Long Term Capital: A Good Investment
The question in "Up on your reading, reader?" (Up Front, Jan. 11), as to how much the rescue of Long-Term Capital Management "cost," is ill-framed and inaccurate. A consortium of 14 financial institutions invested $3.6 billion into the fund. By the end of 1998, this investment had appreciated significantly. It is inappropriate and misleading to use the word cost in connection with that sequence of events.
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