rye fo more exons tun, gach a Baan ad Rai bonds adtnaing 2 wager on there an indies way Remember tht, aiding th Blick Shes nae hy cme pg cp ihe expec sain ofthe anderiying st AW he st its mpee be prof the pion ey. Therefore yo he brie a oti i ete kel soliy the make ste in Fiduca seasons te poe orange ce ‘Res sates smn he lod off ded, an ‘pera cold ik he pene foe wan al Iiph shar the murker was expecting» ly womer an th 2 ‘Striy of oranges Andi the trade Bev tha the mares ester reat was robe Sal ry we proton hs pion ‘Boring eng ice er wae curing oly im the wack marke of roughly 20 eco, Lang Term viewed tears, bene actual vl. ‘ty was omy abou 1 percent. Th # ire tht option pes Swol sooner o ate fll So Lang Term Ban to shu options Theil eprom om the Standard 8 Poor’ foo tk nde a {nthe ean ies on the nor exchange mE, th The pple he thr ale the pan ade may ox vere Selig so pura all rom asia the rk eras Lon Teron here colle the prem et wan carted ih ways—seaiet 3 sharp deta ahd a9 shar i ber ngs 6 Lng Tem da ow ster on se wer cen ee a eh shy jitery. One could scarey pik op the paper hot that some epeing tat people wee tag more or povecton deine P 1 ear by makeing ey prs wh downs protec {hae ein that "couldn go wa! To prost demas ‘Soe soks di al, he tes, on ere Boing ire “ Teen vw wa areal infin open pes TE Lager ws til the peo ops as then infec charging prem pis or srance, and oer teste vont Many ane he mde re han the se Trade To financial mer oi moret sarc (Soar ivescr This av nw near ap The fmt wee ioe proke ae willing wp fle pres ‘Meck wes oem Bt the tales wre ght rky nonetes. or ons rec the make’ vlaiy no a bli that the psi ell prs of th tare Who cea pedi ben {rtm Aca might vl hw ry markers would Heme ie di Who cl sy bow vl he markt “ahold” Fe I etl forcing ft "Whar mr Tey con ls teen correct. Sit long dateopins dont trade on exchanges Lim Tem hat or piste oto ona wich 0 0 Fog bk sich [Pe Monga Salou there Morgan Seay, TRS And he marr warner Book sac ongan were eager “an” sly rm Longer, bone the okies we elie inerance sve, hon, thee wns 2 str pool peopl a ascot onthe Bon the Thats hy the pref wlth was fen er than he Iathemaccane domed was gl ur om te lng side, thee (ere few phys one ames sell i guy nesta Sony Beane more deaert for ra, he pre of vel sonics according to how opps oved-ney dy Hh| BANK OF VOLATILITYin Ober and Nove, gute an accomplent Inde, fr Te, Ae wan a opportuni. Wah mare whipped op tore woe ae tae wou sah Langer Ba ple ety dete bo that ck wading wold le den that the sly of stk wok al. They Some ad eh ot Btore Outer and aden S10 on. Ba he ingot was the onal of Bt for Lang Ter I eee ‘Sie downy spends en so oma. °A lt for ade re" Fras Rese ont ne fc oe rte he fd a traetetig om ele recone ma US, Linger ne ig aves avo ad gamble on ety selty an haan tbr ex des wre uring io ad Teor th ane Rare weve cling of mais he de Phere a 1 len fun kr yh” When eed up, UBS Temes 997 would rah Soy mln, Amngoter had wade US eat ei Japan nvr hich Long fee ha Akad beer Calta the Bank chet exec hd one rote Goldin, Now be inally sa hth pet Wade wat ‘daroying the bank In November, Cables forced Gin Thay in Deseo, Cahir adie that his fk was tert esp and umber eh the arch Sse ks Akhogh Cahiers wold way ay harman ad he Boul ied mnt ofthe iota ob ap mpm a mor cone ‘ase treo the gunliges in Zach iol y mer trib flamboyant oa Seer Aan hed sme pry he Term wart da previ ha spared fhanguct, a Blacktie affair for 15200, the laureates sat with 2 few theque's bee Waters an watienes who bade al over Swed serv stk ihn io ler The reste. rein bubbly end Meron ao rss i hat be wat ‘llth heen hic gy Ave you Raving 2d Cine” He pe Beton expen grind and aoe at Father Buck tad ied wo store he sward {Bees we stdene Ian guaranees to eb hah cate plan ‘Mertom asserted, thom sccm unlikcly tht chase aod eft were feu mans afer the Dow soi sey apa en 1 Show shat seamen erik by Blk and Shs. cl prides pret ee hen cots a Despite the feine md, hth eet wire deeply concen sho Long Teo ares Thph Schl confide tld Eagene Fama hi dade tha Log Te Capitol wa sel mang» thoand small ht Schl eet seth al of he tld Nobel ay the on eel tbe or ower ‘Toler a a Keone se eek an he ened ae Ed's and Meron ese bo oan the go, Shes ‘ove ae BMW, Meron, the ar hl sported ak Saas Shes ad ete a spas ome nehning the water in Gree ‘heh Merion had de! kr ea eh ly dove 9 Shure pad in Bono Bu sh fot wee tliely salad evs lat nollie parters i As roe trae thy hid pete mo shared hy TU amd: The tests thi he ad wan mang a) Fo ivankere of expert and ak ts ws prc net Monet, Meson waxy apollo the aa compe “hrc whch was twee! wand and and ans As oonsenperhre tht the sor peer ad an aed incentive tse the an oral are” ‘Sanomits mys The hams the ras shown at Salomon naka ch pol tr wht te sae, a ol ave ind sil daligaring he elton wh ha arr. Krak the ‘tvow mek ws word, tu he ok money ot he andalder nets abreast of Sons sie ‘No hey wo wn ps 4m pe Tier Lag Ter porters ha mode the exact opted to a ra extent hey Fal bog ut hl pamery then thar Peo rg. ‘Th emy mo ht Bt covered chr ls no tae fad tpn ul: Meo a Seok won the Nobel Menor! Pine Enns Ses ern eo wae pact Haran gr hoe mae oration ra i sede He Family warned mere a wrong psp bee ha yon ‘ncn ir Bese youcan meant Sch, tg 1st profile ths home Orta Cte, an brane endl of how sap he ute worl wa fete: The ‘Coton ha he tema ong, “lw espe do you el ot thes nck muri cek? The tanned Nobel ete ete Neca all No ely tal WS hese a aking Aled) Nobel he mopar tc First Wd Way hese he serie tose Pew Sch ated th pol ing her treme dynamaly eds se sng onthe way ora ‘Stace the rn hh he Hed ck of haga” he tle sapegrar: Always po a edcing gh nance to ven aah, Sls dried Lm Te reign ‘Atha we dos and the worl fo este hat we ar teste of ur med uncaied or vee An then iether ting me dt ko hk rer an From th cola macnn, Mean a Scholes pte prs the ue tha sc economia ave een opin on ny ab Feral mt apply the Black Scolshcreyhich as aed2 {Nori commiution eo theory wes pate Gre re ‘Chea Sh women the Ue Roche ale ane ofthe mot li and proce ml tha ny of has ve sec Be wan ray a pe No mater The Econom Foo "Wha Me Meron and Me Schl ck 973 pas prince ekn" Aswan The Mal Sct fora ot roa Fike award of the noapapers shed Beli, ‘ng =The Royal Swe Asay of Scenes as ae a ce Ie masan ain to expres one’ ath Alarm Aa, carey ndash mares wete mpl, One dy he specter Tha itn tenet Maly then Idoens- On 2 alge day. ober Indes up longed 5 percent he Malian ate 45 ean the Pipe peo 2-2 pee. Tv ds the upah log perce more. Though Assn so he es of i crise ane na ae forthe ake ray ote "ano way in wich the congo spread. Pen Lan mera Irkes were pounded. In the he ere, markets sere med ya nile plans ink the fe of owe eas Spore By ae Onto, organics crn Aa were dala ime the pester os, Specular thn ted he gm he Hong Keng dle The goeramen ll ar he Bris Crowe tcc ring ong crest oe oa egpting 300 pen eck marker gave op 2 ere Week xsl wer fall teat The Don mhick had acd Maho 300 dang the samt, ha alle hough ms of Oc aber On te Fey foe Hille fell mon ha Yoo pi to spre: Then om Mage Cures gor sa orate Monday. Assia as eras hyo eg in Hlng Kemet sta hl pce Ay Aer eoke the New Ynk Sch Exchange na oth hey slg ‘Rotanwn wie tng foetal pn, Bur fom nae Ope ely sling tk sar so Blk Monday 9 decade ae” Mr fvand Scholae ha esp om he Dee ga. Avabay, ‘hich reac aling-the dyn edging thst Mere ‘Shoal his elas Bad dy wor The Daf Sharon sd of 7 prt Aco the wo on the United Seelam or @ pet th nl val In sph the Folin Tatton peso cys Lo, Nk Bray Bred he Ieverage mpl in dete res mong he damage: 1 hve head ale agus shot hw devas a amie edging decrees anit stead increas he {ph ofan, barcealy cried sexes ty ae mo roth thy cots Exes evra par ae week Aoi we onthe hogseem on, the ford denon of tir mney woul come to sem a gasend twa he parts nko wld sar them ur without the bento iit the pac lene prt wate more ha hf oe. Now that hy a be sclero operate mone they hid ho inert in saggy Inco hy so of employer! The pots ote he rd redemption 2 semi a ho pnp yn Ser sd wm tha Term we giving mney back at the i inet aewcomers wee ling othe fied"The pat as tht Lang Tr 25 pre uty spurting avr ic were fact, sinking al Incl tse hen opportunites ware dying op and he or Iver bled wah nese onto he and wo deh ‘vn levesing el fre ie a es chasng thea Morse by Rec ouside to sel the prea weer ease ssn, iceing thi esa erage the fn. The pra {be ontop he lveraein the manage comp ane Sider Mervethrinfrmed nein ha ey wold ve 0 tate money ack the fe cradle Sloe Erte, dropped 3 emu of sem Salomon ha ever fl oie tng ater the More cmd the exe Mest an the defi of Rovefl Haghan Haina Hien ead ed i ‘ican fers basing scolar "Wirt ule. wh, though Reise Hathaway. wa ens tiger sharcholdn wis oman ppd esi ne Talig ecg, which tine an again be had equated ey ae ad Deryck Movghin, the che x see company. “Waren want sll baddest fe epg a Ba 0 whom? Maughan ound ot Cha ha hea cuted feat ccd aos Asan buses Te son 2 eon ds nua Wail ad famed» fare kw man kere tnd ner hed eget Phe nt Sern eh Eve ‘ually, he a ol wo Rane Ere, tu powcr tte Sn el. Then he te 18 a eye, e ad de vet Sathana sae Fae sd thas ch be “Csr wl, har hal cn ai rom ‘Sets ssa bite. Perhaps Sch rae ad Slo cold pt Sore wud lw ahs gether Wel propel ‘rth lah th Maa, Wl dk it hat wold have bec Takers an Salomon meg Bat {int oe who ra the no company total sl the meats pan prae. natural Woe 8 lon nck, al ch tor sc ate em aro which the primary Sure of poke was aera, eich the cham detested Oe une ote cere Sandy spent nine on als ge pce ‘tgoper fom Warn Baa saying wha rest inven Be ws Sra around showing to pope kes Kidin aay wre.” Tem nr tant Lente teri ch se ahesal, Merc had ase ora ene Konto Stans 3s fn. np th bee nd Raeamed S2 ‘eat Ren. Salomun tl ad = poate sharpen, but ‘epee bil bdbak a fe Log Tr wb tying eth the ues of diner, remind ied warden Cs fac Baan ec i wl ce ata enter our pe fd. Ther emacs were 180 dees apart. BY meting Sabenon Sra move Seah prrc Baler ad ed the Slron hteame “rogue spr” fom overscan pctcally Goo Feesling the Ts ‘Maki had oe of he ig cari bt he wrong tie. Fr ‘ener cold har be Hamad for dering stig ship ie we ‘rash proved earn shore et tha ha lunch The ship tank spend. Comfoned by Trey Secerary Robert Rubi allot of Mow, Western ks an ner ad sve tony at Ava, an psn incsent ad underestin he Fert tH conto cpt hon allow he ey {Dorr despite he aes ageing ck of opted nd rpatory verge "The mp fst sha ey sophia shi ancl condition,” aoe James Walon, presen af ‘Though scr ives hades made the same mi tskesay romancing the devloping wel, tmeow comng rv thinateeethe ones never kare 996, 89 lon ‘tog capt ho ed Indonesia Malas, she Pipi, Soar Keven ar Thad evn a she ecrmms were Som fhe wor. From Lang Te’ onto i, both Asa’ pl and ‘Sool does ware murat Eas rd which hee fds ako “ioe ad ed oleae denne treme. Then, when fhe abe ha taro Greens ch auted guy wan tre tobe Toa and fe dame spe lm a ands. Once ‘Typo ake owen ker hereon wee wl In ie sre be and rece itt ad ews dhe MC mere tne tented ales poe, MCTS sox ps lap ten lo S15 rom srt Bs ne bd ‘emis in dangirone water In hi, wre Langer ie tment mere pinay Jp the fund at ether the Sr ‘Seni fat oe of Lng Terms fee moths earned Ssoo ies, Tact irs pomp re seaily ning. When the puters sured rm he annul ping pry Water eth Mew {he thy stmounced a shking it: oe esto in Lang Team woul! haves tae back aos half of hi money nt th Inco a ee annul ting had fee "The ad hs ences fa” Merete explained. The tal co on Fay alate ah at phy Merl yc, Aen the rive, FM aed This cred primal cane sb Sota narene in thecal se oot the rer shan expec the hind seston. Si there was ting around de rhe ath hat sped had narod and opportanites had ine. With 3 com rope curecy ms ft scm teeny face in Faroe ha sendy bas made With bree dap the spread bepren tan ond Gaon Bom ha eran rm 2 reiagepts ote que pon jot moth Teter’ plan wan oer, abe en of 19a prot ok {pnp pi inetd er tha dae excep trv and employees and pany excuse Bi strat tore narally any that Masicthr ads eps, ppd ‘Re wah watching at or th thomsches pore eames, Thc orageous!™ one eto ‘handed to Srl Lyk We were hee whe they meee The pli win itor win Long Term on Mette [tuition tag staple sonsevs weighed moro nt taming cpa Scher and Maven an injure pai wer “Stn oppo in Bosk ss we Thy fl the on wos ‘Erne ened bg proper share of CTC, the manage ‘men comp, than thy Gn of the prt they had personal the ands ance manapmen row Om he thus hand, Hithrand and Haghan, eho wre so sac of the find dt wane leh sas by nln ote we Aras tc ner bo cred he dy. bles was fous rand sone Weak who gat le spre gh os paTable hanks in part David Moses 2 gying. fry shee ear Gi former scholar Mode, Rowen and 2 young tase nme Gal tatnhcher devas srs of egy aba o expla te Japan lack of Enya epic of options Long Team de ths obvi” tn nde, Mighty Irate tea, Met, dl hort fo Bsc, and 3 hand of London, where Japancie warrans waded, “We had a couple of| ‘eae ie Dav [Moen js lle thnsehoxe Resende Cale Jane 197 the adr ere leo eve nel Bo, os Loge cpl koe, was tm by Chr ang ‘ied MIT mathematica a expert in making hors Lng Tem arched aay fom Gamay Sac, and An Rrshwamach "EM, who had Ben ein Japan fr yar i having a ‘ved Japanese government ficial when he had worked atthe Fed, ued wo doa at Langer, Wherever operate the nd tently penetrate tote ight seach The pares ine re in aan, he partes pursed snes en 199 Japan's lang ond syn ol 2 prc, ceil mK tom. Log Tem plc ale, abe he tha th se woud ‘adn oma pond. Many othe panera dogs tot the trae ih fr Long Tem as aval spss, Ba Ivan and Haha weremecsing rami he fem respec the weaker arto wey. With the eas gd, ey Ae Long-Term #997 anal mein in July the pares amid they wet once about he srning spade nfo ara The meting ba ob held ous the United Ste ieoparde ong Ters lel satin aor frase in het by he Toon sion thatch partners could 9 and out in day, Only fo ofthe Ly, Mains, Rosen nd ‘Sholay snd about ruen-fve mesos sade The mead wa low spreads had conergd oe gy than te peers hadexpeted using pret profes. Thowp pair carn, Ros deta ht Lng, Ter wae ting nove ei trade The aall rd of overs sey ned, One vest ‘Emenee hear yous the get player in ck arbre ‘re yne™ Rowell apo exe The vents sera hat Late wan approaching # de Deyo have any Fano eturn heey?” an nestor ako. Agi, Rowell wat rn“ Well watered, dere min” he sneer . hance eens pune paper ang tae airae as Ee Ther than rahe lett fst so a Long Terns al eed fom within scam, Wenn the pein Jorma 1 Fnce, Ane SH of Harvard and Robere W. Vay of CCacage pss warned that a aria rm Long Tes type cad be ovr f not ae caning mere ‘Sears pk pss aay fom re yale Wiha fe Ss they edited ha nach ace argc nl expe ‘eo an here pc sek and be fed ogame Ks" Merona analy version pr topo ut was nt ovina at conrece of scholars Cambri, be pot rhe heat thot markt cou ever be oneelned hers July, nck ater he war desl eral ae essere bal shaken Thala, fee hy fia elu a med tcrrery wf emp el 22 poet, Te wesk Sprea to crtemes ihe Ppp Maly South Kee [Responding he sharp devine Kart Abe Mots am emer ‘aries rat) Monon, ecard, "We shiek the sells have fem unpre They comtinasl anges. Singapore dlr ‘me mde heny sling Only nds yf the rs of ine “Tipe some ent Then 2 wn athe pa {a pert Ine thant th, pds a stoped aig of Asse aces sow iis Aut "rai" laa scrapers {ree ding the boom woe uel ing act aed aceon ‘le: Mahath Mabamad, the pre miner of Malyeae md Bac she rates ns, il etd ot having, trae an vest in Long Tem, had th xtc the war. ‘Sten Schtnny te vik mane a UBS, ha en i tvorac ‘Gohaise. In Jone 197. hogy UBS grend sl Lang Tem find The terms called for group ofthe pres tay UBS 2 premio <6 Sats milo, tn etm, UBS prom pay the porte 7 frais fnre or tht a sewer wth Sco lon wth Teg tem would maker the neat sce es Ava st ‘heoKipion UBS hohe at Soo main eres the fd Tamenkaum, the kama: “i we oi hem cll on tr wn stk thy mould ernest a hd gn a mac in he ey Gehl Tannenbaum’ superior the warn «cup, UBSS ‘names were so estat thy hugh one which ison of the ok shoul honk he ation, Bonaduce for he ‘runners fig tar seul cy coed package thee Lng Term vet a sl ath cons he mare hey horde stow hat ne sap aos to Merwe Cab eis taste tha liane im Hone King whee head J ‘sere ate he aoa meting af the Word Ba lay ot ‘At Langer iia an Sees steed se ig 3 cally ated he ho’ share By stching the pane prompt Income fo cpa gun the warane won lowe hea t,t the moe significant rte med oe he pe of fre ke ‘Asuming the fond oc te wart wold werk ont nes like rake fie OF cours, the fand shld fale the parte ‘ul ae he $89 on, Bt hte ching ke sis Bnd once poy falas AL abe wer te when he ke for thor naw ail wore lng he pares tne of he nate ‘ton high a serv ham so wel, ke aa si ‘Many pathic net wth othe fan Malin she former edt nanan exces, he stick to hn characte ker ‘rene an pie otf the warrant" Ore, Sano ne se py bel m wha thy wee ing ith every ounce of Ah ep The ptr fogs lg bog mall wae fan deal with Cre Suns, ter Sin seme aks ator tit wan rena To leverage Fares LTC the parm managers compar borane 3 tol of $3¢0 lon From a us af banshee Bark, and Cicic Lyonai of Frances mney earners lowe igh bk it he an Tce bupe orn ion ne line knew wo bound, od {Cheap any rk Fr en who pel cs ig de Sine aso, ter dive veo the cle seme nex es shey hve hat Desig the cet ol ety he 35 sho beng the ast ‘eit omg the his Hira persnali coe 824 mi tim mor frm Cie Ime wh up por oe the rcs boom sans Brice shan Hae lc tthe apeslva currency rads bored 815 iin andr Uhh pers furs ver amount adn, sore of the foes hd lesa penal wth Bek Sern, tr broker Conair th and le esl Teepe, the part fer Hiihrand sn parti were dang asin ever 10 treagesuiesting amma snr with Keene: Ao ose wa pow man bette inca singe rset bead Fabian ha re win and everthing se The Us marae Sb of ext fo Ling Tem a ee ys pose momenta th fd wn nd pass Tolnve the ono aeay a an when wa ig of moe tnd mor compen are In the st al of 19. ened nts ere ele eel preven, tag well ew rir averages erage lagi uc derates fl fea oto rao secede he oppornns Bad grow eave, A frou hepa parnerscladng Shoe, were growin ines fips unomforte wh te funds prot, “One be opto Japa, Lang Team was exterGenpact am approving se rth han ying tend sme foray of marine tothe erating wel, Gres Proponent he main rales el Hin 199 Spee that ore eg and hee on eig) wes Indinhewely po csv bared Reownal of the financing cinta wuld permite the ‘atwng aleratives and hence more elect gaits manage faene nth cine of racers the Foal Rese Tear pac poly pare in tng ined oer A ic fit res the whe of makers what Greenspan vert ie that wth ch adit mt a sd ‘market, no mater ha aud, ca axes al potential seller then th day feng coe Ba recog wry he neo he Fed thoy oe wh cou eran inane ig wre the bk But Wal Set never lest ed vie. The inks own hile sts wees Falling byte le ‘yes, Sree a vera to” Awan gy ote drown he banks hd kor heap fa. Theme mpting rss ft ere bk tng 2 the god neo he wor” need Sexe Free te an hedge Fond mage a Rankere Test gmt want dhe steep ci Sn el ell ak singe, me go nce iy mon frye on 2 handed lin! As honk cee chad the and Rese ‘hey soy lao tc standard mark oe the ik of ot He nsatine news By r9sh, Wal Set wn ting $300 came 'No borower haw acount frist eapnuts mo kr ‘sled, ach Bank Knew teen fs expat a ii. alent n para o Long Term Nunc eter 0 hk sn ‘athe th ed nd mig be sary expned aden he aks. "You'd be dog hg tuk of usin with hen,” alla Sila the manage at Sie Ranh, “You'd ame you were hor amber ne prvi tel you ware er fn, You coulda Se Ban had sue fun perl iat on Lang Tr, T soph indenaines fecal peony tbe sapestas ‘Grenwihs ts bsery had paced Langer. fr 1977. wht “Sod esa oun ap th op arta Mer comand Soles ha invented, Ea a Wim O° roche wh soybeans, adn eo etn Prete spakon csr einer fan MIT and ean ante {header Afr che 987 suk ker cash wher opt aes Te manne hess O'Connor ede deeper pockets. isp Rarer Teng, and UBS all Bad» chance to age [Game be sd. aly 99, Ss Bark bough Ts tsa bold ves Ske hanks weve cored arent in which {ns Ss nasal cold hope fo empyema, OF Soclans bg dre fanorSwas Ri wn he sn an Mel Onpel ibe head Se Bk’ Shshang hs. Though bad rte tee ear ls Spee ‘apn is ne stcen banking an school, Opel had Joe 2st t Merl ymca eed sae Sura’ hanks would fave to modenite or pth way of the cuckoo dake He wed Conor to sake up the paral care Bel necting Yo ech sich aan name stem that evaded wader fro ‘em prormane. 