Schlagwort: Financial Crisis
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Lynn Walsh: Western Crony Capitalism
[Socialism Today, No 34, December 1998 – January 1999, p. 2-3] The insolvency and near collapse of Long Term Capital Management (LTCM), formerly the premier hedge fund, brought the world financial system to the very edge of meltdown. Only the rapid $3.6bn rescue organised by the Federal Reserve averted catastrophe. While LTCM has been bailed…