The Russian financial crisis began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe
A graph shows the USD to Russian ruble exchange rate in the second half of 1998. In the weeks following 17 August, one US dollar went from being worth 6.43 rubles to being worth over 21 rubles.
Long-Term Capital Management
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Long-Term Capital Management L.P. was an American hedge fund which used highly leveraged strategies. In 1998 when LTCM was on the verge of collapse, the fund received a $3.6 billion bailout from a gro
1998 Russian financial crisis
…Great Recession in Russia Long-Term Capital Management, hedge fund sunk in the wake of the Russian crisis Russian financial crisis (2014–2017…
Robert C. Merton
The Federal Reserve Bank of New York (pictured), the site of a September 23, 1998, meeting to rescue LTCM; in attendance were representatives of Bankers Trust, Bear Stearns, Chase Manhattan, Goldman Sachs, J.P. Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley Dean Witter, and Salomon Smith Barney.