1995. Ospel ene he pra oS. ‘Wirburp Bains lat invest any and Sin Bak was “ele abe, Opes comntepa at he Hl UBS, el in tht Ss Ba sa ing 4 poe i erties hat ‘ortaned howe, Charisma and a wn Oxelwas et ShysCaballveta pant nd bean sept ror th Src He was eey tn on Pane lana th Lng Terms whch heeled a the pot parte dere. The Iearay to dota ede an to apo Myon 8 fant Sis Bak he wars ha be ly see haa US, fed eroiedvoward he bigest echelons te bak Listepersed to sae dh ht ae fo Bring erin nd ih ncement to borrows Salomon gave she Bak sly lower ‘amas ince ee Then the wo bormower switche ‘ning th dls deb the Word Rank wth he gy sll nd welt he word ape was "Te busines grew fiat sly, then exponen. S tanks were seapping batons for cure, nee ra py rarest of ish thats fe ado Cee In 1990, hee weston worth of nero ae ap tones grt as tha an’ Rane sees cei ‘Senn nce, Deraines weren't dle nay wy that a toarngl o outers And a the slum of dels expe the ol’ flanceshers veld ew ad eo hi orl ito By the misroyon the fsa sates een many mide ‘nls were wrapped in an impeneaehae th dl wc aun, cha Henry Katia 2 ted cont ‘sho worked at Salomon i the efor, were red. Keon Fe cae 1 sll remeber wien Meriveties grow cae i and we ‘wha ype of ts we weld ait Kepe eing d treat fe blo. There wa never an aaa fewer By 9955 when Meriva rads wore happily encod Later, the oup fad a i woth $659 tom Within wo earth aldol oa nung $25 scious, irae posse wo pinpoint te fds dea ws Scoring t speci res And spe many fi contract wee Aedes tat ced ance cach bo out, was poe oa ‘late Lng Teer eon expo, One could ty oy hat ic ape to he going ney guic—ay were expres pa ‘ho Wal Ses Ala percep te Set ha gh Innsive lath game, ohh cach hak hd Boome Kase 0 rar though web ont Baton egg ie or Regan came ines wre By the mi-y9o, Wal Set hal econ mcm to oe so drat sake” 3 Jest Bunks or istusns sonic eh oe ay ould Bo Woke the net dat bien deraine expe, One by te (Gringe County, Bankers Tras. Hangs Hank, Mallett Sit Caroration, and others reel sen and manive Ios ese of dora oc rgtors Bogan et koi poy of shh to the ce ton: pall onthe rage ‘ha a the ene ll of tang wold wera hy ere Bae tr hoe sh a thao 3 rind wath Wall See hat Aare could nd the stom? Sch fears may fave een Frc a they weve hres Tn he mde of Nhl Fath the former Tsay scstany Every tne thes fo ie, theses Hera rade hae en sn tae te New Yrd Fanon cong abo he and {loys cece deat elt Apri eer love CEOsa evry fank the New York pon, Choe bers fhecune ve prem of the Now Yor fe admonished the Fontenot osc ais dy pad Cre is frecnomers ren catalog” Feld. erg wn Fain ap sch cern, Fed eoltrs et ith anos at ever lange New York aks 1997 t dace the nk laos th dg ands The Ft cranes nd he nk wen up ther monitoring of de fo a pining ronda the hanks were alex pening thee ‘Wah opal deities dhe py aking a of he Fed ok 4 lise fae appr eth Getapn who ws Srl with testy aety othe we fant tsb pbb {ures Greeopan epee on no wt priate bars by Cio John Ree eh mere ging ath ad al oe of Popo for tougher dla regrerents Even a hed nds Franny wed svape sdk the Rafe own manga tls,trade to makes coupe fbn poi” Tach ntl. “Te on ‘Metal oue wrong cra goverment bod te pend muy cheng Iya halla pont Iyer rng tk ark yo am on al you Postion In shor th esa tot desl spn mre so mich wer ‘han bond spread was that yu alle a let more money 20 Ime arbtge Teh if ein that Ln Te dd ho whe Noor trom Shaker Heights heard of rckarh ine hgh the papeine and was shocked hath fund assy so far fo kn agar rm CBS, Long-Term get potion wan MET Comme cations, which i gt gral Be aque by Bosh Tc Inca Beh Carat MC hd os etry ck ad ‘ch dea deg fk ha exes. tn he case of ing Tem comin sap of shares ce he CBS stock fa inched itn swf te el price. Tange even ‘hetre was 20 +wthour shang any spelled kr {enily monty snaer ward Ronen alading vo he hat ah woud close, Eventually he CRS men at completed, which onl eieldene anger toe moe och trad I porta wo rot thir ds Readers may be acne for wondering how Lon could ba fo wo ch soar the pure of secs The Federal Reseve Tord ne a tataryprvison know a “Ragas Tet Tm loa Fs an oat cme Fr the serie sr th Fo st thesia margin Ba at ‘Whe Lang Ter prchse sks of couse wa bs to stn ing atu Rate the fan entre it dr Ling Tem wate ean the retrm on Sice alo f CS sk ‘vera thee year eras woul stew "ney cma with, Seite Bank, Longfeem moa ake fnad annual py recast an tot ton $0 ln, Ad Se Beak rol gee to pay Langer whaeer profit woul have be med a Lng Term actly prc be tuk (the tsk el {neler would poy Swe Rank) Mot lily Ses Bak wed a ts ik by buying aul shares. Bur tha ws no concen ne erm "Whe marca LM an company was ha hey coal make 3 tae lof the waa dane, And despite Reg was orf Io The Fed trl mer stim ar he Poa ‘tok, Long-term mr purchasing anythin make theron the dct of woke mated the sae tig The Sct hd en eg cy swaps et arn Ry T Toe 2 decay bat st eas the sale of the buses a red, Mevcons, bunks ad ome eres i aor Bl ‘et haere ne 172 a eat Son ha a the en hat ‘Spe serente-contac deste sal they what yo Me troll bea more fico way of amerika actually bay Ite and lg ssc Foe enamplesm the pretine eras met sto would have prea alle die ies sme sie rik Far ns hao past wat aston hs sentiment The bak ing ned ite oi mae But hy sng dates a ane ex rl of Moon} the bank cou rer feet lan Fig te one. The pein behind the es fh for every tomes tere alway se ter party wih the oppose. Pe ‘ips company planed mae ssa ‘may yar an won prc the peda of ix eI aly aay Tor ada tee mortage an the spony whch wa cng ‘hey cul Nor shay Ene uns naa acd a tee The is mer swaps ited 98. IRM hal oe dominate in Sas aes and Grr ara ad wanted coe ser dh dae dlls Dad Seta Ya PhD, oly aed {Sslomon,sgeted cht perhaps sect Borower coud be‘ing ilid—unles you are vulnerable to being forced to sell i a Ie Bat Lanter, ing ily levered eas i that ser spor ay we ave en leverage nestor ea acum ove Arab ereiing sped len th prone serge Haga tak 2 eaantan ade with toro money Hews er rss tosheal hava hitter vd er tht en a he pe thre dct the Seesratng sce fond ara, Sil here ‘Nisexplaining he ef te Reval Dub adore tha 0 dcp at Hagan wea Rong even ow ny trade ht Lon Ter’ age ws en teste te of Goldman ‘Othe Amen seo the ant ian tw any sites As ay toys Lang Term had started ‘merger arbitrage abs kaon rk ara” ‘mmc quo so actly closet when Wing Inne ped us CRS, forex he pre of CBS aed 20 prvcent 0 $98 share, Basar pce way il dow the del pre 1 $34 share Tha, anyone who bow CBS afer the announce Inet to make «perce poe he el ned: OF {Femme eleven he sock soul ne ack he vie 2 ent guts And many eters dl eo “Sc any mbar of events can sage deal. erg ab tngers ae co Be cam kes cogs aoe the companies, thorn the al cer ‘ees in gal nether few del tha are mt kel fo dow, Lng-Tems aprch was aoe fret, Since ‘rofeucaclrmel no expert via stock —idoed they a med tha th fate cor fac andthe de Stray every el sock thar deve sat bt . Meanwhile, Hitbrand Bou deal ck ter deal stock And he “comfort of hal ven of hs partes, Scholes and Merton ange hae merger rrage—paraay om sch leas ences Thy forthe ns eo that Longer as laying ed tntich tad abla mo expertise. Mercier and his tars Trew the bond word sige oe In merger array, JM dm ‘lnk ts Lon Tes iva wh a te asa "Win Lang Tem. the dtu ever mere aap es Merveter rt the hate te 2 semi olesting al point of tien tne ths wat a mieake LM neve ots Foe dn, ‘rsh Tong and ret partsehip be wap dite 0 terene ajain bs en ela teble ade, isha sd HHaghins IMLS penonal loses weighed pool considers th serous Ow is kang Tis rade way rte mot conor oe pees fi Ronen adr of pepe ewe hla ete fink arb bss Bone tw information sme and we wee The itn wold mt ly have seed lt of rk aa she geerly poplar Rowell oppned the wee Meriter. tenga made econ wont oman treed {Se However Rowen om, tel to se wth Hla ond ghana he hers al can amend ithe someby ws uth ery bg andre tics Reset or tne normation eve By baying ach ue, LangTor was booming de tcksaeromethe Dod, ‘ceri spreader wpraable veh. 3s wa, Langer was ‘tet oar realy spree Beane tended op Ire with vera Sil ne mares at Longer ‘Suen it 4 corner of Wal et ieee working fr cara toning cena te el erm Longer ws he rl stances he les whe ‘One ih, Hind LM and tins al ner with Dane Tah a pemien ek ebaraper Tish mf the ctor Ley Tech, had the impreson that ogTory ms thinking bow the ice sll in mathemati eed, Fibra expressed very Fnac pln ers pci bik ay ents wee ‘rhy 4 pecem fo Yo poet mich grater han bond sea "Ov Bases ks sry atte tet he bins where heyso pee of having expr in comer el eats pris, eth fem co ind an le nian, "They solders he ey the pel with eye rk" morgane el Tur commer morgen were retely small poatce. Fash teeth feed wold ata a pesado ta Teng ew rte eas open for ae st aes th {mle athena bet had nately eet sane, A gh pri 4 Bond can lary be edad math, vag 4 Stak ffir more sje. Wall Sc and ae Bad ded ‘an wih snes perfomance whichis suber ret acer today and force ee pete mel ‘eubof the sort that no compu aa eer nee, As the co ‘rt Barton Mali wr served Cad Almighty dsm kao ethos Fl was pe form with the cena ani fheakilbar—simpetantywsthou tenes opt oomeoed in he trony dei of specicaock als. Rosetl, t. had een ‘Biking about egy area sinc i dye a Salonen, On a trac pot ws that ety achrage woud (he appellee utes sored flere word By dfn, would nt be {hl xenon of the ne a ada sy experiment aghe osc Ws aerch onsale ped share, Various Eaopet chs wee daly ted, Valls forte ied ‘mona th and phen” hae the later with sper ‘cig ris BIW esse Haghan a Ioked 3 pa the alan pho omy an Telecom alin Mobi its ssi fires waded at dicount ts parte Hee, Hagan sped The penn fr atbirage Did Made, yet anther MIPeraed ‘Somme medlng wm expat tae Bue Hagan a rr oAoe hd what Vago ten” pe ier me “ans Ge shor this and Mods mead work wt ow “Te pa shire rds werner args asthe 8 side of each ade mee never precy equate A eferenc Share of Vola nas wor a ocmin er an oir share “anagem wren al sek ‘Sheil in Geomany and eetere fer he ate obligation sin be United Ter tay, Noone ou sy prvi wha the “gh” penton ts onl ha whe 4 persnt prom in VWs eae for Wamp, Real exces Bt the cid ol perso even wenthe Inns be dan Civ nish seri ot layers Hed fe sare aden waite ie, Ba whi ls bareonin Trg Term wan developing ssn of peor ls owns Hke 3 tumeh pays fo dime wih hae or kan esr 2 or “ast ha ln the bai of mort, Hatt and Mest nd abet fin pied share ade se gh fe atom io stagger ir Favorite sas Royal Duh the haps Ania sam, Royal Duh Shela one by to ed compas, Royal arch Pee the Neerland and Shell Trap of England hou Paschal Stell ge he nime rr the se oars fo ‘hide on Rey Ducel—he Fg hd isc {ened aan eect su dicount eo te Dutch coven Te ke tree nn hy si put of mess a the Du sak was ‘pra more Bates ee plo forthe pre ‘Bewal. With Europe feng ue crs nt, Hagan thud ana ccs woul trad les, an he Spec berwsen Royal Dh a Sh would comrac. Ths Wa Tutte no of Haphois psn was wooing. LongTerm be Sa llr bal of fog Sl he be a shor Royal Darchwathoat, oun anyamarance that the read woud co travel prota spon that lage asa igA NOBEL PRIZE ier Lone-Trase waned aa or tthe secre of enlarge we at By the Lae gen, alot every [Mee hal parte aba desk, with de special fess Lord by she sot of theft pte eg ct in CGsnwichonbe us were reaching fortes nckel a Lng. “Team ea they while ay the very sca ha a Arse ten ths Jo ie makers punish nacre. Long-Term had [ays be dogged by mii Bur nw the ators were pg teva thin ctor No sone dil opel open up than el rade Phd ies tserne che was catching apt” Renee com Plsns. “We'd yo po a ade, hat when we tard one, “Charset rei encouraged therm expe ee sett. Even Soleo, the tops ha alas ugh fo extend ther Hale thy nnd om sap read to morgage backed Stennis? Hast ey branch in unk Ronde and Eoopeae {ER Tort ch ones a es fab pm, ma old ree leprae Ba he parts exprons—t them at lest—scce tole hc adage ate dango oy apr sce amine eon Trting re hey spy cooked ee Sy rote ls or he hgh aplter companys PTEMEX, had ade Mandvthe Monga alo ee tase me termveteras panei. at pres wert sey of Braden he ater od, ee fing eed pal nantes From Long Terre pant of ve the oe wh hee tres snes wast here saci. Anpy could ba a ro ne mere wh dae The pune rece se fren the gh drwy of athe They were wstsungl neg eth he de of mk ‘Sse in fant uns Reon erat of el Mera we vpn ponewenre wh Bax Novae del Lacon tan hank th bg money management oper emt ss teal esr The HS was fo comb BAUS insittonal slur th Longford prea tre tn sont the fry id Gena was dpb oes where he tsk up temporary eden to wow out dal, with BNL: Mane) Mogan waren Long Term ier [Sp ane Morgan extensor shar the prt shoul “lve we theinltinefi pply th st nd hod snes ure hc normal pe od fan Que the pr ‘While such grand ventures wore progressing slowly. Long-Term wos under imma posure fo pt apa smc By Uni oplendal ate of en dharcapl mo have to Dees a ng Termcmporter nr aig el oper. Te ew foray, Longton bold stv he-murke for seven Teckel by commen morgage ally ice the make Tet nd Os hu new Hey are bedi sommelier rm 3 bilan an over, Hand made‘Shs adr would be wing wit call opto odd for 2 rately sal premars porting. Scholes hal eed pre tm eat was neha igh ln ter words waar the asamp (ho that Leger earl rma sty UBS ck Book snares $4 mulbon pt, Galen wan aghast "Ronni, we {Sul oe mulls of ha” he rote. The Sl ge he a even yeti RS on cea mse oe Tannenbaum weve 3 convincing ses repr. He ponaye the ene of the wavane lpi reatonal tem cling What UBS wad gain for being Long-Term parte fom sing teal fon ands oth. Te Pails of LTCM wil lp cel fre UBS Teenie pexss patio mange isk anne the Lang tem gan or decade, He wal and fecal had sane wath Hird,“ gat av nthe hes teat Of rae, Tames ony a alent Bad hoy ev approve min des, Slant become cleo he hes they cover that why limatecespay Yess with Fiche, Br by yeveen,altough ning had Bre sae, So "The ncaa 57 pre 996 perce ar the pareer sc thas several spend ade om pane comer, nk nd meres ae saps angen nds. Ao. hen French Bonds bogan to wade shove Gran bd ging ct ‘lta ence or infant Gerth tir ‘vey and sss bt om Germany co make cae coe “To pric umber ino pret hi mal and rads ihe inos arene and entero snes eared ore ht Yat ‘hn McDonald’ ol eling hamburger ll ever the woe, moe thon Meal ich, Dane: Re Americas Expres, Seas, Nike Lice Gillete—ameng the seu compas ad Beri rand in American basin, And they had ne ith sunning oa: Not ome te Sid Long Term sulle monthly las of peeea To He and, Hayhan, nd Hawn terete proved coming hat ‘Svethcaton wo Te fa ee aes wae Heng th symphonic pereto, ike he dependent de the random ads From sme by Ser“ ot et the rik fad volt] I enagh he ade td a rd we by hr de ‘Only Merivehc, who had tne though more wpe and downs {ond Cone Kaplan of SL ld ars rom Saloon Brot ped ha 0 Log Te peaches or JM refs accep compan. He hur repel tha se wold ned a ness year af rl sy frst Lang Ter oral es working Perhaps ses th the parts ioyed oe Ikon unas stech of Bly west Ae > Baten don the hah, ong Tet she it nestre—now sour 2 hudtedn number ape to bg the das which hey take hemaney he (ame da. Thane Ln erm aed ps Te act oncy asprin no the abtrage bape irl ks and comp dena evo for [Mor This new money, he hen wat Gna apetds herded vew one rca for Lng Tv oe prt But would ake {ew oportniics our "Wong onto eae the yea clo, ma he del cf prone, Long Terms es elected “ress than expel Somerence in number of pert argon” ene Aba ‘eget cures date ave sabato exe te exp ‘aon ofthe Management Conny a te eae ‘Th dal