The Ripple Effect of the Collapse of Long-Term Capital

The collapse of long-term capital in 1997 was a $3 billion event. It caused anxiety, not only in the markets, it caused anxiety amongst investors. And that's why when the world fell apart in 2007 and Lehman Brothers was going down the drain, no one came to help him. The industry said, okay, guys, step up to the fucking plate now and fix this. But then 10 years later, it exposed its ugly head.