CHAPTER SEVENTEEN
Finance
ECOSYSTEMS OF EXPECTATIONS
DURING THE SUMMER of 1998, John Meriwether, the CEO of the multibillion dollar hedge fund Long-Term Capital, received an urgent phone call while on vacation. The month of August had been a nonstop roller coaster for the world’s financial markets, with Asian economies toppling one after the other and wild gyrations in the U.S. markets. By the end of the month, the roller coaster had run off the rails. Long-Term Capital had lost $4.4 billion in the space of a few days.1 Meriwether was ignominiously summoned back to Greenwich, Connecticut, to begin arranging an emergency bailout.
Crashing Nobel ...
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