not agar well Se sco Tongs essing sealer had steady narod sinh teak fe ee peel or roti the fare, Moreover tek ad Bon ae nd new trades quickly enough to hep pace with the ows in ts aps Rather humbly | Mal br pete eat he rocker wed rer 0 san “Our cure, atmo inprec,agene ha the ‘erreur for 1997 yw be materi low the 1996 re ‘hough scl reals maybe conadraly above or Below rex stats clad ptetial or on™in Swirl, UBS had epi the county’ ati bound "aking tase, Spel in Sus cure, ried pone ke tankers frm the ntonal amy rather shan fro MIT ad inne rn a such stay Alpine pce had foe sshd ‘lac mace detrne ho overtaken UBS By the wi 9508 1B ag to at Pack, ga sk of arse aes Matin Calves msrp of ts ang wh Bad Ntyian then rade fom Str] Lit abd pve bit mar ing rds nn up dra busine Thy 996th sane tess La Term aly ain futheld nthe As ‘Onrightthe hed and bene UBS gee astant tig ‘he bank 5 lon revo int er” Ba ss aways wh ang Tem, the buses iw argin—ypal lf pene, ‘One tae inven giths Lange shaved he ma Sometore: ok, + hers Kener bel pas Sikes dictate frm Ye Unters, exlnnel Ewen, “inciny ote” bead “dnt want to done LTCM de or UBSY LTCMC deh ha ely Rg With cots UBS song ee onc the Bk Ban to sing he es ft, shina higher ps UBS sare stig Lange om {aerated propa wich ranted Toonetoum sth 3 pod ‘od from hs Skomon dys: Myron bo, ‘With Lon Ten showing sch exp profit UBS as ereting it tae fare (ove “Cad hat the gat make we ever scoped aking new moneys the window for invesor appaeny trace, wey Ss were paying t2 percent premio To hy ut ld sen Rut aly 996, brown that Ta "am wight withthe boys om Gren Bauer she he ses Tone Teem was now ping ery tre in UBS, ad rede ham ont caer seaman: The fund oe with ke oa ‘rome stance ad fed Tecnu se of he fan or hw {Spall ho UBS wou ef accep Arte te {ng-erm wasting of forming 4 spite fandLTCMEX served ons ops igh nk aden a a os {toot from unde iba coos which he ier ‘Sol, With CTCMX ia id the frm fered pth Roheto Mendoza Hanardedueated ve chairman at fe Mo fad he son of former Calin ambos Get Bean ‘Wi tse plane perslating shine, oes dango lore Tanne rum he ponpes of work for TCM presumably puto an hoc gate Long Ter hh Tanentaums emplonee ty Oe fake Scots ea heute care ing Tannen hat the fund would ape to ke UNS take Lge tment Fart han seo peed we a waren om de fd imeem porn Ink at csbalssen, the nk haa, and Golsen pid 2 call on he pan in acenwch, By tm the UBS bras, huh “pert sent the 0 Lon Te hd wre 0 ere tht Ta ‘hau ight be tinge to hn ok acco We ae {Seed Rone howe manor your” a fhe ad. ML roshed tif conc, sayings Ron oa an” The partes tse Cabal ke sang os, Als atthe pres ae she mtn ssp fo Mero who ot Hari, Hagan wh, thug nr Londo was ashi ivan at of JAC cen male ne cans, When Cab avers asked abo theo kr Propeam money ee tions ENC Had Malin st hich peed he ‘Ons Comatem had sade eal hake Lie way sat the ‘nesting swt the ten, Bar Tena spent November wi Ite propo show toh superiors The an ph wan ho tthe Back Scholes mode. The hey determinants the option ring fala oly. And LargTem had Be excel31996 Lng Tem had grown to wll ver ned smponse tem deferring the percent ofthe cute invests pris that they tk a fen cha sing the money the Fan hes, ws Tone by the fax man so compound ale face Ae oi ‘hind ear drow torch anes calles al sk he fond of $n bili, nn mcs hata 1 lon ese Travan ince faue to have ade 0s ened sl from bod seas! The parti ney don Bee eu their fad vale hem in the rank the siersch er ff sheen. Hileand, Rowell and th es et every kl bathe able When they aeded spending mrs they spy {Kemal tthe find ch hy ted kes perl checking By he standard of Wal Sect mg ot of he parts we ot lv peers an hey rowed nt. They Kd feeds, When Hawk suggested they buy company fe, the ‘win Reef teach hm had se mores JM, had I hanes dere nae tony sl lhe Winged Foot and Sbinaink New York Seat nd Cypren B Caori— iad co Watervile." He al had ace ‘enteront home in Weschtn bite He ad & phavgrahie merry for sues and ke Hn eta fume clr sry on Fans to a rile bs spoken demeanor te lormer prof ats we ig wh {ng loge fis csted Cl None ce nd: For Hiteand, the money meant add sce He Ia cate, Salon plo na wade eve sma ty in Greenwich nd wn spring Sy sloen tid» ih ‘hin howand guru an" But con ach dese Sl hardy mute ee nthe arses’ hankasscanty The prs of Scorers pro of hese wig ll or Meron ad Sch aed wry sation tho cadens sre Figs oer shares were commons at Salomon Bethe Maha a Seamboor Rend was deep, for mask lest foe muvessuraced, The fry Scholes, who was caper to edge his ee snrter than the ec Hawk, a8 ean notherc kop reontedthe este, domineering Hand Fen Reser Iw sn charge operon deta came unde sue pres rom Mesinehes sho woul aly owe, “Es [retnfind away tome sme money ae ang he fi dl op sag othe none vl anal pone one Feist nase eu hey rw net wel fer hey had rol pn apn Sts warn se he mais pono whch Sine Tverage hc perma fora And the warn Fecame a8 Tosa he pres ha oben Mer ead Chis thy began by oon Bako Sera hr the warn ee ‘Sous coisas UBS hal hy sab Lng Tem eke Us ha del unset inthe Boda gy ben he and te taking wf Ai Tac JS, and Hagan ad one ling dex, hopin elit US for Bond ad neap rang. Bor UBS ie he leverage nah aes nde gai dened Howes ong Te stoic npr the Zach sed hk whats more he le and had he aly wath UB Bes Stead feet Sansa named Rem Toca Xe [abe and ragsakng. annefam ha oe oro 9 New onc our ater Hilal eho itr ton yw he fal eon soto al ition ap fo the Aap Gro Tham had rama nn, whe ha sen of Me wether ise Tame had cn ssa by JM and Probalis ed by PMs ar wert yous Tannebau e meth rp ind and wean aie AY UBS, Tanne covered hedge fom He hep wig is cst nv te bays Km Caen chance, Mane the wn in hough amting change. Lang the premier ak(Gh, ow Dd lg th poly hed of bce, wh {ded Wn 1 cents on Wl Sr. The sneered, leper Fug Iraounsed “ages had ade | daring the Moca Shc ulnn he had comic te lenge Slmon Brohes aronge for emereny std. Now, 1996 Mag ped rane Tite sn nee ae spit which, ep. ae oe ames pay eee a ed rafters er reg “rat that ats wth he market, Cave lo hiked Lon Tem Silane tader-agan, + anda soon inthe Tne ener pert. Lemgerm dpe ee alae yng, (Ghne +520 lo nvement in the and ot what Confer rey mated way 2 partner—a bank tht rh sone In he partner ene meiatonn with Neel Be ann Chae thy ced ob ok sr tht wd por shem at rst ar Sslomon ha lg sya Sangalo «S300 lon revving a ro lest ecin her wy tay ity tht Langer cou ap Srl, The hank fate dem alt he ed yee ofan ee evolser har be fn ha Thy mith the eer pocket, LogTem erm op he atom Gn anos ee partners eae ash he bak sl them «pear warane, Of ene the as these wera they the pares wanted wart tho en fr a ager {eon vc othe eno leverage ae he prin Font thy had sialyl fe persoal aes he fad, Se en acu ind poshou hey b He fo leg ape tht wo rte her rn shen ett neting here cpt hey seed et oer te onetly offing The mareant wae hve ed Chaser tae ks Unk Sols pla, he partes woul ath nk sa $5 ile Jemercor take deponingem inet ate ear, Chase 3 huge penal ly ke nd somone skyrocket In he 3, Chase oul edge sk by buying sme th fan for Tele val ofthe fad on, have would a oto Tar nhs hf Asc. apn sony, wich Me tom and Shs ha of couse vn teva oe and de Crease Chive would eed ese of ge toner wards Unto el Chase wal wae rallye nets hi et And te panes poste eset dle heh Pg as Sonor hy Longton src: the pres wed Chis Shoe il ofthe sks in hs dos dl wou using at thers were, “Hw he hall ae we spp o Bede 2" Ma trond The head Chine hoe practice wae sep a a Long Team would nee upom she wera es ch eth tye sosetenesfway alring to Hbandbecase the pane Lai any pes ro he watrant 3 capital is and ler the une he warrant expired: The cacti ws Sees est ur-van option hat wal even the avo tre a eo emetic Sam Toler ph the warn all ner the aks JM tally teed to dnp Se ete Ba es opin fsb Paso smarts galt ead whe ey Fiend te formula “vou can aerlecree these Grek ‘cn: ig elon he ian beta i oa fhe onion adr argv “One Cicck won hte be chee ‘hot hab dhl log die? Te pais wore targa thir manners ec to ras wt ite deep eae ‘tise of ppl ys sr lvvard and SA Fork who ely belo shat iy wes nr nti ha me asked ano fered en Sloman, Hs became wee at ‘Once he Hawk even edo etre oleae wife out mel lh ge ge spss. “Yee fl shi” she alyual ochaiut bss The smerny Bear had oe ds Pr toque fom a Ponce of Lesh who wa eg 0 Trae fv arenas and wes ba ote roles tor eae fond “Our decion was ery hen” execute eel "He dot do buns witht ital rng What more, Beat teas wy aor raking mah fy apa Longer. The het important chang foion prog ray re For longterm, whi might so honed rade my Bea frase ea hin hing may of Lang Teast psn sa sig ic on Lang Ter’ fal ad ram cunt ‘Wiout»slering broke, Long-Tem wold et have ee abe tw opeace—at ene ot wth anything ts cstomay ety oF Shen Moreover» pine bor tally asthe ih top cee Ie thou none iio ene eating broker Shay Terr, LonTen ws dependent om Bea Sees 0 renter exe thao yt eo, A for 2 Wall Sect free {se ear wan inconeoional pce. Alan Grebe the nest Sips shan, espe ee Brera asf the Mo {sand the Mra He sistem the tain or nd arowere Ii phone mith sal el. He nae for eaorng employ ssn to wate pape lie Greener party Jes Cane the ‘Sie cacao, had sade hs nme by srog wo make mack ‘Ni York iy hon inthe int 10756 he yung Fad Fen pursuing 9 lr srt, Une Grea’ ard Cae ince manager, Bea ws intra pragma and cle len focused on ntfs Th ered Long Tem sop Lon Tem was geting of te gro Askin Capit thee fand thahed wuld enhing lows he morgage mae ke ha llaped ter ea had sued mri. The alton thar Her be lth as a Ben wing 8 Long Tem ener ‘Sc a che ryan opt fora change "What Lng Tem wan wa contac poe ro Bea at ‘econo le ong Term’ rade eve he ed ad coum sri probleme, Bar he baker was wore aD HS ‘Senseury ear comic cara fn i “dt i Gal be fred to make pod on eleven hour desperation aes the fund evenly ope shore, Longer a8 Beat eteeath word seu the her bit odo harm (Over many raeting the toss ctne o ogh asl, Bear wan wig prone to Kev ling fr Long em, ol he ge fo ep Sb on al Bea Tosh thi may scepter Longer the pars wanted ores ‘Sve they were abe poet Long Tem ese dar ‘rs iran, having read repos ofthe kin dca relied ‘Hating Tem ever sb, Bear wd be able force ‘hao perhaps srs ps Bear wold a Be na poston, {bg Lame teres pots, peal sting ff 4 we of Sting. Thin Hiram waned oa dwn Lang Terms rahe Fo iar ale foray aes, sich reaching Long Tem com falas Type Hitband le, he lee hammered aya eae Muh A asco ed ence at Boe thowght Hilend {roma fica ele promod oh ome of i ome rela nto have es The winsome rc Rese wh at {ook prin ee all sane le oe Bear poof ws Hi brand cou, The dncasone were He Tal se tick Hibrand never om ut apne. The pares negated ‘noun ato, Bt ang igi Hira wa ps Inethe mace souhe afr slesing ages to it en and JM relly eine the ae Js 0 Lang Ter a ‘Stel celasahip th Mera uve galing weskendy IM and See of “he fays ely play poker wth ayn an ict Jesu Vinny Moone ete t Lng Tey offices Grech a ar cayne’s Park Avenue apart The mith ery Renenfl woul ive Cay nati bu when JM oul ie 4p “Jn. ou got ted somthing sour he slesrance paren” Cyne wad Lang Ter wa lo presing Chow Maat, The fn ese 9 swans deal of Wl Sct ts my athe pars ere Throw enough to ele thatthe ie ine op hanks was oo ‘or eth mee ga Chane ha dvi! to Reome counter Fan rapa estat Ln Tem wan 00 nem Bu when ML Feral in sye the ep wan warm JL ad 3 coma a lla a Mev expen When ap exec protested, FM frowned al si“ ln ie was smcre the Merl exces “Ww how be Tnmlingy he arto fn tnt el th he Bre cst expedite Merl yc hand uae ire pli that vec Rinks reser forthe cies ven mr alg, one ted toil Mere seal tavant tat had een soncoed hy Aton See. The wart Sul have een achep a forthe partner oe ote one Tier own fand-—vhie expoung Merll to sete tsk, Mee {ky refined By mows he amos bl ws rowing ele Ne ‘a hopan oaks fk soe of lnc te, ho te of Lang Fr gat kes, ‘Mel na ving to cee Log Ter ads, ut Langer fund, ecu itt a a Sa base LN a frend, Vincent Martane wie ad tomers. with Sale Cling oer perform many wl fnctum such 3 reser es in sein rade Th cesrng my Irate Ds tec hoped to etme of Longer radig snes Bea a lew mney i or seven he pares thy co ae hit esa nventent a the Rn, However, Long Term ly di ‘eered tht Ber cal pcb pushed aan Fore thing, Bar ced do mush ancing om Long TermsScie to do snes wth Long-Term i safcory anes ere tee fh the aks were iting do mone he fod oie, ot toa ive yrs tbl mati the banks were ath aid snd th ede und wae wa Tate ay or Wal Ses rn bring mero he fa wth ever cre Sante eat Bethan Sto lon 85 iin to Wal iret ech yaa cach the ks wa Tre share of the mney as pie” “aka wee tipi or hence one mony fase ps Pf pe ee rhe ny ae fb Sas he cancers ofr Toole wes nding them may at TBO [a prrateactr bank rate] pl iy ban por en shold han Ton TIBOR pon tw pnd Are Sn he mma the Bast ned Sus Rank, wich pid nde Silo word ha the Grewich and ws et oul exec on serv ach = berth But he aks did’ ‘Sopdet Lan Tema wold Ulver dm 3 priate ed the iso ke eae ba hope pane, ty hep fv nth nce shld with cats, Merl Lynch an Saloon Becher were Lng Ter’ gs ing das esr ee financing, iron soe Lng Term os igs come ep Merl yuh, he te and, was increasing eager 0 ace upto Lng Term. And the edge and was happy epost is wm terms, JM gully been Dani Tully the Mer {Gavhchaian seh Tals an eres became trom JIM cen made Tull parmcrn Wate, JAC lf eure lan ht he sid i nae i rem he cemented am ard fae Bie lize Underage at Mel gy granped hat che ‘Soieman some! LangTerm wo beac cen, “It a ‘mene nor anton he salsperson bat he nie organi [rhshind thereat Tal ese EM. nue po Komasky an He Alison, stg in the mgs kee en tom Tally Away comfortable inhering tenis JM. tok the Merl boss vo Berns rica where he onde hors. Type JM. asked Io of {stn ane i ss lg nd lio nso ht Te tmebered he anwereven le thingy such he nae Allon wean at be rmerberd ra. JM ws alas fl lsc In ach shrpelloed ses he ck ot ‘erally dent You a pb he hm” Allon hog "Th gh pot of Lone Terasawa a ara thea al emp a Wer an wera tonne me ofthe Ling Tem parser peat howsh each compas paid sown way. Waele we am aching pe caved fam [eh arr games ae esi sie lish ia, it ths othe ee fle eld each September mse ho 3 fk whch penal "WaterileInernaoal Cope shire bearing “heserbords astm wht, aor, he sk color In het oats the gles Be or Miwehee Waterville te ta he the campetion sd aking ne of very sb ot gli fre Anon posters os flee. Led by [Nts out hand Per Long-Term won th Wari Cap year sam promis, The baker to whale at Lon Terscompecnve spe The Mee team was prone wth he ahr eh old wich mach ‘lin they tad, Dail Nap was ek manage, up.TUG-OF-WAR ‘Tore tins Tam wash peony tos oer abe hr pert we se The pare Stepan op ser ys oc tanec sy ty [Crna ye go ye ng fom SipStctais nesta ns mone “Th konw oy wom Aeon Long eo as Thames gas ay Magan ae a inno the ou heme tegen Nees fein Tagan ancy tow Tua ane ny an ee ss tanec Ston: Touhy hanna oun eth fatty tyes deo ca sf Wa Se om tous mated sae of aed orm tse yam manne ie wos wey report hat Wl tt ha somehow Be (F Longe swollen ttl an leverage at Mere Ly srl os fara fo ste in pes fle “On September Trophthin was the i ie ha me leamed the vera sea {ealcof he postions and extent of verge” Koma personaly Seve that Long Term’ ck of “ranaparency” a Kept bn 8 the dirk, and arse Wall Sve CEOs pokes to Bese Ina sir eth nay have Bont, Kemeny and Go ray bane nt Kvn, Bt pope beeh n knes: Longer ‘Sel ws etl sts an ais tt ans on 4 quay Pe nde investors ery month, Lang Term ako reported tone a Avast nly anally to nrgarny give a axa sachs tno fm Sil he ner td tryone whe cared veh] tat something wat rg, Sem ddd deren best ofthe eu of 1995 00 Syobllon of scrim eacty ken fees Boley or, chainwoman of he CFTC, wo candy adm, “We dda Str any major warsing bets and hae ibe information} wa ‘Say wap avai Thre Rel Longer tie comet serine ig ham whe he ere “People go tem Tu hw noe the whole pce eer On thee oe, Log Akvnaee docowre wee cope opi, hngine aking your ical nk for por heh srhout Bt iy etre al eat was Aphis rin Bevel Hil With ep wo poriaar avers—say, gage suai Aree J. Morgan would nt hiner tat Merl Lah tvs daphcaing Morgans lan thoy cach ak had “ow of how hg Langton a nay pray te Bot pr ted arbrage elt ama Cer the fans Knew noahmany Ph.Ds is sophie “nani chlo” JM een ghee al ie Langer ane be ine of (orks grand, sopeency nchsaed symphony of aking Teckiding the money fem nw iver the re ay i hain ee shen ow par ily pled ra toa of 3.4 ble Limes nc ha as poet ery sn of Sts ‘Mle. Thana the nd 999 4s raed a «Of ous, fd borrowed—ss ft fat les than the aude abo rinucle gure what Lang er would fave ered a i Toved nly sn mee at even thi fg fo gh ce Theat flr Long tem diate erden wich 8 mote tere reso om lance shes, Bat detest sera Ices ng Ter expr, (Whether ou by 3 BO mp vom pra, yo are expel to these pret ino los) And the othlace set aes tow Sty nts Lang Taking derivative tae at acount asomaoh een The pt haa alo ead 9 prem stn wn tothe remarkable omer of leverage Sch th Shares ‘qustion What wat the rk?—would te dicot suc Ach Imvetor rake hi urotcker ies, bat Len Term dhe take sucha ofr ommamere i dena ade parse lft mo aptal wp for. The fund sinly seed wth x read moved In eof workin capl Ling ee denned 2 oper fr guy sanding kind each eae Tho lle ek apt epeeted the capt that Lon Term red reled hep he au at eae Rosen eed, xen though we dd’ atcha acute ada skin {pal We wen tng sry tre an ad “Suppose eae As Long-Term’ trae ew more ders, the fn el om Fobra ge oon fond one porta arate, tas back i he yl The soy of cme wth dh ic eed of many rege collapsing sites wa sla inv au an nr dos a expes ch alo ths wil fe lai Sosdtancel Ted, Lng Teo shh itn excl thoe terms aa har of ong Kia and general ener nthe pom tm ing the src cared om often Tears Po fate Hoe alin bey ands oth, Of cow, the rob wih Fura that take wk elre oe can ll wht the pe ‘i adequate A property and canine wil leaps make ‘Bony ina year witha serious toms: Bt fersicha year een tron nod ena fi sk We he eta od, wae ‘Cee cy? Wer the am ovat wrtng Srite—sith il hough the otal olan? And esc of Longer nds natin ech “poi the mer of ole ‘inmand the lvl of onc cud soy fee from mith each add dlr ofeeage, The question the partes {Ss have ask themes who hid ha thoy sesh to Tonk tho personal what sr of lms ig they ce aferSach pograns worked ut hey fll wock—as they dd in Meco m99s. Art a preci a mex wesc Turblence—ien the were eed one They were keine low on amoral day bat or when the peso salped. Dav ‘etna, arene adr who ice at Yale dae Vor a Rok "Shia forth soo beshipwrsbe JP Mon, whch poner the metho jer the brad name Rok, nist Ha dc dated October 1994 te “Sime months Marne ten Morgan ated th mae {iden ppc wo be rand epee nthe wa om ip and thar skins vue temas te volte” None be fem an intr al onr Wal Sree, continuo se Value HAL Mog coun tin any “peru rae,” he ak ‘roland tht would make por ssc ‘Ol dsm shat saber Vala Rik, Lamon ws theaheypes” The profes ac ead ie the notes fom oe Meron sre cone fred str hat tum nthe tock market were, ee, sepcenn rar Chua: What's orth sre ha Lang Tenn expected The "Tow reruns ay one quarter may Re me ely 0 be Scholes argued. Over ime, hat wa koa baie one a ete do core tho tke Orberwite there would ie no point in uring apie scr, Bat what fe foe pres cnr, thy po freer fartho-oof hy a happened ‘ene tenet of the pare picnopy wae hat makes were say geting more licen, more had; mors "omnes ‘more ex Meramec oem.” With eventos Rg. far spied sare and with rake news trance trem lal ht ness wou ak leno correct taken frst. Andon mnt yh thy probably i. An fent marke {ES vole one fr asm Bick Mondays and, fom day da [Ss Pky ame Syed sl hertoe cone. This boned te (Sateen erage ch bs may emcee Although lal investors ee hur byte Mexican ass Lang Tere ws nace sol srg sce corned. fat 1995, pear ade Bnet he ae mpoved aly lamer king ik the Coins pcm chil, ws ig aed ‘se design capital of Faroe mare cee Pn Germany aes Teem in 195 cared a asounng 9 perce bore fos 3nd 3 rc afer A leone alo the gas came fro Eavoye, Da [pte ea in which Longer ha eoroed sealable Se tla, dy contribu a enue Seo allo i pl roc ado htt [NE ran et Salon Brokers wa Stroming in habe, Ban hed sled wrenching ous "spe and wat wily rooned obe op Gre Merete’ ny ai ony wh Longer ha en sola wh The fn ha tld nvr oenpest accord wich pct floss rack Brwcen sees Bu ove the Le Tee netsh rsa sal sone ede ft ak What ak Share mata “Mgr Soe Sok 'Wal geal ges rok ee eyo he SP $008 He sid ang owe tig chat ‘With sacha allo start Ug, in with Merl Lych had a robl anganahunlin fnew ey. Me ‘Sh pele neal aba hal oth nae ting aed iar He ese bers ele sharers gal aeselon Sah mmc rang as ui do wth oe ty apse secu dee fi tee of rata sresto iret martes. Bors oman. Afr ce ad pen the ma. eth th py be empl arm Se rade ‘Wherever the bun spr pre he le rash Fa oe, Thi haman pict aw tual sb fem Merton's mas Though he ackoolaed ha bit dele preside tte Xi wring was sthned wit the mtn of pert prices a rat tal vss, Even i prose was women ad dg si be wee tng a of semen omen and does onal Kin wav adeepacadcns dessin. He was ene with ne, artery wh tas, at ot dpsed gen he re ‘honing emda ie sting oily roa det rele “The evangelal Men showed ii ‘hac invetors co be anything bat salting somaons trace had meray fa" Ee the word “spa” he put Toe qnece ar thogh che ation hat whe apy 10 el ears ‘ts a0 onpeasont e do ale # wath cep nd, when Menon ered “welknown ad clr sas by Ken hea sing the Engh cwnomi dmn ofers fo ehe forthe very pos king vi, an det 40 ap ao ico, He al the dane of pert ble whch mes compromise penile ‘When Kober} Sik an Ameren conse aed ge ha Inte wer to ole of she ml of perf mathe yo hull ee tha fo Meron, cera ay be aa ws 195 ‘Scng eel cmb: “Wena hry nent the Sp ‘Shcane of sack» concn Shier rption of mak ‘Senos ssaned he serous dou csr he ay his Emerson of mode fac econe hey The traders at LongTerm Kaew the och wee imperfect of oun, We now th ds work rt” et Rober Sey he eer member ofthe Abrage Group ae Sr "Ba hi he fe You had hs mode yn ad tee nar a the el om ‘hoe hey were lor ore omer tha ” Teg Ter aders wee ot suomaocs Tey dba ome sine foros ovr mek, abt theme pd ad Inher do wha th dl rcmmerde They were lo aa (like en ctcomthe se ha weepented ster sol he expatedand they ed asthe mods fori. Bat an ane el quate The ple with the mah that armed with frie even at wee sheen amet, "You take Soc {inky ho wake tw Clos ie with pies Yo vem ‘a rhe thats pm on Comes x Bar who had de lined vet Log Term, ed. "Yet Jo apo math Fou come wp wh + thie pce shun sh EB {Seo chk rr, al a gen ‘yah mity9om hs css ae pty lst an Wal Fn he Foes! Reeve war srsingish pera, whi we bite gener name “luca R= Reeth the roan sophie tated ene they ated nk,“ ke hae 8 vem the pn how much wll ex he” Br wha i markers dl stething dir His, Sirk Tan eyes‘Sug eu yo suopDAIoSgO SION SUV IVA HLL BANDWile ean with Meron, Ronee paged cameo le in de sel natal slime nich was she beg that og he tah eo Wal Sect. He and Irn, Mill Kaper, wee el ‘douche Apple at acne when te swear xd or por thought computes wee onl and Rese ws wig sn ‘hate ayes for ssn wel fring fon ‘so Ronee wr wight an pein pao {prs the wld ont he Apple Kap hand relied pan cle! Mico Fiance Ser They pubes dhe erp ‘Sita statnoe progam tao 8s Tay TROLL thaw ht Ferenc wel wk. hel hands of copies tnd por and Rowefld ade handed of toads of dll on Rajon former dick an ashe of emcee med tin tht a itera the nest wat, He hatched las fr tho euph the nace ag He wa nrg by i fe uot how sock mince mses that elle t MI at her Kapa ook Morn ane se, he dc hot gua thence was ly ene than aha decrin forsee “Rindd ty the power of she mel rapped ols raved ase af de bat sold led hem dasrnsy aay teks nved one te td Ka nm oa own who ha geno easing a Harvard take Bs {les frm Try TROLL on two oer vennes-ne a which, ‘hace alae akon mae agen ot it apo nae she on ane who wondered if Meta’ model ihe te sy fe she el wor Paul Socom, Mtns mt MIT had ube when Log Tem was ontanian. Samet, the fist sana ecco 3 Nebel Pie void that“ ‘ious tine” ere al tes in eal me rade oo ‘News overwhelmed mye marke gape. Heat lec {es jmp ot fins BM mon cri id “Thi very npr. tanto Lang Term non” Semcon nae “The ence of he "ick Scholes formal et you Room, ith esi rt wha the elf se cade lb what kind af anne sig st. sich pes you the seu the kaon proce, (me ‘ed tk he fo Lang Ton sth The feat of dhs that hc unnene rks tere ae yr ands in c,d ly iyo tf rans diee Sersanpings They arr per, ba they work, beatae the mle ‘fp ery age ard meray ate change on ey oh a lnmarkr we areneversure a fe sample complete The wes (0 ene on way throb he 128 a her th Great Depo. The pater a ein dri he iasoaryr97en yan in the tere 1990 Afr which of thee pds woth pte “oad dow ke a he rest te psd won change the sy api To oc 3 ge “Spurn HB ssa nami cer ning word whi ma ger ecu cone ne poate poems nove roth ke of ah of whch woul sem ipo oa Hic fs manager Hae pope rom te pn 383 fae ge fre te woul prc ae Fam, Schl hes vn, wondered what i ld skort upto eel mah al he admranon nthe work fo the opto formu 9 mine Ba ring peoples money fo ch to asdf nh ly yf Fata a writes i tho ‘he rice movement ofthe siya Joes al Average ‘tokyo covered 2 ronurkabe pater: for eery tok, thee ‘ere miny mor av of exe pre mover than woo cr Ins nomad dita, Fars socks were ke 3 wld ih Inns pepe wee aver Peight hut vey tweet por a8 Bera pam oe a deals There were many crn rag ec” tht radon dn colt expla At am he popolation of pie change ry mma om ee tage foe any sock van nacre sta fe sar {kstron fom the cam shold eee abou once ners S200 years ce nch eration se occa Ce ‘er thc four yar Graphically, Fama’: socks det al crs with the ems wll rpesing 00 many ass ave ees (knwIve ese he mores euity Race the roe ly Bat Blac Scholes mals very key sup that he oly ss ecory conan, To oy ta he sal of oton to Bo TM doen te oly cating nls you ca ero geal of You or might sname that he mare Nat Sly Wyo ecu and fs forgot Bao Back, sole ad Maman go Longtern—theefocuntons were invented wih kp prc stance, Each ick fhe le por den Tac wath an wring en fate ks Ti pid ha ers were fen nd tonal at very tp ‘Meron cari the ssumption 9p hte He asd that ‘oot a wl wed via which prices would ded Now ke “Stam: He assed: oe nani the pe hae of BM Sal never luge seth em oe wal ey sp 3 Tp ratcand 91 along he way ‘Ai ac nts mame, ders wok ein the ris a Eden rk ewe of balance ‘hen i aN, salle prtolioarnce was marketed ath ab tard ballgboo oal investor a tec of ening tomes vit cetinwoas sling hen makes al. Thee pote sre helped erate amarke ch tht ater ded Back Monday. Tardy the markt was highly donna, ore inser ‘who fa cov on inl ing thei lames “une pace wih he pani that bok ot on Wl Sees and, inde nt te hrs Meron peter arhirage smampion wa an exces balding [Nec in Lng Tea and man ater) henge The rer of coe al worked wth the an ts ‘Shon Broo ad had ached up phe wth the tecasonal tasty ks. Thi gate tem treme ence Their adc oly ere sea, pening that they mee aed wth the ede. Nontel the lace that the group sip ad cpu the pst du guarantee hat be rapa prop Mary theres wee edusive aot became they were ely wong but esr thy ware wo ney or x0 meaty Ofte et [Nademcs have bated and wo Job wil cot debe sch tod for yar As the Engh vi A, Cheer strap for tgs bs jesus senile bu anol thew Ick nt ane more materi an egal th ‘vt hobs, ar ioeacenue salen ne scomed wo wrap the nani ners yl On pape cle tr pred othe lat fog vial bry problem ance: bow ‘orale ek Bra how cho py fr dine {eH thie svn eo he lane adder ea ea Ste wih sisfaton, Bac he vs oo Merson aan “unheabe mathematson” te mn a le tnpubsed paper of Meron a rms» st tyra cade of tnpied dil, OF cos, Masons coe ane ‘pended om humps sot rar wally with hi clove tec the phyocl word, As the wns Rene decried ‘che and eliow Meron pees se a othe phys ay ilo or ain hat they could "jm ace”{aie the normal ration athe ses the fo oma drbation, A basket cock Lowe that, he wu “ian of highs on lock wat one handed cho ag ys ie Hel td so seventy oye ogi sverage Bop few who ae sora for who ae all and nay oe ho ploy ating eter the conch To Back, sland Mero, pr hangs nani makes wet rand, ton” Noone col pred any art shange, Dat rr og ch ers hey sare that he tion al ch pies would wre he pattern dom ve for aan Boag and othr Testaye wok ahe deeb sm sade upeng oe market planes the amount ofthe Iya change—the “volty”—were now thy belived the a hata sock, anor tact would eo al by sete prope over te could be de ned us wall. The dif uatins tod to she the Blick ‘Soles formula were adap ram physio that Severe, ‘dom, buts 2pm, che enlcles dre themes inp ictal aioe rom the cntr ot Thecrex wl never ol ee Hak Shoe sye that prs dn’ predation side the ang ois thei Buy a Seon 8 [NORMAL BELL CURVE Nondered ogame ersic amevamen fein the ate, Re Resta Longers Thee prtlin was ke at ling howands of pie of ae ers each represtng the yy and tum they expect 0 ren trade "Thy were hnking al the one a he mabe {hha ned Rab Savy who worked he op Sloe, ‘Ther were tokingat the india! pais—the 10 the isa so pete thy were a thnking ho he src bee he inset wiping ofeach ade secon ws tt rh ont ‘and on yolattysing nd forthe ee prs Sat apd they comsamy be ang them” Meriwether’ trades were fondly consrid with ning ik The es hay could by targeting specie na. ater an varget a apc etn, they eee the “ha” 0 that they teed} would uta daring tat eae boat cr mich a te ck markt id. With ny more vole the fia wonld be took, Withee, they would Be ssn 0c the able “To anyone with thet tort Background nore Meas Dae Meper who ged sl the fn, solay nd ope thee thn sumer: ark nage ts mined ela hough thy come te Hel Gra en exe at JE orgie sk hw he dei fk tree repli A slaty round the mean The cence of cern Wall te wa tht the ls pie printed each ays Wl Sie Journal wre rable peti abot he fore ron and Scholes ser ionesemen nk ery tang ot om ‘Wall Sect wa safe by yung lien Ds who ad seed {der Meron Schl, e th dip, The sae es ha sp tee ols of dls pr year en expesve cui aaa {ey Seck pera he ad dee wh Fiance mae “Son f Engen nestor ad ear ti credo rasta inthe rh Tener Silvan who kept eso i meting th Lmgtem beeed wold take 8 care "sai inne a ensesrhunded yer loaf Lon Tem 3 troy wrongs Thre wl be tine, Slam bnew, whe pes Srl deve fr the ora when mates wld ve ga one, conting ney. But or the markers nal oh aes Soles had eam i ng er Haine choo ae he Ue {ery of ibang Hal cach hol ma sed the ‘thing of Meron apd Sle Neither Merton nor Sls wa nv in aig a Log Tem the prostate the "meh" tae deal he ae fo ars Tre ut Merton a Scoles were the and anothers Ar Scholes remarked ay cptn, Wee a jn a Fn Wee Fnanilechoogy company" More seal Lo er 8 anctptinent in mining ak bythe meer At the cee fit ‘periment on of sol. hich hal spn er Ste te artnet Bot jy Porte ot Longer ads were aes tv ep spread tha Siew tlle a inaccurate ema are voltiy eke lobed ec fo te Rack Sse form The forma had bic dcavers in eps cin, Sat init ad long ben ava the “aw ole mumbo” Reg ‘pening if you hive noah samples a random event, hyIain eve of very handed yeas The iter went. att he prec ofthe fds oang a es ro perc swell 15 pe ‘cova 30 peter. Fen bur male colums ties page fom the Dally Racing Form The post wa Long-Term recited te dd with prec wa tif the peers hal some sset ole am alee sew of the work, for once investor wonld fatal ach foect Mowe pple, one hope, row that thr stacks can al bat 8 ‘sted eo apes the oh they would nt ly Bk ih pi tent ded, Langer eter braved fern way of ik ice wha precautions to tke, But lee serie fom the Fenpal sting ct your ch a 19 pect cha of etch pte wckss a prot chance of mining at ln wc ‘shel ands 2 percent vk offi, you weal od ie ‘od, otto meton presumptions, You wo wan Yo kom one Inrange’ eter tl a pst deal ao the ad ph stil “meine” lt ensnel open ade ester IChn' have it enoogh see ht Kr each vestmene, ong “Terman chy concen tho Queto: What wa the ips aerage turn ad ow tac id heer in ay yea Ine he ods n ee sch shat wo hth seo i taleher ona mumber hat within seo Teresi ee ester ma fee he chase be ev ote on ling betwen aed 9, he woud take OF cue you wonkia aaye ol Berne sand 3 a0 you woul one hope, Sige too mach, Bat what Jou cold ake tha ee tala ee pont the en? Tata ey ld fe he hows, nigh sll rake epson aye eon ime, eth hie soe ali ll the cance fang ince Tris adr cate the ceiving inde ey few ape of ec be fret a precy gpa ore eles feet! Wemay eds thos we uy sane of INT a S80 6 sca ger hance of making raha i we By a $96 fs m youth st yrene sik wo ais te isk ater than ony one: Bu ow mc preter We imply Jo have eg fac sunny eter he sk markt oe the ik fet ‘osc shat here a key deen epee a share of IBM fe a8 incon diene and pi of he. With die tere is kyo Sul ae alll key bre oar because Fou kw fr oti the chances of ping 37a ever he fe {Micon confront ah oh ok ra nr. Thee tik htbe pc of shar of BME wl ll cere ein craig all boven ‘Sonn bese ten Langer’ ter eeesent a drama le. Whe ey keg ks Rab uncer ping numerical es oy ioe low To JM and Faents than vasa seencr tht cul! he pacely ut Roh over 3 ng pee fm” the eer tated investors may expen aloe fcr mone oo in fie a fies should else at lee pact f Hs porilioand the Merson ses empl dl mt eset msi ffs “The scr of th mags oceig was Peaking spe Jara the key number nthe ds fe om the pa sara fom 2th hey mr for Eg Tero a he sl tana ovol ‘heim Bo pres. By pling om of thousands fa pie ints SPARC computers Long Terr tats brew the tone ‘Wht hw mack ons casted the ast. Ad Tho oe number falesed vcr Shona of dy pony, and Seu ere nl for crus fren af bods an the an ofDEAR INVESTORSler re sorted th states on yolalitsur mte hat Thefem wae actualy dome He covered fre shy by apg alt inpersona weston he were dea i senors communications wth yoy aur avers” he ele tly Even {he ou uy mugs Mi cls e ed ists ee onde Long Tem pan ere ener won! plat that sold lrat the glare sul Te part met Sesive lengths to st tof he pre. They hen repurchase ‘hte pooprophe that hal rm in Basse We hep se Pits om pe ew For all aren ri, Longer management ha sero fh: Unie a unk, where mepenent tak anogrs watch er trae Leng Tes pars manor sents Toth thio, abled thom side thence 3 opanation here Tiaden eee pera om te Fk management comin inate a wade: however Hira and Hagan eh wel ge telefon what te waned had wy of pti Sore te he cer prs wool ee fn tf she exh, Mervcter wa ag to lan for thera rep. Shad 2 aia weakness, ware rt lt he de ten And thereat meee who cul hive ply the vole om there ha ben at Sloman Cate The ree ‘teeth own warhdaps The pans did goto somsikrable length to esearch thir vrais the alan ade begga pre example Hagan erie revwon of lige sur Bor hs kee of aly, He Firetree, lr ul ine—Alete Cao ferme tanh an Tesiy amps Cols Lie ser Giovanni wh ha alo tien MFT, wh ate Bk {nd for BeweenLonon apd Rome, where Sl se hi fm Sud gomip wth tl tc, Sel or std, Haghan he ‘sberlin tan, "Vo a a Sey tecn om fa an cae nod, Ando cures Lange Sea peed i oly’ cena Ba wih a ved Sie om ithe fd a Tee $5 ion oe However, Langer’ approach was so mathemati dub ful tha lth ligne made much ieee Ix msde ak ‘orem lok ke the ast. Therein they wee oreo Inlet anya “Yow pk poof Pose and severe someone was apn ms” + London ‘taer at Saemen Botes noted with reap to the Kal tae “Tryon whe dene est year math a uns cul in Cet rar a other fren gsr aes or yas Behe Fang Term wut ade, spread mea ad en ‘vel fs ec hing avers han go hiss i fm masa myth, Other Wall Ses re ha a ond ter way MIT and mos of the bg hanks were epleying solar Me si whats more wre apelin he the se pe of San ‘reach in fond at Tomei ge hu 8 is mb tn apres in rdng the The pres had fg ach aes for fies wah swenty al om bral srs" Wi acing a ‘lew with she parsers no supremely corto Ter ral am 2 greseswalr ud fey guenngrckl oer ‘thers had gut "We fae on sy docepais chan eer fools" one re ak "We hgh eld le arr and Tera rhe ‘Ac fst on bert rave des aout he ans scemingy font Gro collet of alin a fr ed in Cami, tsschutes won shat cd en feed stake thane