Inventing Money
Inventing Money
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Summary
This text tells the story of the collapse of LTCM (Long-Term Capital Management). It addresses key questions of the role of science in finance, and where this development is likely to lead the world financial markets.
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Inventing Money by Nicholas Dunbar
LTCM (Long-Term Capital Management) - a portmfolio of bonds worth $100 billion - owned 5% of the global interest rate swap market plus other derivatives, it had a notional value of $1 trillion. The people involved in the LTCM were the "dream team": Robert Merton and Myron Scholes (both Nobel Prize winners for their work on option pricing), John Meriwether (the former vice-chairman of Salomon Brothers and one-time Wall Street star of bond trading), and David Mullins (ex-Harvard Business School Professor and previously vice-chairman of the Federal Reserve). Even with all this financial expertise, in September 1998, LTCM collapsed, making financial headline news across the world and requiring 14 investment banks to provide $3.6 billion in cash to stop the fund going under and dragging each of them down as well.| SKU | Unavailable |
| ISBN 13 | 9780471899990 |
| ISBN 10 | 0471899992 |
| Title | Inventing Money |
| Author | Nicholas Dunbar |
| Condition | Unavailable |
| Binding Type | Hardback |
| Publisher | John Wiley and Sons Ltd |
| Year published | 1999-11-08 |
| Number of pages | 262 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |