A Stress Test for Investment Banks
Following the Russian default on Aug. 17, 1998, equity market volatility jumped dramatically. Several banks revealed losses on Russian bonds. Most dramatically, the U.S. Federal Reserve Bank arranged a bailout of the collapsed hedge fund managed by Long-Term Capital Management.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.