The collapse of Long-Term Capital Management (LTCM) back in 1998, was one of the biggest failures Wall Street has ever seen.
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The giant hedge fund had over $120 billion of assets at the time of its collapse, and its credit exposure was so far-reaching that the US Federal Reserve Board felt compelled to organize a rescue.
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The Fed ultimately organized a 16 member creditor consortium that put up $3.6 billion to bail out...
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