Word: traders
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Such outrage was mingled with shock that a star-studded fund like Long Term Capital, whose seasoned investors had nearly doubled their money from 1994 to 1997, could have got so deeply in trouble. The fund was headed by legendary trader John Meriwether, who helped make Salomon Brothers the top bond house of the 1980s, as recounted in the best seller Liar's Poker by Michael Lewis. The partners, who worked out of waterfront offices in tony Greenwich, Conn., included Nobel-prizewinning economists Myron Scholes and Robert Merton and former Fed Vice Chairman David Mullins. As their price...
Some people who were actively playing the market, however, were singing a different tune. "I was panicking," said Alan Herkowitz, 39, a New York systems analyst and a self-described "short-term trader" who invests "play money" in the market...
...didn't, with the Dow off 482 points?--you might perk up after a chat with Stanley Druckenmiller. A six-footer with deep-set eyes and a grin that creeps sideways across his face like a stock ticker, he has been labeled the world's brightest currency trader, an Einstein of the pits. Druckenmiller's paycheck is signed by George Soros, for whom he oversees $22 billion. Uh, make that a little less. Last week Druckenmiller watched helplessly as the Russian debt market vaporized into fiscal neutrinos, taking the last of $2 billion of Soros' Russia-invested money into hyperspace...
...progress on the issue during his visit to Beijing, Clinton stressed that "we'll keep on working at it until we reach a commercially viable agreement." At least his hosts gave him a taste of the action on the Shanghai Stock Exchange, where he was presented with a red trader's vest bearing the number...
Rubin, a former currency trader, issued the buy order on the yen as it plummeted to 146 to the dollar, threatening to kick off a new round of falling-currency dominoes in Asia. The big risk was that it would force Chinese monetary authorities to devalue the renminbi and ultimately turn Asia's deep economic slump into a global recession...