LTCM: When Two Nobel Winners Nearly Broke Finance

Two Nobel Prize winners. A team of the most mathematically gifted traders in the world. A model that was supposed to be infallible. And leverage ratios so extreme that when Russia defaulted on its debt in 1998, the entire global financial system came within days of seizing up.This episode of Dark Money: True Crime Finance goes inside Long-Term Capital Management — how a hedge fund built on genius and certainty accumulated one hundred and twenty-five billion dollars in exposure, how the Federal Reserve organised a private sector bailout in a single weekend, and what happens when the smartest people in the room are wrong all at once.Subscribe to Dark Money: True Crime Finance for new episodes daily