and nbs Kem son hers Termeand had ect. Klin wan erably on fellow tendon Wal Sac. Tove anks pone of ‘Svat finan Voge: Matis wees dng aa ‘She neo pat nef scuitee1Oe and PO ee {Stor had veneer is for nae, With dole die oie hing fhe pe nestar—paraly the ew heetad occur, Hilvand ended 4 go sigh hen Haghan, who ‘raed nits, might gamble om the secu coming een re marized tt. Bars thi-one yeas when Lang een fence. Though nl aera, ena eet han Hr Dow sold eve elf Haghan was challenging ou ear a Poving poker He as yout mpetustes an le! hil, Fethip the slo he ped backroe “The wn of a wey antan porter nd an American st Hagan re op kent eof he alco tha oe overafsinshe esti oies pans. Av ena he hed apenewo yearn an with is ate eh he ado he Ia spelt of tine nthe Lon ad Toyo Brey we he a ps th al ade ap the Achar ml ttt an had exh the fen howled afer ota bree Hertrned Londen wah Longer Catal Man pec ot the Continent wan babi wth ak of monetary Tagan shuno he Gy, London toa down qi eran the ote inka encouraging the stall po ire snake and oped nr Hn tader alana worked kg. ba hey re mona byte lr of Langer omg ivan humbled by the tof he hoe ring he ce bale, When the aston hated the waders wok it 3 pont ff shrine where Hagan mex oe hls vito (M1000 hae Lonm, woul eet pk pthc tek td ake on all comes) Usenet tha sume hie panne Hghan: equ nv eee home to di Mer Lng Term tg uth May, armed he ee Lod cating he secretarial ld ham ow shen td vm mad Ths wold ve fen rey a he fer and ee ssucive Greenakch bedguirs, whew a ipl cate sym pre Hagan gestae wis Haha che akan fsnce sess a ma etn pbs Te se tha ly ight dtl ‘lone coupled with te silconsierabe seem of th aon Commis Rae dps Hal's ire ets 2 a ch 8 Perooage pint ner Carmany'a age send ly ond a eens evolving aod the povermenewn ming e f pape part ata eno. For bd trader kes frle erry ious st kay rhed sl, people who a so kay woud tae oot ike hast wha a i “The akan earker was Further comple Base Ray had fico of rate freating The parmers scl Henning Dercular mp aks and hedge out all he oer rk oranges were hep relative 0 Fa app the ol Bd ser fae ole tha parole aba they il inp by ever orange an el every apple Tn the sng wi ners rates scared, Longer 10s sofore aperesived romain ut bind cones oss his fo opr aero cllegs ac joke tity song 0 {fe liberia Iban, th sect in Hot of yor ome Ba rae you ght ps yout Bat mney peaaly esol {hum than tan a he He fond his paso th elu “hale orang Sie rom fue showed reo teche anne oe Hand cu of eal» 35 LE irre ial nachines othe he perhaps fm Flow relatos mn father Rone ad 3 ne onto Meter ‘Ones cule git explain JM al othe ro, He was anally start bal othe nigh He spe rage dnd seed sorte making ye sma” He refed alk in ptsnal yo clone dh Abr organ Lon tJ Sand hs wie med tof Matta, 383-7 lon Pc wha sss sun feed done rig in The wate wat ewe bck thee ques of xe om vate ds tha the Meriwether shared with tr nly sg he eter David Lerman. oa maketh proper ee ore priate he Merve det extenanesemodking, fring the Rowe Wh roe hiked onl psa 0 tert, on Croat oly “Thnph eaten church er hao and made eel itt Cathe hey, JME id peak about hs ath, cher a aang he prncr ht he ml hed not he sry earl, The fs headquarters were dhe ground far of «sy for srry ice completo set that an ro he sop seer i Sevres of Lay, Ter rowing cadre of tere snd wren wok on be tang Hoe where arenes nd mor rer tlw lb cramped ron sek ems {Si Tadd wth computers and marke eee Te fc ad 3 tlaorte Khon that a been pi by 2 previous tera, bt the ares inched at th de Fra cttw her TIM Merton anal Soke (he Ir neo Iscane they & tra ha private fish JM as lly othe wading ho “Tahoe pc ota ke out hgh al eg fare namo the weg eplendene a fen speck wth a teas Asie the ay lin th tir dred canal pss and chine The oom bum mth ar tal, Bute suas contd hum, ke the hao th cavern New Yok {ing ors Only scat hd the pres ever tho pst We tora fow conn of rs po, Longe ad eich ena on Wesoesy regs Ua ee ‘open to cats and wal aather meting on They fe ens when partners woul ose pf ade, Meron yin Camberg woul om ny wep: The shred she Guinersfosed fim operas, Ba the acer abd een Sc he parts Knew thy cl ever be to he ne i See or sade epealy wore at hades wl Be Fen ut bythe oc hh fsed could con io AS ‘ovine asm, eve sco tar nee Kept 0 ea the {ik thor some sd ling he Lando conmerpaets “ur what he in was buting a nein Antes wee Sed hick oth ptr reste seme to be ah ue Tai agaist procs and taf fc, Leahy college hokey Foyer cachanged the naa fie banter wth he employe, Bot th pares lh al wh fa hey we Fob br intcretl ely nan abe and wok. The ana al and cooing fe were sola cts, ste nm inthe tack, eee the pl aie was Tike cvryne iron Wal Sect, Lng Term mpoyes mide sve money Te op slr cold make $1 mon wo $2 Sear Thre sue perenne hei Ihe fds bt mat tem rece yay ol iteasconeed 9 major pret working gle, And myth Sat content eee on oh rid Juss pode Long Tens ese and offeheran bonds Stopped back sus ang Tem ae 4 magcl Semon Inupal rcans it had an ay capa. Aa Scholes Ra prom, Tog tem had od up isk and th everett iSire was shy shifting ro esearch nd het serves the ‘taie Baines of wading fre own acount, orig # at ‘ay Brwcen Lon Tem and ener Having worked 4 maj Wal ee aM hie sit hanks wer ie ith es and dnt tate to supe I ads for themes Indeed mow of he wer lig ine “ich ofa rade ih ieee broker Morgan wa eae le Mri Lynch amber Golan et note ber body woul seth all. Even angers lye was epi the dk he Soul ev the pars speak abou craig srtgy thee” 38 “hoagh Long-Term were eon mics anal ibang epi ete niet hk peck a is rt sort mec them allay a ter He would alla dak pa {hs Sos millon nb and el he ane seconds =n Foteoncrned about ign regiment td Tet pti a Ign” he Bony eld Merl Inch; Kein Danley © Meal {yhsaman stn cal iran wor the nes ly, trig ph rat be hadi wth he ls Hirano ind But Duley was repeat Towra by Hilary ae [try wold ever tle abt the sey He wo asl ou wt be wanted wo do™ "The fn parce ot i ins, hing ac nk fo pati lar series an esping 4 dtnce oll of them Char Be oming Spend on ny oe a, Lefer al nk, om tk Galdman Sack, goverment ord and swap wth Morgan, morgan with Lehman Births Merl yr the ‘idea congucr say, Lon Ter id exch set of des ‘eth nk tha ste the mst pct apr But Lng Te thot enka he Boets a hnce enangelaton Mr {am for one was nec abot Lng Terr and epee de Selo closer working alae, Bt oul get ps the fonds eines hae confidences “How si yon pene ws theo without knowing wha thi appetite #2” wondered the Dol ak management at» major Wall Se fr, At aap the arr tend sce eery enone 4 dite echans Ilya pls ad mines Er lor we 3 wade ‘ogc or reveal se had be ee. The pa Sev only slo es wor ato Lo Te iscking he rng thet wth heed op a Salo Thay mere abr pena rover, detache, sve deo Yo yay one agains the er they Seven mh onthe tame wavelength Anew Ss, Who ah The bond and creme deparment at wa ank Corporation wae Hahn he had ofthe Lenn fc ni flowed pn Gee (ich wih FS and Fre Rowell mth or two ee The Anercursed pane dhs mn bear, Sane ad the cee ‘sing tthe ws seating the ame comeation he's had ith Haha: ‘orth hee wren eons within the fm, sl goup— 1st, Hilband, Rowell od Hagan the et Neat Sloan, compensation wa skewed wan hep ith heme rl aeing mor han lhe ear Ths ropa bad Bing or more mney, wll nore fry. Bar he merce Radom esther for years a nfl heresies inbred alanee hd Brame so nate Ite firm cou ane cn dled to sage person, wou baveiey Hind, While veteran rade en heey md ‘Sore the est of yrs of wrong gees and arrow pes Hi ‘a was cola madden selfconfdrt, An ware had stork be westhe pare barge beled in he mow ck ‘Stig ing st av fony rot Hind Beved 0d Sil flowed the form Hv claps repel i Imeem they ru ewe hey eee 3 uch Sead He as hl lt, bor hs answers were ike wie ‘otal eto nosis compre "Yow cl rac the Ti wah Lary mins sad Patch Maughan of Sono Behr Like he her panera a reer degree ibrand 50 veytoch. Rosetta Lay rn of se mare congenial a Teak panes: were way the aes wo met wth banksy toh Nishend as go vob. ay cn the partners woul is polly bot ay thas the and wa so wall ed that ne {ont anal arin ond was eta wo ade wih anyone that saw mane iferenye Mel Ly ape rave tual hac rae ad go along Sod oldman Shs FM, Monga Sly ap ja abou everyone che ‘One fim that baled, Poetic, ge Tally none of Lane Term sins. "Yo al che you were rg aes wo te” res Galan Sacs Yon Crane, | MLS dig iho Long-Term trae ol be insanely comple a imaly numbered i he towed the fo hid nome hah (ven or so maior rtp Seyi he Testy rb, Invlalhoyng a sling ge sci. Te other, deriva tra dt They wee mpl Bete tha Long Tem made te Fons an oer cours ht hing om te eof ons Tmo by lain ha » Re Se fan and Yanks fe agree el the seo hat each wl py the her 8,000 fr eves ‘in scred by bs vals ex, Long-Term eva ona we te hum, emp ha the pyle wee ed wo ovement a Rnd rcs: and sth er tha Balle nd sits. These de rae batons dil ne pe on Long-Term balance she, rr thy “abn the oma seu. Ba sf mkt move gut The fra he ses wld bviouly be the somes Ad Lang Term [srl as eto forgo paying ial mar drat del Aide thee bes wih ng up ay nal cpeal whatorer, Treat though no abaya Bo the sae te Fp ang of ace cre, Aly Lon Tem fen psd ans {elon fo longer pss than the ks ane the and Than, Long-Term sul be mote pen ven the bak had ram sll n Langer she cot have de so very ‘Sky. They had cree oer shar” needa senor exeeue ‘Thi wa where Meriwether marking state eal pa “Souk tne hars age ta meme he they eld hie fart roti tr up bot 3 amino of eae hols and bilan ear sometig Hue that New Age Fn! ncrmediny” conn wp by Meron. Afr al wo xm elon hat Longe Ba the eae of pei it My lf exhale ref the press casa oul ht ways Baan Wook heh the funds PAD oldie seca ee rper age” om Wl Set. Neer Thich academic let fem em he mh any oF wth the musi served na cover story puts daring the ands fr yea ret ge wan coming ne waned to mst Lome Ter nas ashing svete om ro ih a al he as sata dane “chan ad noble rtoasingsb any rl tems The anki ok slr fer ll and Long Tem general seed tincah at the end fechang day alc on wien and ving lee And Lng Tem ae ahs he isk a, Teoma sighe ‘Onl if LangTem let money with watikable {Sieoneseon yi eased dap the many af ‘Shall ome and a id makst—uould thevalne othe ‘inter cllmeal eves and wil he bak hema be vet Miko mana she hanks hea, ich 8 Corie and Mei Ly Th ied Sire prolly wc ed dhe np tans in Long-Term fv Ba Lang Te ease point was i buss ter perl ads around the wor. 4m Pd snes: wth Li Tem igh an vteable ise kno ‘Sts—soall gin the Bon! wordebot the foe of markers pole come 9 Your pt)? Yo ell he that ips ns seming sida anker in Zar eho Franc Lng Tem wit eo pact het. "everyone i ‘OK ido bur anyone dh ote ai, tome fo” TS tro eal lever of Ling Te The pres could sy (0 ch ou bank tw ne you ae, weave o ge Ww eerone Sy ede py ing tony. [On ama smber oF eer trashy did et hier ver spy oes) ‘Sur se han, tn, eve ding arbre tang. Meriwether ‘ewe ther ot jy as i sin ipso Long-Term ‘red ete hee nds ap Svs Qua Fan es thn ITEnhepropary dake seh or Gan Sah. Terac of ition The Laer wor ling pay premio for irene ra ee hed Bond ho of our trader wer gy proving” Ronenkel noted we were baying the sal tht everyone wane 6.” I appa say idee Rn that ice Lng Te tend ‘heen sc in every are, act were ciel veep tiny sped odin woul he woh the bl, Phe pce erence wan ony ts. foreach pte of ‘Stace hr, Even the pend narrowed thd of he Way {fe ati’ ane Lng Ter wel te aly S100 pect en S200 brs, Bt wht ing ever, hay pend pte? Whe inked With sack sat {ng Teom bonny $1 ion ofthe cheaper a a should bill of he more expense, cs an Tress Thi ‘ese eggering sm. Rip he at, he pars were aking 1 Lng Ter capa Tobe sure, they were Hl fs 89 ‘noch of Ss hey were ying ne bd sng tate ‘tre batting nly thar the Bods monld core, td, ae rad sreads vary mh thon bode estes The pn of a eran, ba i dos the pie 9 Yo eg Tem, with wader pn, caste hat owns oe bad ed shoving aber wat ae Swen ih ly seeming fies hon uti Tes one ht cn pede hver we thot arbape wey five tr, Th lp ee Tel for rfc tan we hie senate ons any ee owt a pid forthe shear thes vith ancy tht bso frm 2 Wal St Rank fo ral fake And the we bn the oes sd shore bead tha aay aswel “etal be eamacton wat move mad though it wa among, the simplest in Long Term perme No vooner dl Long Term bythe of hun ot Tana she to seme ces Wl Siem, which then wired ath anger clara. Th npterm srned around sod ned th ashy clara on the ‘ine hat Browe On Wal Sree, sch hore clara inl lane are Kon 9 “repo fina The bey of he tae man that Long-Term coh eramucine tein ec flan The money tht Lane Tee spent ong Tn matched the ony cles going sho sling The ‘ola paid eed the clleral cle. ther wo on Tom ull he ene bln ede ond a de ftom ch om morally, when you boro a bod rat sy, Mei Lym ou net on eB of xtra clay ao ff Shato om 1 $1200 Tienuy and mone on nr fd. That Stef mani, eauialnr tt percent ofthe bond al fata iets Merl yack way of posing el i cine The he vay asa check om ow mach you cn te ‘ur yc avr eho, llth sky would Be he ie Tsou bie dving sa that d'un gy cod ives farasy wed: Whats morte te of ctu woul san tally gherfyou di ave hex mr ed pa Meri eh Th fom she very ras Lon Tem’ pic ein way sich o cto sshanaly vas The ply cel owed from Meriwether, who, fr al his aos hae, was Rel Sonmetive adn, hat, hore an hate ee heseeing meted ihe mee severberaig nthe US, Tory ted uset Sich parte decane ie fn Europea ‘amy nw of rading est Rakes Tt, the allpc of Akin “Sidely marks wee mre cles ke develpment with poral pcan or Lng Term reat tha er [cook spend the next An late rpc bore 9p trait, Wah deat whch a hectare to ny mater oof, was nap fr a spc New Yar te take a fle on Japan for onc ia Antedo 10 yambe tn bewean marten feween mre in Amica Stn ans in Fans eased sy wel os tera cont fry ice ste by dents With ade SSrmlng to pay bak deen, Neal Sten a como at Cet Sine int Boson, expand the Jemma "You don sl wht ow st. You sl wht yo cath Br eergig one sca i estos hid ily hen up ctl ofall of hv oer The ‘see Ard hon ae naa srs te nel in he ‘ane sae onder sank The very cco say Hh Serco th ban Langer om seeity—ra er retin ‘Srna bled Ns bcs om nnn capa of ig age that woo! Be Lo Igo that buyers ll ay be preset comet cu Theel cae in tog was erage yo rt, you ‘Sete ioe ad cant be made to se wich te “lg ieevnt Bt a leeage fy may be forced re et ise scaling bse pat otf bint evr ays es i 1 Timgeom was doubly fortunate: pes wien vested mich of captal and ence opps di ae, Ae And aes mee pon Tey were rs hey Sul everge dcr Bt By ‘One of tse ae old the same in-ear Tey ba Teen of al aration af soar, ued bythe US. en. Io fine he eral Madge. See S70 ln of thet ae {ich dy an hey are cede thes ky hnement i he ‘vd ra fay sn appear Tess me afer they ate we test al thm to aes ad dee hor longterm tecpng, Wat owe esa he bods ‘ecm hdr to tanh Tey ues nee seat arash tw hak yi the un Wall Set the Prom; he au 39 ears ero mate known 3 the nthe shiny now oe tr, Buin fo gu the tMthetam bon sms se dae ge de “ihe nce har can prshoe or fe sw ae moons oa lily hgh ices yc Axara ta dynam, a is dangers canoe be sessed to aguas Langer mt thc his prea es unanuly wae ‘he Febrary ty nase ma ing oa eld o> 6 pre. The Fis vkomanageene cig ada ne of the cai meting ‘Sot compos, “One bond cheapo nd deste The rots needed one oy spead cst, which mig oe fon the parma howe fw a8 ly tps vento wien nis cant spread sed slot il Aer ll {HU omernment sn lst ayo Bond that tae, tn! ua than soe hare hay Bar some sets ‘eres reat th they eed tom ane Ba ‘hemos ld ppet Long Ten ied hat many pense ose om mae dono ceased by che sometimes arbi deON THE RUN Tea sf thet fate over Wal Set sors ng fo ay water, Br ‘Ely ths epportunie ae she when mart fret ‘When pric ae farting a del prt When pies tnt avi ile ean ares bgt ie bail ree This secriy aged th the cen, ‘sted wee, Tw bonds arene ousted hap in ow treme spn, an once prediaesreads a joled o ‘Soe iy pic ra any ete el ncugh dango {Errow may dor te etie markt the fw who ve hang thor capt andr th ben port ecko In tyohs on Mercier wat eapping up the fond Greenspan sta co worry Ht the US, enery might be oe esting Malin, bo st cain cot is dest the Fed and repr to up Long Tem, red the Fe chit oon Sate ist who intrest ates were th owe {Grey tons Wal Set by easing soe interest es roe ssh hike in fie pat tl the ular Fes he ad Temi saline mart she mone bce Ro prices erble {tad pres fsa, nef the oppo {ite bd nt alg ethan thy seal ave Somebody edger tl Ey Ma, Brey tv nh afer Len Terms deb the thi sear Tsay hori plunged percent rs exe eke ig mre nthe rayne tame ord ince scttor— thang ins fo 62 pecan to 74 perce Bonds Ewe reine. Dice veo, ning hedge fea a sh wre up tot nec td feng, ee or hl Sint ome ck kere pcan eed ore: Stetharswh had bet om Emp bn sling Slo Ahh evry bumth a pce ot move ere aes The swashbuckling Stombardt Ine $820 milion of bi esr Irene in mer four diy Groge Soon, who was ole 2 ‘erecting om iron cuvence, dropped 850ml ‘hen nto da, Tor Sweets uma was the Bat of es, One mein Aung the est ene FM ald ve fo one of his a8 near the wader cee JM man “I wave afer wane ‘henge towel” As TM. ew, pan inves otis be py sho an for he ei nebo eager oe ‘hy mere pune spread wht resting fs he ap sha Me ‘rch wa hoping eaplae"Thesal igh vanity the Then markers hae posal en antl wath wien hrc” he ship-to bsrarual reveling A Tier sonverense ant laine trading pean” bere heady poi. wd aay have asd to, Minter eat Teng Tem would cer smu plces witha of sone ped necro Btn deh 934, whch a Toke daring angen vey i ati, mente ang Tes tend makes he Wal See Journal bere that “possbank so invest $tco milion. Sch ete imply da mot inet | he, Rone, Hankin, a thy cae by purchasing een Bt Pantone Camps whe aes semen “Binmc of fine Raga pecan at for yea a forthe aon agency, thong of Long-Term ats “hedge” Thon tse prs the find ha abou bi ads and an teeing oration “with si epi.” ‘leks and Sto mion woh of SPARC workations the power restr were sly we yf owing the est Son Starsptes mines faved by waders denies, Lan ean a ode ral ane who paul wo Terns funding liz had need Stay bilo shor of Teilcepatead te oesune Mal Ses ame of Sing ues At Spun lhe age stare CGeenqun The lat wa impesine.In ap, Leng Te ine ‘Strum Brn fr Sos man, tn Eorpe, corel! he pit ‘Grima Dreier Bank, he tnciensein le Ta Bonk Jas Bae pate Ss bak ha pte he and v0 ln re cles or as aig fom Soman wo S10 milion. Re fable New York Corporation, scree orginaaton ny Stcrnonal Bakr Edo ar, was mesmeri! By “sede and sede by the pity of wining Maines om he Une Sse, Lager oe mone mt a dere poop thro cele aed trations Mahal Ovi the lad Shere vous del hal Kr, hcl ensue of Nike the Sree pnt ell preset comune Mi soy & Company and New York of excctce Ror Bele Joes ‘Goethe chi exci of Bear Sears fig ha Long Teen ide money nto) adem, wha the pokes: lls mat trl Known, wasn en sel S fs Univers and Yess Ue Try pata Sr mon exch the University of Paar bed “shoud or half hat Shaker Hei argo Adios pu Sealy chews ito Longe, Terence Salven, resin hom, ed Sromion personaly. Orne she ak S Decker Corporation pension fan, Conta are nf New Yk ter ase yes) ad Poet Lie Cen sateen bear ne Me |{hey planned wo dvr. Nik hie pore ead sound the te! eb ha teres woul safely ctrl Th re Single marke coal pl tend down The part dgaaly per the cbse investors fie i reaps ack th iti heads om Seana Ro se many asec chm In tho casa hike a "ha hey could do api. nthe ace of ach merle la, eracdaaly ge tha hey ee taking © ap ‘Sh, “Th was consti of people eke how to make mone” Rayman acy, Sw faker fand vc nso, ter By the en of 199 coments for mney wer sri rier sgh the fnthad nyt al wat wl cid ‘Shale The paar mora po bg bow he ind al Steed ra Saloon a ined them. Mera and Scholes might hoe adel marketing ae ut Hand wa he iy whe wld rae theca eter sing TEM. abo ifr parmenhips 10 o00 of ts loge gling sons, Richard Leahy execute at Salona James Met, a ln rind wh ad nde hom esting, Nek ther the ml of Lang Terms er trader es. talib ‘eygning salman, soul fe expected to dell with Wl Sree twph was parle Aer ling hens, Be Ba ve 0 igh {ign a land nthe Green, whic had eared ae the br Sct “the Shc” In conta to the egghead ssbrageure the ron-orn Mates wats tana whe rel fy he ga Bue Merete ke having sch fed aru Icing th ‘hse ply he stele and even eatin: Nev eal INE away ele ashe, Each wat ant heat ha tra done to [ALS beara fms vis mane all “Sue om the of eats Inn oe Waele ary in s994c JM. pl the nn! sng nae al Dav W, Malin, vie harman ofthe US, Feral Reserve and fd inthe Fe ray to Alan Greg, tbe Fed chara Muli too na orme stadt of ernst MIT wh had one tata at Haren were he and Rowe ad hee en Ms owl baker he pe Long-Term incmparabe ace oe Sonal bunks, Moveone Malin ad een he e's port ma th Mousse Th impiation wat that Meith 3 le Ml, lie Servether ote tenes was the Son ‘of Univerty of Arkanae present ad an ener popular le Suara Harvard eal e ha launch! hi case so gover Ulmer dase if mas cme stuck ain Aer the tos sock market cash; Malis had Relped wet 2 ble ibn ‘Whe Howse ep yng sana ane an he mew deans tty, where the nba cling bad gathered ment Th ea jn the Tessar, whee he had ped death the coun bakrap sings ad ans As eet he as ecu) aware tha marker fom fo pero pecing ma ‘hiner—perodal and angeowly sabe Our Reanctal fem Gucci trou creatine I Sogn to have ear tomes wth soe een erm eaten fee on Tem, With mote omnis eanding fs Taare hd thon he could have dened, als ag ha por ofthe Fas tsi shld be sing peat tuts hat were heed by hy at slept nll Malis dr ike han and was though to bes poeta sce to Geeapae. Nico. adh, hs forme bows x anry, word when Nalin ine {ger what he ws ding ith tone pat” nestor gh tro sted by dhe atom ofthe cmgeit Mullan, hove pe {psec on nice ay fave Ber ic ie hr ded, Saving sera ker Long Term anes parle cs fo ton the wer Soon, Langer wun crates fm the Hing Kang Lapd & Developeent Aan the Gover 0 fore Invent Corporation the Bonk of Tan he Bak ingly and he Kowa aston pono fu tn eae coup, Leng Tem ver ee the eg exchange lic of ka cenaSse of merely x mse in nas, see ot all awed by the fam Rack Sct ise, Frou, Scene foward Iethckd chai adi "Yue the reasoner off Ike yo me cn" The Comes people got hls ste meeting fed fly. Mere demanded that Schuler apologize, Hawke ‘Hough wae ano ew ig is some hing Da incr, Schoen wt fan Be strane at leat ha ard of ces ope al even taken hs lass ad ted val mca pa the fond. Lang Tens he explains trl hearing iy spread ch of thane res a Phoks nskl Sera om the sky sv Be spebes 9 Fe show "hen Scholes oul gin wats hough he mating st of he preps feting ke hare sade They ned My ‘owe you aay” aid Maxwell Bas ead of Conse ines The won of am Ontario denis, Shoes was lily schol Aelenly erepenerl be an othr had yoeen ive inungf bans entry ch 3 publaing 2nd seg stn {owing ae ching aba computer he aes shea tl a oe awakened the computers pet and wa poo ng dis ed rena parotid tak are poe, Sshle compu werk wats nvlle tht ee pr fics urged fm sick around a ake up he say of makes “Rit happen: cls ha ne in on of neocon sve ene Sly age ama and Meron H. Adler {te developing wt meld fe he srl en morn fe ‘ns the Essen ArkerHyputhers The rem ofthe hypothe (Seis ck prices are alae "rights tec, Sine he markets fare deca, whch, tury st Be" ‘hm For pret eri couse, th pple hth te bc atonal nd wel noted. ff the yp sos that every adi Ar and okie ie sound the worl tat encoun hem seas pos tidy ace of ca called Lary Hla, who neve pay ors A By ‘Eso any secuay wows Accmdg wo Ut Nido who dwt chs 9 hikago and wold er Bw wpa incment f Boney Shes pr of 4 oRandon Wa iSSred el aes bein yn He Pr ea the vancaty, nd he led at hong prs i the aed were Strpsed ote a ous that were ees show ER jeoieuuld buy all the hoses now: Despite i cd ‘Ck ner cone that he cok eat he mare Inthe le pean be por ela in sok a Derowed vo had ee ren ay hi ning npr. Whe be ark pune ir Bkr fra encoin and Bo ine Evenly hn socks recovered test me a phe Mra waste consort uric, Scholes Was lame fo Fading nga wy fig theo, He wa 82 foment ae rer we rec, erly rome Fase aie he ot nc of wick wer to ete be ay eich ign showed 9 eee spark Wit i paca! fear be made a seal eanution rv Salamon, where he op ‘keane wating ss. And Scholes wa 8 oem expr ok favo fn the Une Sate ad nerves Me regard tes actualy pay tate” he oes i on bee cre wee pple pret Shsppod dst.” Scholes co “Thowosld nor gnsoexremes tao pasing se pe thy id ee he Chg Schoo! mol of ran Pan hare pts defer eect the ris fw 0 {ear inode ott paying ons He hanged the ame Sah dca br the pars tended ng nh ae Tey Srerechormel by Scoler' egy alow de ee wes perp Sieomveoning hitting ups sports ach hing ao acount of Meter wh he payed wh ps "With Scholes on Bod th ring campaign ral phe ster, The fan dang sata pla ore neste > ‘ere thas annual etre order of $0 pce air the Faroese thers) would ot Beowe of each, Moree hogMeriva, who was contin, angling 10 rae Long Terms sie, wen to Onuha fora teak dane wth Bafa, owing ‘Bact Bula oeed thes wl ga, Te il hone was Nusa sttndyectuagng and prt ailing wie heck Relid by the county rises inves. LM. apeoaced Corin wha long ce ener sitar Salen se he ‘eating bk val erst Goldman Sache, Cvsne da Be he proper Glan econ a i veto pera ft tly Meoethers new nd ne, Ula id nr ‘hee Union Ba of Swit ok ong fk bt pede [Not wing tee hig funk hut, Dest his basa, JA wat tose about feng eat wtf she loop at Sm Hi hay Turing acco vo adnntags, LM. nent pu hind of fern fas ob Langer quasi putas ve the fond an inerutanal gh. Exh parser) dab thom ae inveore”—mou ive Stoo malin ad shares dpe aot ie tal mathe. In thor tess Longer wo repose. ‘The pln was pre Merwe, tering pectin y cl tngthem “rat.” Mr ved he lt sce lat ‘hry tht theo inane elanships cold te snercome ‘pened up 3 econ rack, wth JM epee cou og ‘ks we Meal worked on erg cla Merril motel the kidraing forward hy deg ing system of ede hat ered Langer 0 sci nde am ‘esos inevery mgt and ea dma One ede wa fo friaey US. vet anther for tno pest an for [panes wh waned hs pss hed yr il ante or a ropean incon whch cules on srs that were aed oan enchange fer go dam ingot Se Wash Sx change The eer id’ hacp the mane they were paper code hat hance he mony os ental nd, known s Long Term Catal Porfoto LTC), «Cayman blade arta. For al rca ross, Longer Capa Ponte was the fd wa he "hy thar would hy andl bonds on hol hens Te eile thee vor the find was Lang Tem Capa! Magan’ (FTCA, + ‘abr parmersp owned [ Mh parts hd wme ht somes, Though such complied onaniztion mit have i ‘Moded bern wae wee the ptr wh viewed hi a Sy tosrature compen trae sone ofthe advantages over other rar Physi of core the araey wee ome near ether the Cayman or Delite Born oes a Grech, Conese ond enon. “he pers ots beck at they tn he marking. They ante tthe fc ft ler Thar Bella prt st Sts ‘Thacher & Banle, en Rosenfeld ex amped Up an ade nk tha Dp ae wt Saloon "He tre down Pw of paper—Saloms cigs sttere The ek ha ally {ised to beak ut the cnings fo Aria, so Long erm il on pnt fo prep evr. Reading here ee Tins tw ce tut}Ms roup had em eopnae fr moto Silomons preston pofte—imore than S500 milion 3 yen drt Is hen year he fm. However erm wes ot ens Fersnde metre And dope Mery pea, the partners Isnt far hipped abut hese. Lng Te ee Fed give example of eas se pote str a Tie ie deat sera bon Miche the sai sing Mei ecutive who oversaw the fn eaing dept for JM. ope ay wa ab J thu ten ht fe waste ane asking or money. Exc pate Seno nth Mahl Me wouln eel te mae of he ks fe wan cag erste every dea kes eevee, With sh [ude en Michel could’ even lh nd os mes Although Micelle ht Mel cme sete te David Romana, who one capt arts for Mee wah feds He grt inet Movs fe, a $15 malin, ae Fated epi in ore rt ding th fod show, roy icing Shoe, Hawkins, td some Merl people tok gucing ep 10 Ind Ind Scho tare oe sho Bo Lon Tey od make Ines een sn rll ces markets Sade, Ane Cho a cheky tiny seal derivatives ae Maiden" Thee ae ‘har any opportu: the yy cet Kind of ‘money iv Trenuy its Chom, whos ace rede coto eck opin for ein. So, Teas runs a ae hing The Wall Set Jura, "Now yo can in the Blk. ‘hth desnnive svn Neve bln a ress ade ch Inthe 1x, Meriter and many oer ders same a toned to tadingshee nein otramens jt they hl tons tnd onde As oppned aed tect, dates we gy “enacts that dred have the me) tha vale fom snk ‘ah archon a ck sa spect pie ad within cei ie caine it see shane shat i sh eal wo Berar he a ecily bon ping. ad red the les Be tween einen fk and oer Gani intone ‘Suns weld of dative wool that Meron ha Bld Isl mde by cones daparte iver whe fought ey ‘ito of ered mops Pol Ink Mert sw Lampe Capital ot 8 he fr” 2 csr tat he and the thr parts seed tba a8 ath cl oermedary th provide capil to markers fs 8 The hank he corner borrowed fom pono ‘rloane—with abc aemprng vo nating spend by shar tngorrwers a slgly ghee ate ha i pate epost “Solar, Longer Capital wold hors by sling oe oy 1 bonds nd en by prong aterm fond that trolly les demand nd that hte ed ly ier Inet tes. Ths the fond woul carn spreads vt ke «Bk ohn of near em oferta Meron wa file an sing the fn: He wa too eos mind adhe ws by with shen Harvard Ba 8 the summer af 1995, JM snaked «acon! seme ae Myo Chale" goed ss lee 3esoyweght by otber ae Amie Scholes ws hte han om Wl Set eas tthe hk She formu, Scola ao wed a Salamon oe fr nan che tothe Merinetier prop. Ard eth ofthe os [io miso fiancs ach sa obo the short of Nobel Snes, ong Tem hl he equal of Mihicl Fan and Manna Akon te same eam. “Thw was mysique ake to 2 eer hgh cane” sans many anne wh mat svete In ihe fil of 19s, Men Lynch lace madcap die 1 set vets, Bc ets wee fr yous ee is headgear atthe lower pot Manhatan, where they were Shown a presentation on the find, sworn tv screy andthe formed oth tno Then Mera and ras gooupe of paar thr Show on the onde making sp Bono Ppa, Talhhasey Astana, Cheapo, St Low, Cicina, Madon Kansas Ci Dalle Deer, Lon Ang Amica, London, Main Pans Brave, Zach, Rome, io Plo, Boe Aire, Toys Hong Kong, Abe Dh and Sash Aes Lang Ter set 2 “Tes show satel hy JM. was taesmanie ha seve asi ated cht anything be sad would ery the pop ae opel waned tose eb [Mee led” Mews Dae Meyer ped The undetced Rene wast ches he rack te invests meal crane. Grog Hei, 4 former pop of Meron waste worl of Grok ers denn algebra Fete The porns didn know how otella ors ey sonded e Ina pofersors Even he fans ame ke pias only the ‘ins Meron Isso had ny suber of canons 0 by say. Many wer pil hy | Ms umes odes i nomen sages, Sone wie keel bythe prosper ser nich TM. was caval dlr, Instone sah 38 the Aovttellr Foundaon nd aww Conporion bad 3 paying Sach high feng Terms etre pee seed untested ee Chto the conslans wh ave isu and whe decide Shee oo money atin{king vert show eormons rtp since JM. did to ise + Kral tack cord sh hem. While ws kro hcl thar berg had acount frst Salerno ‘or caraimg, the wraps pots bat feo dake Even ‘estore wh hada ining of wht Abia Bad ened dno fel hd serous qual abt nssing with Merete x som Sere had een atone bythe SE te Move fa As Merl bean to char 3 sate for sing mote, FNL ‘sam han tp ol on Sal. Esc Renn lay in Vcr Hagin he in Sepa as enter a ‘on Saomon’ rag Mr when he ke te ns Un Ja Gey Hin qui Although JM stl isk Hiibrands wh wat tian in he feof Saoman's desperate pls that sy, Mereter asa aching pl with cen of his tp tier Hes fy som loyal to formes cles ara he veh inter the Jobo onenctnechtrman to anfeund,S tama fallen chon the condton tar Garand ive ap 00 fetimorios fight tht he was maging ih Soon for back pay. Tough onrlanks, Gatrund ka lye» ptr he Ar erage Group tt: ad en the kt om the rar ce. shal eden ones Bu fs he At Lange [IML wold fae osesesn som dep in gcse, A, mow cache han Gate or even his ‘alent bor ankralded young abiraper cl dle, epee {ness js is Bll plane thn He had this rp sect tt Banc he ‘eae tars rane expernen o an. Ths ne two ‘oro orca unknown santa fue he wane to eaie S25 bon. Th time, Merve met be sry op of seadems Haran Robert Merton tensor ‘ans conde goin by many ins el ha ted se. {rl peers of Wall eer ade nl Fi Rose the fos, Resend had persuaded Mr ese cont ‘nen dors neni i Amer bo lo arope ad As Mean wae the sn of prominent Calan Unneraty soiat th the spread the eet dearer tr sews, Rot Ky Maton, who hd sail the beh of xen i Shor ater ho as born, Merton ere coed the en of the Salling popheo” a phenomenon, beget hat was ted hy depos ho des ra Bank ota ear {Tote for isso prophet aration The younger en, tthe grup in Histon Hasson, euside New York Ci “Mua skank for seve temic approaches whatever he iale. A devote cre tauy meron ist {he boing cages layer ann ee ene pcs of vty ‘Sep amen sue Lie, when be played poker, e woul! Stare st dh come pups a ho off oppnens. [Av encnuate the sen hiker ace, he was aad the Teh Ter wher wo ha he “ke fo oer Sl arn a” hi he way a anya at Cal Tsk anther nee se ings lessor Meron en nt a erage a 90 at Who he New Yok mares open to ped fw boars aig cra wanhing he naka, Povly, het MIT eo STolyeconomis nie ie nom sco wees emo de the wing oft fed Pal aman, i pte tha tien eormmats cnr modes v7 should okt 9 ence fe pa “crib how ah ker ft Sd aan, “host cching Frown Ste Cine Uwe a han hes on wht Monon e Stet imped ee ma hae # eerste iets Meo lds rn hr ed en a yey to abet en atest 2 Ie 8 SS Serna ome oth SEIS ta een nse odg eRe rhc ey mate eta hen be wana eed ah el oer Ne pes wernt tomas wold cr be wen athe Back Stet rope ald he a De hat no ae SARE Regan en. er enc eh Reore he re Ot eCard Opn chang hd areStr sunt at avi. Who the mold wa ning ies ‘cts, what cold be more ing han demure St co Se the mae of» young, sophia de fd mage Asie. seal stopsany was nding oes exes! ese ons scam symbol ofthe rhe and he bes, Patan ‘cath he rin es hat eda: and maar charged enhanced ‘her alr for who oul or aay wth acy es nop he ‘cena eet? Not oly dhl hee fd mages pct 9 Tetshare of hiovenoeprfit thy gacly cain» pes ape ofthe st or sah ess the umber of Re fs the Und Stes ‘pln 196 whe the SEC west lig, sdf ETS thom Byte ayo there mere pete 5200 (moe re {he exact number spread song many sesting ie and et ‘pee Most were sally hey bed prays Syo> bln ‘eal compared wth $5 tion euiy ual onde Hose ‘einer wee hun fre They mere sering a aera fre eo pl van ha mae oth lund sles nor the oe faving ale But the most cram the dest recy the Stare: Tis wa cel the sr ae un Mert al nd ulin Alf fone Merneher envisioned shat Langer Capi Sanagonent wold concent on ae vlads a en markets Th Long Tenn wal! buy sme Bons and stl seme oer wal on spc betwen ao onder seen or cnr fr rts mi wae samy ht "han i Geman, cing that ay’ ds wee cape thn Imanysa trader who inven aly an Sorted Garmany wold Pott ad a th dierncal aroned Th say low {isk wre: Sve Ronde sual an fall msc seas don Inova athe bonds theme A with fone fon Lang ‘Term moh i thoy br unafecid markts rose een at here wa one signa lees: Marya ln rm the very ant that Long Tei wold leverage ail sey ‘hy ine een mre This ws sey ptf Longe ‘ese cue the paps Bence he de nee By a those mended sell were mo fen, mouse Take de Sent positon sachin spreads Lang Term woul ate eo iy is bt many many ins yhoo, The aloe fei state i {ppc o anyone who hi ited» plyeound Jot a se ‘hablo child ate cheater mee than he sould on ic ‘ony fncllevcage lies you “gta i, sour ‘hmingpomer—becene enables yout sm a feta the ap {a yt ve borrowed sv wall om your sn money. OF couse, Sow per elms mali for sre eso Lag Tr otey ee Fils nc wo aly reer and acre re ek: neds they mig be ie renening an eeu ha tel sed eee avy in 1993. Mester pid all os Dani Tally, cain of Mri yack Sill aaous aboot the fi anh i ame from the Mower flag JS. hnmediely asked, "At damaged fm" Tally sa usu Tlly pr Alerter noah wth the ‘Mor Lyk pple who id apt for hee fm and sho hectic Mori gc eo take wm be spent frail fer Lene Term “IMs dogn wos ageing ambition, He want thing ee hat epleaee Arta Group nh soba each bdo tae hap pts, bar wu he hacking of Salons fons in sap ced Ine, ifoaton twork, abd seven ‘hasan employes Hing done sa much or Salomon, Re 35 {er aout vg fod el under 3 oud and