How Money Moves in the Real World?
From Frank Partnoy's Infectious Greed, p. 252.
James Cayne, the CEO of Bear Stearns, a second-tier securities firm, was so taken by LTCM that he not only agreed that Bear Stearns would serve as the clearing agent for most of LTCM's trades--transferring money and various securities to the parties who were owed them--but he also invested $13 million of his personal funds, even though he had never met John Meriwether.
posted by Ken Houghton at 17:37
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