Tuesday September 22, 8:30pm
Apart from festive occasions, the fortress-like Federal Reserve Bank of New York has seldom hosted such an illustrious gathering of Wall Street heavy-hitters. It included Sandy Warner, chairman of JP Morgan; David Komansky, chairman of Merrill Lynch, and Herb Allison, its president; Frank Newman, chairman of Bankers Trust; Jon Corzine co-chairman of Goldman Sachs and Robert Katz, managing director; Deryck Maughan, co-CEO of Salomon Smith Barney; Allen Wheat chairman of Credit Suisse First Boston; Philip Purcell, chairman of Morgan Stanley; and Jimmy Cayne, president of Bear Stearns & Co, and Warren Spector, deputy president.
The occasion was far from festive. "I sensed a lot of fear in that room," recalls a participant.
The object of fear was Long-Term Capital Management (LTCM), a hedge fund that in four years had built up assets of close to $125 billion on a...
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