cage Be “nde perhaps by resting someting ee nd Sertocther waned oa sla sn: illo typ find wre with pchape pene 8 ach) Indo se Theat Longer tambo for wold be cote Iie han average cand spent wou ake 35 erent the profi in adn to 9 yeany yr change ena {Mow fu ok nly percent of profiad perce ae) Sotho LM. fs woe nil to sin 2b operat thoy pin othe freaching natures hi aration ‘Morne the fond mete hat ewors cam frat eas hee sear an tunes cup ioe edge Fd Ww. The icp mde semey fle markers rare apis Long TEM tel ve a cst of tal longer al t ould be the TN cou ell depo, “Come ack mw” Siltre and In pact em sears Kod pane eat all number of wh have pert sie the e920 Be ina Gra, know uh ahr of alae venting a wht Ferkap he fe. Unt mua ud tht mune come cus thee porerhips operate in Wl Sor shaows dey ep ‘ind argyle ssn yo forthe rh Tey nea nt ‘epstr with the Score an EchangeComisin, thos ome Ima Ferues Tang Corman, Forte on part hy keep the conte of he prin den Thy cn brow x mh ‘hey coon ama th hanes lend hem fen tmnt to these hing Ande mal and ye nate tir pratn with noth o diversion, bn ah eds fu te eco umpc ay al ofthe me exons species ca Hoa, cha opts date, short wl ‘tome high erage, an forth, Tn etn fr sch reed, heeft ii ace lest fw intr ned hey operate ie priate cabs By La strains cach moth a at 81 rlon, or pt fe handed ‘sor suing tht each has 3 ori of a est on. The pic loge tha a ap oly seal ro ‘cmon it Pest lonsirs knoe what hy ate Sg tthe oes eta is ut ‘int cn, hel ond managers were sompee unkown Bat ‘Sirs Quant Fund fear elated for “frsking™ the ak vi gland ad sng deal the pound (nce a lt {Gah so boris coup tha et in 38 blo prot A ew tear tay Soros wan aera oivtialy tor forcing {Navy detlations i Sothese Asin Cres, Thanks 0 Sort ind ew ther hres, sch Jan Reon ad Miche! Sembar, hee fund operator ace an age of dar Ing bacanercopa froin mikes Stomharde Deaged ha he an i lows war ane the fe remain Nason mtr “tan The popular mas wo owahbuch ing ak ks ht antured unized profs ose ren Wrbacrs College Bctonery dined hee taps nk ht tira appa Teter “he aoc tegen dere fi th expres wo deo ea” ean {oli the pons kaon x apes by Ft he be ‘ile Ths age ened fm the con of Seton aren ee {a bundary bina ws ne by Shikeyare Eagan hed im with the mane No ae although apy the tr oa Somest fund und Aled Window hs the te pede Merman parenbip in 14 Tough sch ar Shp had kong ben i exist Jones. a Austin bm Fre hors oks woul lr ener te Foe deed tencaale the market or by Benth by eg an, td sr. Like mos er, he Brg ksh dese tbe ‘esp ut he ao sl he sconly eer stocks At ket ‘hey nes por was “mart rete” Ay een {down wimpy devon alo ons portend depos i ot the relate he ahd wor Thais comervainc appa key make es but also one les hich apes othe neon veo het xc ‘hearing of Soom tat dc hee ns bss of heen ‘seat much a fi pia, Over in, hy expected to mak andkome rene Bu io rack te brik art Mp fr Bip cay hey mould ake ach aon ne than pale tk {Artie when Americans compared investment tts 35 oh seninly as hey once a soaring Rome pres thee ede and ‘hous deny understated 2 eu cache, for they ted vein found vows ices whe eumventng he waa fis: Pople a barbecues eed of ethingBu tr mate fds, tots muta fund was a>—cerint For oop of meas frp pl who summed the Hamp nd devotee es th ‘Waals for patron of he are and shar ines, sting loss the 1998 fa hoe that oeHEDGE FUNDted fake bl to he US. Trey oa unathoied shat 2 orem hood ation, Stunned; Mernthr she “fee anything ele?" Mower sit Merneher ook the marr to Gf, The pai aang with wootherop exces asd ht tema was seam thy Somehow dit nohng abe e- Aleh upc with More Me Sethe eyed ola hi. fe hed a nape he linha TRUIM door te dlaed Mtoe as hand worker ho ta sipped ce a ee enn care of he overmen ek “This wea mistaken an thal mee ba an err des ecu om by JS sings fallin In at, Mowe ma vou ear who—aaated more By pg ham by ele hoe or potit—had patty sll broken rl oy rhng te rputaton of Meine, ho operon ad the re frm mse oid ha Moser cre a en sash he easly slipped by hb superor. Quite nara, Menem ‘eal of Stamos Bon branes hae’ thought gio I trades had en hing he US. Tena, i ME es ter the fats ard fathom, Aw ror at Se lemon dover tht More nfo fo Merwstht had el ten by fr be Ba commited tons sh non, Though now Sleo deport the mute th Tenty ad Fe snr fr The canal se of an ua sco nt roe hon te mode wrong that ha pe "No Simpy dl norco worden he US Tas Test Wl Ste, mas ned ou Bate i en Onna ad came sh ew ha isn (EO. He immed sed the fra San soe, there anyway we ca sve JM?” Merch sey a te Frm topmoncymar an kw soc al as hesely defend him, pings thar FS. hl nately felted inthe sand etry te Movrthr in Sabre, ekled pn} fc at tld hi tate shold gu or eh ad ea And lst ort Arbtrage Group cl torched ie Iwan so amen, Mere fe man steak moe toner he mfered for Being frontpage sess “Tv aly sy. iospecine penn he ber med 0 Baines Week" The fal se or te os i dle [Nimed-dopt i hs pion, having done no ween. Ths pinta reg ae hmexea mae ere Long-Term CaP fate ete Mean wii she Area Gru reure ine 1S became a eeade Hiibrand ad Ron hep 18% ice, wth gol ak dk, amd compte, 36 he wee Ine ona exsnded bly, Deryck Mang the new CFO, {uch sured that a lng th sine to Memon, JM. wa tive a he potent sia. Sie sought ler hen Mer trier eed hl oes ermine be Moser aia ie rand snd Rownli, mw theheadh uf Arbirage andthe Ferment do, respects, bed for ML err a co-CEO. Maughan bares, as on sat go fr had sono Si eas ab aller nk, it Aeoge pete dpa ian hoes ded ope thc intessngly aered hime JM asene He wanted Sal {ofc invent bakers ech sun Aig, Mean By Saco mon, Mon rae tht sts woul hve call 2 ay but Hirano ne aig up be coaly proposed Pat recom Bosse brand eld trade devout heck take psn av m0 other rade col He SI he mars ie a Slinky of apes ‘oul ping bck was ad that only osha he ver seed Ferman na etamen othe fat ht he was or par Ba Sinn ince ta it devclop 4 eke ‘Dosting up was wo mh, hot manage lt Hien keep the rae he had. Exel ase pb ae reminded Se Iomne's manages tht whic Hind wae cite rans de tment ing ich ets Raga Arbarage el fel te Sinn cpl weer we down, The exces Inch ek i ade nae mais on the dy aan etANAn Rom PETG ACA anly!” Drive by fal layaly to Merwe she Abirae ‘Geo ume an eine thom clashes tha wo ete Aa other ae of Ssomon laundered, Arkinage nesting thew ist around Hand pred he in ciate vesier ‘aking, which, heared ith sone hficatn, ork hoe ih bones and wef co cary a eh Then be dated wh “monaply tems” af eer rake and ee lek shoud ‘ein to del or lnc The deer uth ws sha Hind “nds mates Arba ite rept fot ny eS tame alls wh woke oer es hr “Wa ie they wore apse de spc His a of 1M {eigs. "Tey did't ete thea that eer ehe dk” ivan and Rose cornal pesed 1 spre the wea oll eparment at stl Sc Aeon Arosrakng most of he mney. hey fly dhe oso reapthe reward Th 198, the rar Ron! Peta moe + Iti bl for Se loon. Gated eed, with al ost reputed ar eo, Seno’ opr se snl ily ‘aren flr Hisbean,wh wep rth nathan Femon The tentyseer ead word hes met code hata tame Sah alimage was sso woth pons He {ym perme Be, now 4 miro Sons Dd Ick hve, bu But co, ele. Tia ened ea emper hi patent young Tare and mb the with oa to eget rm, When ete’ poses les, [aLnnted bean nd Rosenfeld eo cent wth Willams Mal On Sn der panne to fear abo SslomensAeory. A Mera Toca nse nah Cota, chad a roger ese of {hc henscoman line spac tt oes be ad ge of Fi urtrone peso. He hr fi een casa esha Arbrage shld spurt from Salomon. He woul el ‘hem "ve gor lal tn people hte. Adana sue beng, rey Look tse pre nHarem” He pes aon olen Fecse, har not witht svg concer for ther depres Toh wen the nd arene, he woul el he he ana foe We haves bg ade os esl st a mt st wa 98 (ono Ini cash ft, Arbre di drop $130 millon ene Obes a anon se sre ote wath ro {ing awh Teva nay bu hey nrc sed Mes ter Ever race ef Hk i Aa den all ae ating do ‘rsd by his young ter, who snply woulB se in 4989 Merneber postal Gund 4 adopt forma under which Ivor mould ot pad 2 Wey 15 percent share of the ro it The deal maces nse ter Hib Nad hea Era ole Typ, EM. kt ham! ot ofthe ateangemes ‘Sing Garrod ay bin whatever be thought as fa. Then Ns ‘tre ha» bones ya nd tba eho i he gest tare ‘on nome phenarea 23 milo. Abough Hilrand modesty “mmr rie he in work and deve a Leni news Sy ‘Mogi 0 the srac lnm ment, parr 26 fevatheSatlorom dpariment ws pa wider such formu AG Chane tanger Bates parte and Salomon Ueto por The more hyperyend a abon mt ark ating mod.” Tegal a thy four ear ol rade ame Pv was coral Mowe ha or pao Atirage, bot acon of yar Fer ha ben ford ove tha caine et ran the Rover Ineo dk. Modes hay ame oes ss and anit monet Io sic yess er the storm ove Hands pay, Mover Trt Metivehe sd made stating confsion: be Bad submitAside from Mini ML famly 4 Sloman. He et ke is sek even for lnc fct ht matin waa tiie a the ofeach scr any a or fine, eey dy a western wat oe te Meriter ig olga sandwich on white bc, tw apple and a Tab ben Under sber dome JM. would eve of he appeal ay fertheonhe to oe serps vast of whew, The eo the Jag mh ovdee Chine fondant any sve ake on disk ML. hs previo trory nate, woul! scowl and ik es Tm gt fan ve mpm ask ad ae sy fice and work the {A misir among Wall Sets Wasp fankers JM. sei tore th the parshal sho! Hoh ow apo cha the rich exotic howe mune he had fd, alike ance inthe raving che ho wee fst Becoming ey abs of the socal pane, ciety iin stent he Dg hi str Salou’ leprae ed Bs Akira me more momy th gp eva sank Semetes spay econhssCane conta iver al hn aig meng get al ns ati ere Ronde Ere a ee sa eenalona tt apoyo nw od pee pasar, Butch in Soon Began ose. LM, wou ‘Sal ne of bs tyt—Hitrand o Visor Hahani=o Slam lice o i Tokyo of, an de emaary would ere, “ths rade srt and, ut Yu sul be on nes gg on™ aga’ were shi wens and ey might beating ts fet age Then hey ware sine “Dowd dees ee ‘eset thisthan anyone ce so wel nal of he radon te rage ek" Hiband wim panics atoring. He was formal an! pol le he strack ld and cose fat he wis rmathemanal ete, One te eer! perandesome Som ny trae tt hey sould onl pre flog 3 patem tnd uno detained, "Conse the flowing hyper tro anf be wee elering ae frm om bh cd in Tears hd a asus ie they'd pete dy shouting i ne, bier cron the oman nervy cycling 4 coe tells pandemvniam, need to Be myers, pevieged tng and pling ars poker Inthe cheap must apd th hee [eu ien, they cold ering chery peck the ot ade ile rayon che worked ata fence pase, The prop wan extenly pater t cea to have sloped J MLS innate scetivence a protve coloring, Tho any taer i tract be ders the profes’ ial share an nor Iton with hei Salonen calles foc he resent fee By Ie har pase hough premier bo aig Hg et op jmp research am and sey forbade ees Salomon iehw about rade One teste al PradeilBache red svat 4 Salomon morgage tener, which was cone 3 coop “vhs was the fat tig be waned?” a the-PruBache manage Ioaghinghremonered "Ansys? Beer compare system ot sre No. He mand fk onthe ing cabinet. ele he‘The profesor wet ila a red we wpe a noes: they oul ip 2 ham sandwich component ke ‘hey could hardy cary ont nov sven, Merete Med al, selfcomne placer thm so develop the ls fe ‘Mbringy made Arage nea word ps aca of Merete, the waders arene wit neath hy dla’ fel he ed to fate with oye ae Meriwether wo sy, “Wee plying gol om San” ana be du have wo a,“ ke you to fe thee The ete had phd elt Kfore,sch' iad nd Ronen ic Aenned Meriter ato ceviped 2 pation for horse atl ‘tied same thovowghiredy narra Be sok hs ters the tach oo He even Shepherd th anand san Aig ‘ry year He ci wate ut rng tang hous he ame 2 thr thee He rare hia le eB Sng prone fre aod he roy ty a thet oar fect Rene “Typ of Merwe he made gambling an intimate pr ofthe ou sired Ie The ahrgere devised aerate ing oa ‘ver gl weeks they et om he thy dy ips te Ine iy spt They feo lens, They fn sy srosed ther psn for ads When they tall st wat ‘hou ee game; ews seu the Pan prowl Mine ove for his adr pl a's poke a me hat imolves making poker hinds fn he sta nmr lat bis He He th eds he sh the wane honed thar Instinct and he would ge crksh and testes fo i ne he played pry stared fa at the go ‘ald py for bows eccasonaly fr san thet hn Sands fits, Rosen hep at cle safe th nde of snp len his sk Then, when So shat cere le er crpping up tb often, he id yw lean toon gute to penerte rand lef tuners The Arg Re sexed ated to gamble “You cold ow nee vik FAC swith playing ir ok os hs wold phe chek” Gerald Rosell, Salamon chet ha ce tea. Metiether was» foo planer snd wr win Fon Rowell {a0 elton who had an inetable per fn. The sae sro iran a Bro Ital He wa spi nd oe lang toe never le mastachied a ery neg, be ‘Mla detacear tet wa lat extabuman, Ones when aked ‘hte wan awkward vet le who worked a orga rand ded He aoweed a, “Wl, never alk “The Ara Grup aoa ene came icy cove They atta uber of dee ne mde of Smo an ten ow, wich wath mode forthe aneme ank Tom Woes The Bow of he Von Randy ile morgage taser sn Aira founds lq aspet antennae ‘ketone rete ke rr eset egal edd ee ‘ter arco even gl wth an. Bat ey fw Wades ead hoe Sth remained al ut worships Merc Tey ape of im shed nea of» Mons who a bro re Palestine enor challeged thr apd made thom beste And herons ‘hem wth eae yay He never reamed, ute wou hae teed fhe dT he wader the toh “Nt hat S25 his unaing sagaetwere a8 power 2+ any ewe leer Suk Be Though he hada privat ofice apa, Menthe wal stom the trading oon aan dea goed with hes, He wh ‘hana white doing Eredar wae an spe hep In nan ateng en He Md 0m ha be never ie ye who was sar tha he mas: Hed alk abou hie ‘a ben one sos baa he ea ein itr wha the ots were dome He dd ul the mde, bu be gape ‘that he ol were ing, An ested the mel ecu ‘psa bt hem: One tm dr mati dy bo was ing Irony on 4 morgage rade ake for pein ube ty sd UML pie Hater ofan. Don you want tk are Ie the eae [NE so "My ede wan when Ted you.” ‘Mesmther ad mated Min May, rns gue mn Callers si and he to ofthe ive in mds Sw tearoom sparta! York Avena othe Upper Eat Sle. They sad cle, according wo 4 clkague at rene chidesgam, bur Meriwether icy mow him nt the_Arbiage ‘Graphic cure, wath eit of he fe Lamgterm ap ‘al The gaheads imme rk w Wal Sct. They downland ino thir computer af the past Rand pe thy ol ge sh hinds They delle he hon ioral elas sd hy velo how thee pss have the fe, A en wena maker pe somewhere, sm ft ou nthe cm er mes the “he mol ddr hem a hey prided coe argment lor he aman computer to sons, They sed Competed world abet yield one-car Tesi me Ws {tein han ndnaiy as tothe yl on cat Inaye the spread Keene the wo at unl ar ‘ith a sr spend for some ache couey’s pape The move need the mets nea pointed nguyen of the gp ‘Si, "Gin he sit of things arn he moet shape eld ars, slaty, nes ener—are the fancal mates mang Sater hat are imo with ich her? Ths hom hey fled, and eis how hey though. Ener pe a semen wo statement were in coals there mi Bom pray for ‘ieee The whole experiment would surely have ale, eer ft happy srcustanas Fete rer ea Ty sk ‘er koiting nd operate weve pol sl in ewe ‘artes suchas derma, The profesor ake porns as ‘neocortical rs wee correct bone woul have anything te Sone the ets ey ‘eae in mee sill eng thou, pies wt cy core aod thee were oppominite pen. Mowe the poke ht {oth job an ading ce eared rn cb tht en iM parks ten gt more ier In prt thy ewe, spreade ewe sel rk und oak rad arom, Th flowed lls toss seas rfl pr the uncer that atc ane ae ‘er tne it mart dec mone thc. lb de ‘ould he es vole hore svt yt he Priam demande y invents woul Yo ah ha {Som forint spade on swapped ade which more aer—sere 2 percage pin “Thy led at his sit su be ig heen he hat ach Fk 9 ne meme of Aire rll. “They so There noe Uc toward ore efit rhe “And oma sea dl ihe tpt pe and eve aya sre ont Alo Wal Sst hl hen, cing te Salomon government ds rn hy he nreasing wary Coats: The Alfons wax that Memes Ata Group dl ery Uhl Ht rade went ait she the aera eel the ‘Serco Hibrand merely rou the het Backed by it Inde they foe eta Han others das vine ‘Gn tag ne ven smh capa he youn Rives rm scare hey sold do wrong aml Mitt whe eles irumeyed yo cade ofrecer wack lene, began teers ene wee ri That mas the secon! happy etcmtance the professors ha 2 proto shied hen company pix ad got thr the Snel tread, Bar for Merneber the experiment nl hake Ske renee were simply fo otf place irons 0 ‘ipower wo rom Chany Hil New ks, as i a ade Stam of Al Gore aoiy whoa e acid the spor “Semin suetions wih wor and technical mathe iste epee Once ori the erage Group ed {oral Hind oto bing and sling ean pa of ete Fhikeand rel vf conducting ori “Ba hey are pred taney" Hic clap, acca tthe profane hater be tding flrs ack" wasting the save thing “oe” Surround by uel rade the arbrapers were grill Krank ee cabo profesor who Dt an ‘Re eou's mos al the arr of salon. Rewfeld ba fury nae of hoo, bt ia whch many f he parte iad one ov cal, mh es rate ho ar HT, e wa ay ‘erway bad the parila gen o ing this group co Wall Sega ve tit ima compen wld ater mete. “He took a bunch of ye ho inthe corporate word were cones Teak” noe Jo gi, thn am seman Baers Saloon “Thon ys woul playing with hese roles Bll abs swe fr Job and hey kn 2"‘oun on, years aes Long-Term Capit: Bt there was deen lesson, equally alah, he Merve mig have awa othe felon snes, had hs sec nec so fest we Ising trode may well rp aon vetuly asmings our,Sa ‘as propel conc hein wth she tur cul re tom ete to-do the tar anv planing, a sours, tht fe mht ok ithe rin By the early aos Merve was one of Salamon’ right yung sts Fs shyes and pacabl poke fe lye perky hs Skala wadce Wit Bloke Saloon pres wh ait tere hin at" hs te sap mando hve nl ‘thar bes ening,” Mercer former cleo there Mul Ls ecood hs stcment of Mester nL Pater He wore he sae lak alee expression whe he fe id when het Hea ink rf iy oes {ol hee ema ha commu dest tah eae ad [peedand made hiss noble an mn wh prs ‘eres fly san fe ew pity ha he book emphases ina in shah Meriether alge de stan pl onan Poker for So malo. nor merely fens tsa sen ape Fpl ht bean canoe Merc fr chicos at te his! Server