Similarly, when Long-Term Capital Management nearly went under in 1998 and helped shake the global economy, that was no benefit at all.

Long-Term Capital Management did business with nearly everyone important on Wall Street.

A year later, Long-Term Capital Management, using their economic models in trading, almost went broke.

Long-Term Capital Management became a victim of limits to arbitrage in 1998.

Then you had Long-Term Capital Management four or five years ago.

They remember, all too well, what happened to Long-Term Capital Management.

Long-Term Capital Management was every inch a hedge fund.

Long-Term Capital Management is the tip of the iceberg.

But operations like Long-Term Capital Management do not run by consensus.

They would still be working together, but at Long-Term Capital Management.