Correction Appended A lot of unusual things have happened in the four months since Long-Term Capital Management announced that it lost more than $4 billion in a bizarre six-week financial panic late last summer, but nothing nearly so unusual as what hasn't happened. None of the 180 employees of the hedge fund have stood up to explain, to fess up or to excuse themselves from the table. Even the two Nobel Laureates on staff, who could very easily have slipped back into their caps and gowns in the dead of night and pretended none of this ever happened, have stayed and worked, quietly. The man in charge, John Meriwether, has shown a genius for lying low. Photographers in helicopters circle his house, and journalists bang on his front door at odd hours and frighten his wife. Yet whenever the question 'Who is John Meriwether?'

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' has demanded an answer, it has been supplied not by those who know him and work with him but by a self-appointed cast of casual acquaintances and perfect strangers. They have described Meriwether and his colleagues as reliable Wall Street stereotypes: the overreaching, self-deluded speculators. In doing so they have missed pretty much everything interesting about them. Not long ago, I visited the hedge fund's offices in Greenwich, Conn., to see if its collapse made any more sense from the inside than it did from the outside. So many different activities take place in enterprises called 'hedge funds' that the term is perhaps more confusing than helpful. In general, hedge funds attract money from rich people and big institutions and, as a result, are somewhat less stringently regulated than ordinary money managers.

Long-Term Capital was an especially odd case, less a conventional money manager than a sophisticated Wall Street bond-trading firm. The floor it had constructed in Greenwich was a smaller version of a Wall Street trading floor, with subtle differences. The old wall between the trading floor and the research department had been pulled down, for instance. For most of Wall Street the trading floor is a separate room, distinct from research. The people who pick up the phone and place the bets (the traders) are the highly paid risk takers, while the people who analyze and explain the more complicated securities (the researchers) are glorified clerks. God Of War 3 Free Download For Laptop. Back in 1993, when Meriwether established Long-Term Capital, he also created a new status system. The title 'trader' would no longer exist.