wa he prt th shad sme, He ‘es cats to ale epee ny ut anal Hs Fake ‘rund, his family his ene par were rah» Hat eo Kegues ate si be had Se Th wes nese piate ht even whe the Ls en tli ae ftonepage ne, 3 Now Yok Times wether on eerie it Meriwether ay lg eed fons mot pe tom of ends who thowht hao chil’ Sac wae eve abe for ae, ht tmx mss, Wha Mer ete Iced: Be mast hve ene mse el te Ike the nee had developed o hk sei ont ‘har wou Sisigu Salamon fom ex ls ol ae Hie solion mas deeply samples Why sweeter? Traders ho wl ea mths ‘inne, 38 oppo othe floc, uciniie Neandertal who ded om tr lie? Academia was oming wth nerdy ate Isaciaoe who faa hen ping omni dserttion 0 Ith for ex Wal Set ha stare eth, onl for Tecach whee they'd beat of Rams way, On Nal Seed ‘heads were stat 36 “quant vit forthe man's ame at lig, Cra Cut, Jy Reo eres od trading at Se Ino wt ype pe of rat Boral Heal, bandos, etn ang th ces Saree a en got col Ie it he a! ple forward on te Rake ema ea ding in bene jth clement pion thst Mer ‘ter ated wo enn: he rte the ool Sipe of ash thar gous an gly guanatie approach 0 marke ‘Mow Wal Sree exes were mtd y the sade word but Meath sath she mith a0 MELA. from Chagos wa Sinontable wth That wold be heed ta 198)s Mercer Sill Ee Rowenta suee tured MIT Hamad Busnes Shoals profes ce ened cool come any he ten The on of» monly cco Concord, sha “Shtcs, mony manager Rowell was rp rea ho ad aheady bon sing quate meds to ike feces, At Hamad: be was sting. Laconc and dy, Reena com Peli brht bt ewasthan commanding in slo. A dwt elke Ihe thi, ees mone. The wet Sere toh a hs "hey ea the tut iy” acorn 0 Teer collec Roses he was grain scam whe Mes ‘eter called and wan ing, 2 he ral, oughly $30.00 Jen, nancy offered to audio fr Slmon har Te days Mervete dd’ sop the. Air Rosen, he hid Vico Haphan; am anion Ancien fiance rm the London School of Fconoma Gregory Hawking am Arkon thr kad psc Bl Cnn campag fe ste tory ge Srl and ad then gre 4 PD. nace fom MT, nd William Kraken tne, mathematical minded economist Sth MRD. romance aga -MIT apd clleagte of Rose {eHarard raably the nerd, ad surely the snare, ws Terence Hiv, who hd ne dees ot MET. Hibrand ws Fired by Salomon’ earth deprme the anal hme afthee were new nun cm options ew Bonde a ast ‘wher proesonal poo manages weve waking pad nating to wad thom. By the end the 1970 fn sacha Saleen wa ssn and ng hon i ay har Hanes bad eer dead ending morgane roster stance, ad ating then te ‘ese ily chewable cant, “The there chage was the compe. As lta he ofthe sr, wheneve tes wanted opts bathe would ok pina dich ble fon a 06, Salomon ied mathemati, Matin Labo, eho gt Salomon’ fet smpa. Low he Same the sont popalr maths i hry. es seed ‘the he nd marker ws sod Sakae bo lon Td tine wpa hough he a ky ed nd hn ot and prises that hey mow ned on he dbl By th al 970m tiem hod thee wm rade handel caer, wh sy ‘chon the tye the hond make ‘Merete wh int Silom ote Bang desk, known fhe Reo Deparment thee ast 9 he onl wel we ‘opsy-tury One pete nd ciel lm ey he bod woe {eis pobating with change ad oppo, pally fr ounge Sharpeyed arate. Meriwether, ho de kt sl when fe ative NewYork rented oun a2 Matti the hb ond ‘oon dave that ne ware made or im, Bonds ae parte Ur ape to mathematical eyes beau ch of what rine tie ale erably Genial Esa ew fos Sieate ahora’ pee One can fe leaned fom the cua he fed you can end money 10 poset day, yor py = prem fra fn tha ied 12 pet, Hae macho a po inn Tht wool pedo he tnt fhe hd, he ng the pment yur oook yu ave oe) forrest ae nthe ‘are pla apne of wee dered by ter har ach hater he bod ale, converble ul foe “The othr factor the kof tank. In mat aes tha Wt sencly quia nor si sry peat sil nex, Coral trea od ik ut not saa Ul Sam. Henke ask Smelt rier than GE; Amazon.com tral. Thewtore tod investors demand higher tres rat when they nd As. rn compared wth Gort Bl compared with France, Deciding how mach igh the hero a rings at he or eet honda on a mathe, The ki he ha, the wer she spends the greater ne difeece ewes the Seddon cand the eld on rely ok fe) Tests Geely, Though ot aay the sed licens with neta ‘evo dead thy biher lon wei mw thao "ht il Bese the wean ete "Ths re arth citchin of fa trading they ori ast syrah ating. Ee 1 ear, he Feterdhin bones with ucts tke x dy see Seng From, the suits Sslomon pti to tan goverment ages Feeds Sow fee New York ity ey deed, ad Ye sea cnr eras agen boos sar, Mest ecko tha he fatal he Bahl he Bnd be cl See id coneact, sarinpotae shen Salomon’ eo. was the model at eng er Capea wast ele, bik rk the ao) [abstr inch Merete woul senesced yd tirable with ing be sks, Agha hed hays Traded bonds ts primary locos had Bethe reins baer ‘thing al slg ond or catomers But he Abirage Gr, Phe pkings wre rh, Anon he Eakin ade, he ene ht 3 “frcni=say hese sft cna ad the wang Dn eee wo fondo converge He eld abo tom opera soe, but conergene ws Ws damian heme. The people 08 the ute de of ha ales might bere, banks, or penton, Meise wudnt kno, ad sully he oun cre, Oss all thse her invests ht et sare and witha the ap "ak cing spreads wide urther an sing Meriwether ne te poe. Eseuly seat cate ha wa he leo be ad leaned fom the Fon aa, and tan kson he wouland looked his dive end comely ress He wa ker mo 2 roi. wl Hed but mors sandr He wan ec vera “nought neighbor nem ich would hve be el tease en sting at scape Mripether alo ted gate bat ony when she os wer se fel hi aor to pve hn ae Cami nes a Feld in whch br cutaeappoach wa aktaking cole apie tmisadvantge He lens fet hs a ht ply Pack bk he ate courey of ar plying ranna Praying are ene ofthe ly he wo eto the hia ba ot ‘i ego the meter report oe ne how the win ld wing's Wry Fed a fray ie nent 8 tele os, brit would bern sagt he oc oa ‘tha peer evento Meth him ta his mode ule “estar ied hy wan + Horas Ale ha dese fo lyon ‘Wal tc. “Jobn sh lc oer mace money nigh cha ung tock smother ald dies ar "Th fase ads im And that wa a, Meriveter made hs cape fom Resear by mens of sings larpasonsnorimesing bet gle From ane eh a kane thecoure at pble psa una pastime fora Resco ay He war a andor mur ofthe Manel cho team and ce ‘won the Cheap Subutban Cathoe Leapor gl tournament, He {he eaddied a the Fnsmoot County Cab, wich invoice Ian win or Bax side south ofthe i The sper Flssnor tok inet he earns kbl Youngman td it forth ish player acne pve One te erm ‘ers tabbed hi for a Chick Evan scholarship aed fran er ‘vette ole who had had he apy dea enon fale scholar for cae Meriter picked Northwest Univer in sans ina on the chily wees of ake Mh fa, rene mies ahs worl vay fom Remus is ie Sey upto shen had hight two ahr coniacng ses The Ts asthe eae of welt Be deed fm fig top such 3p neighborhood or chr rm egy hg tot values and re: Onder and cae wre vac in hema. Bur Second, Meriter had learned a deed ena low handicap at a game hat aad ce onthe Hak ven ped ‘er Norse he ugh highchair» yr hn ott the Univer of Chicago for asnss dee, whee a fain tamer sm sad on Corin ae Merwetbers alo {Wall tect wa one of sasomates Merwe worked hi 2 "heh snes schol ean aaa at CNA Final Corporation, and gradata 197s. The tex goa Meriwether, now 2 surly icity acen seal with bguing eyes and round pled ‘sy a ey Slr ee lama em at a ‘hevene reat hangs tht were comeing bond makes ee Une the mies, bond rain Ben dl sport. An in ‘eso faut hen frm the tot depart of hi oat ank,frsteady mcs ar 8 aga the nds eae, be ss genraly apy with hs purchase, del he ase any ‘her tho, Fee invest ssl rad bons sad the ton of nugng bond porta tosh 3 hgh rrr ha the nest ogy bat enchant eg hat at "pn ng oc sachin ene The rig bo gh “ea Salmons owe Scary Home Hard educate ca Cian alae the panmer Wile Homer na of Met toltan Opes saprann Hoa, autor ofthe maniv ome A Hi Inyo Incest Rates 2000 nto the Preset, was 9 pena ‘Shlrnresdon Wall Serest shat was say 9 dps Temas mr, a en conan thon fda, were chat scr hy fied longs: fed cure elated eet fey at a fed gold pce (5 a oun ut the epi "nm hice the Wes the ne yon denryed th cry ‘er ever, flation von od tre rtd thon le dad bonds, Hows hen pce ft sere atv hal eer value or ren vat the Unie tates fed the gd fess then the Arab cmd fanless ached Syl of iy he ankeopey the en Corl Rao, “ich nas wks ovo y Bue ship cco sce te se Unger emf ending pat. Gradually, goverment a he lots wer forced wo dope ection om ire ets sl ‘eros Th wold of fie ath wa dead. Soybean suddenly ened gun; money was the bo commaity ov. Fuses encharger devied new contacts fiancal goods Sicha Tear ile sd bongs and Jaane ye, and everywhereand indeed of every arbitragcur who has ve pled he rade Felsen dd’ Bnew whee the wo antes’ pie wel go 4 on ap Ecko de sare A ht mst an wn ther pres wou change rane cach other 1s binge bil ures ad shorting hat btn # elne inthe pee of the ata il, Een ely had ts sm cichinoppoite Gets.” Depending om whether pies ed op ‘dow he woul expect okey one ee the ote: Bur as lang he cheap srt fs Uemore fr ys eee) and the bil ek pot caphiswining ade wale reste hn hs so the oer ee Thi he Bsc eso aap surname ply with suse. As hemade ae mes he ada ae hak, Fr some ee in June 979 he mrp wa ever fates ot mone e Femi han bls. Confer ht the cso claanip would ‘eset lf Eakin po ey ade Ba nea on ‘ewig the ap widened even fr Eaksinwasi th ne Ira ah and Ream desperate Meriwether ay had happen, bad em set up & bo axbrage pop wth Salomon He stuns tht Esc ‘eae mad ses, ecaase sero ae th pi shld conve, Bain the meant Slomon woul be rag en fila of opal which td ony at Saoo milion. The pris ete ‘ero at aprenden Ect potion, Porte eto le of wera, he spe conte wy a akon safe Serius om The fr capital sso sd ob ne Tet tide he ea partner nae Alan Fine and exch siteroon the pater weld erly te we oF iow mach they Hadlow Meriwether cooly nse tht hey woul sme ut hen “We hae” Joh te, the nas pare ‘eld bim, “ry fe re.” The ices di coer and Slo made abd, Hay an ‘ne aed incl fur then, ha Meier undo em ewes promod to ur the sry nex eae More pores lie ston the napisy tll Dome ied Income Ae ‘tage Group, mn had cre blanche todo spend ade with Sa Ian's capt Mermcth inatbd ound ik He wk ors in 1947 Merwe had rown opi he Ronemor wcton cof Rosnd my the South Sef Chip a Democrat th Cate sons of Mayor Richard Daly He wa oe af thee ‘Silden tur pro aor exe fay nln ow ox Som am alley. teal the ee gba wos a Nermeher knew virally creryone i te ary contained Swed chat eee son the Btls shops an ph Teas bordered w th eat by th ks tein Cal ai toad andro the north by aed board ees Beyond which ay 3 an oft area facie Wt wate 3 po eS vad, cereany want ech. Meriter lather wo 30 mean; his her worked forthe Baar of Elacaton. Beh fares wee rc. The Merinshers ved in 2 salah, Gaon Feat Roue witha ein awa and ay garden, mock 3 mos of he tein di Everyone sn hei cen wo poccilsh few who did't were oraz a5 “ps”, Meriwether ated 0 1 pl le shi ad dark bey ae ta ey Salle Ee trary a ltr Mendel Catholic High Schl, eagh y Acgn ule nthe ents, to nel the knee or ae ise Tcted wach» Joeran sme Merete gee op “Somed'to'tperaine seme of oder Av one of Meriwether’ Trend» baer on call, “We ete at got around 3 [Hemenary| col tame the ne wold punish you frie ad Sow be son Hel” A for tie tl desman i nfl nest ha the you nen Rosen hd ves to lleg,Dvome a ip ogo il Merete ado doabe Sh isch day fh peer ule or the National Hlnor Saxe, song eel ih ark in maehematice—aninpemable bjt fra nd ede Fehon te onions of maton apered ta hin, Hewat ver nde by sera of resin aif ep of rus old ‘te the rr slp. Akhogh Meriwether had of south cecum els he ever gi in sete ouble Pra sith bis etn he ep any eke imple icy ander rapMERIWETHER THK Homa off ht Job Mester done Salomon Broth, ws tore your kes tl thy Tene ina gains is vse wo agin che mento Meriter re liom In 199 sce deer named Esk 8 Cs ‘eae, hut Ica vay ot” Esko pleaded th hem. How The maton wont Ect trad in Testry bl fc whch a hen sags, ae Conta that pide the de 9 US. Teta ily fixed pric i he ute, Thy oon traded igh cunt he pre fhe aaa, ning al ‘hey wuld owe ow senna thik hat he pen trun conere A he wos bal apc he ae ich ‘he moet of Eatin’ bana of Long Tem Copa forrestgh er che he markets woul sop working tha aig wo ‘Se thi he ys nlf oul oe ering ow Tames Cayne, he oiarchompng chef eee of Bear Sars, ad eon vowing ht he would op learn Lm Ter ade Svhch would pu roof busines he fn eae cash ll ‘alow Sy milion. At th star fhe yea tha wd ave sed ‘meer Lan Term's capa a he 7 bln, Bat ing the ft ive wk or sce Roi deta, LongTerm had fed ning seedy te dy ali ly cpl was de othe The fund had sendy nd Waste Ba or mane Wad one ‘te George Sor lead gone to Mee sac One By oe st had fue every fan cul thnk Nw dm lat et ‘Tar wos mh. hes ther smomoning alan petal a ‘ig lien, MeDonoog had vod the bake W each tc mov load bods aida th rest cou 3 word pans. I they aed concert perhaps 2 eatastrophe cold be [Noid Alhogh McDonough dln sy we mane the inks tore $4 llow apd esc the fn He wanted the arte baker eht Lon Ter ad lea case he ote thon enugh tobe, Longer secretes cle athe {Gam had tated eerie ce on Wal Se with eter Jah. “Marl teh the that ha rot Long Tr to nad lone ered oes pital, mutual warding eatin seh the an Sod ay eter ak Ba Longer a pra ‘aly creo oes he bake balay. The banker dl not le thar the once haus Long-Term was len fr thee ‘nd he bankers themseler were hang fom the tare that ang Term had eed nls. Goldman Sachs CEO, Jos Corte wa icing wee by ha partes, who were ord by Goldman's rece trading hoses ad who, wre Corie did want touts mining apa op competon Safed | il chaian of TaskeSalomon Sth Brey had wierd i Insta. Wel ws worried ht the Toes would yeopare “owning gems Bs strom caret, He ad ese shud fs ‘marge anew year cae had hen he ach pd ior Meriwether caerand ws ot en ol og ot As McDonough looked sound the ale very one af is asin gente eer ele many of th dey on cont Tomtom: The ala ofthe Boker xk a allen pro Teak wee aad yas MeDonoug thi he obs tc the hd Kgs met with dealin in Aa, an had Sado Rol, Bes apd mo Lom Tem Capital would em Word Ful coma of Lehman Brother wat iin of orth company maton the vere ing os ope retest Lange, Davl oh epee the pt Sank Union funk of Sites though is hank was aed stare dep thd olives Lan Term an hast fered an sen Thoms Laren Chase Maan hi spn sone 3 Yan othe hedge fond of 8300 ln foe Lares hog aout nes ore, he waned ha fan ea ‘Divi Koma the port Merl harman, mat worried most fn mae fe eth, Meri tock ha fallen y bal Sh of nar vale a nly led a Merl had ‘alee hocking nd ang loses 0. Now own ee ai cra ‘Kaman, whe person hd ict at $1 milion nthe fu, ma eee ofthe sos tht woul eae Long-Term cl Tae Bt he bew how mach any there won the oom tomar Lolo. He hop he nie of pei the Baer "Koma rece hat Cyne te maverick Hear Steams shel ‘sci ould Bea prot plager Be niche Lang Fes trae, Kew the go fhe Beige fad heer shan any thet es, Ate eter bakers neronly sed in hr sty Hertel Kemnay number wo shed Cayae whe he ‘Carne soe his poston lea Bear Ses oul noe inves kel in Long Team Cantal or a moment the hankery he eer of Wl ee, were en And then the vom expelingon, whic trun bythe oraclar Alan Greenspan, Willa J [EDonough, the cy pei of the New York Fer eo enker at iad fcr McDunough wat Be hears the gmp thar rade sae with one tether He esc want hear abot anything ht mit wpe makes te etre he Francia sytem, Bue McDonough ist sty inthe Rago. hem ins aml wa. would ake sei pehape wa And nthe Fest days of he star of 998, MeDonough da ered sonia asl The wun o the roubl sel 0 wl soupy eat, to te inigcnn Burnt abvays tht way? A load oft limped nts hr a arte sh ad suey tnd “Rip with beadguaere in Genie Cnet on br he fyi rs Wal Sic TCA managed mane fr sly ne funded invest employed ot et bended people Sndstrely not ome Arena ns Bune ad evr heard oI ‘hed ive years eae LTCM had ot even este acon the Wedesy alco of Septet 23, 1998 Long Tem de on sn al, Ons ie st LCM, Non gh Bad summoned" the Fes resin =the laser Trae, Bear Seam, Chane Manat, oldman Sat, [LP Mogan Lehn bothers Merl Lynch, orga Staley Deas ‘Winer and Salonen Sth Bary tra ae he ora the Fes tenthfloo barn fo hal out» Lain Ameren tation feo onside a cue one of th nn. The chien of the New York Sok Eschangs jin them. dd epesetaes From major European banks Unaccstmedt hsing sh age father he Fed i not hae ough erased hat Mounds the shel executes ad to sare to Flog tl ‘Although McDonough wa a pub afi the meting was ct Al ara che pice America was inthe aad as ne ‘tion rea bl wrk bough cent any Prev umn chad seo some hacking Since mi Angst when Ras {Sth eta on rae debe te plabl ond markt pe ular al en hh unseat was wy McDonough dalla she ankere Ling Ter 2 bond ding fm, was the rok alin The fu wa an by Jon We Mercer formerly awe own eer Salou Bethe Merete conga hough aon mi reste ha Ben poplar among te bankers wax cae of Finn msn that he bankers had aed oe Bnancng eo Lon Terman had aed on ihly pers tems. Bus Menwether sss the publi se of Lang Fem The hear of he and wa oop of ean PhD ceil abraears Many ht a fe Profesor Tw had won the Nobel Pre: Al them were ey Soar Ad they Roe they were ery set er our yess Longton ty of Wal Set. The far ha ake peur of me tha 4 prea ea eh eigen sais nie a esa Spin ha prety en ale ola am ceri word ‘gr co lvoe ao oe hey were the ey ee hat "Ts one ciate ehirage fd had amas an amazing $100 tit inser tal al ot brrmet—orome ha om the fanker 3° McDonough able. Ar monsrus as his indeed mst ws tas by no means te worst of Long Tem probleme The fan had eee st sesh feria conraes, whic tad endl increta wth every funk on Mall See Those om same tan 81 rion worth of expomare TV Long Tem deta al of th unk in the om woul eee baling ove seo contrac wh he tere ge x ‘edn othe wor hey would be expel to weer ard Smenale—raks Undo. the wl bea Fey eer tok shee cape onesie gts i ed 1 ‘cole rom Lag Tem, anise ed ae marks, bu deities wee rails nee Regus had worried aut he psenal ks af hse venee Pea eure, which inked the stony finan one Complex shai of resp obligation. Otis ad wondered ‘wha woald app f ane gin the chin bow a No