Greenwich Blog Post
The Federal Government Gives Corporate Welfare Long Term Capital And Bails Out
Meriwether, So That He Can Screw Up All Over Again.
Let's Stop Bailing Out Hedge Funds And Investment Banks Like Bear Sterns.
John Meriwether Back on the Edge?
JWM Partners opened a year after Russia's 1998 default resulted in almost $4 billion of losses for Greenwich, Connecticut-based Long-Term Capital. The Federal Reserve orchestrated a bailout by its 14 lenders. ...
Background Infromation On Meriwether:
John W. Meriwether (born August 10, 1947 in Chicago, Illinois) is an American financial executive on Wall Street seen as a pioneer of fixed income arbitrage. John Meriwether earned an undergraduate business degree from Northwestern University and an MBA degree from the University of Chicago Graduate School of Business. At the University of Chicago, Meriwether studied alongside Jon Corzine, who would later become an executive at Goldman Sachs.
After graduation, Meriwether moved to New York City, where he worked as a bond trader at Salomon Brothers. At Salomon, Meriwether rose to become the head of the domestic fixed income arbitrage group in the early eighties and the vice-chairman of the company in 1988. In 1991, after Salomon was caught in a Treasury securities trading scandal, Meriwether paid a 50,000 dollar civil penalty and left the company.JWM Partners, a Greenwich, Connecticut, hedge fund he started with about 250 million dollars under management in 1999, and with approximately $2.6 billion under management in 2006.
JWM Partners LLC, the investment firm run by ex-Long-Term Capital Management LP chief John Meriwether lost 24 percent in its $1 billion fixed-income hedge fund this year through March 14, according to two people with knowledge of the matter.
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Take away the right to say "f ck" and you take away the right to say "f ck the government."