Crash They Seemed like the Masters of the Universe, the Gods of Investment Banking. but with Long Term Capital Management's Multi- Billion Dollar Fall from Grace, We Are All Being Martyred for Our Banks' Blind Faith

Marshall, Andrew, The Independent (London, England)

The financial markets are good at many things. One of them, it might seem from the last few weeks, is humbling the mighty. Predictions made in good times, many of them backed by large amounts of hard cash, have turned sour. Senior executives at UBS and IMG Barings have fallen on their swords; the thundering herd of redundancies on Tuesday at Merrill Lynch are only the front-runners for thousands of downsized jobs. The marketmeisters of New York and the economic overlords of Washington alike have been left with plenty of egg on their faces.

Sadly, there was little humility on show last week, as the International Monetary Fund and the World Bank convened their …

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Publication information: Article title: Crash They Seemed like the Masters of the Universe, the Gods of Investment Banking. but with Long Term Capital Management's Multi- Billion Dollar Fall from Grace, We Are All Being Martyred for Our Banks' Blind Faith. Contributors: Marshall, Andrew - Author. Newspaper title: The Independent (London, England). Publication date: October 15, 1998. Page number: 1. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.

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