Жүз миллиард доллардың құлауы: Ұзақ мерзімді капитал басқару тарихы

Book by Roger Lowenstein

When Genius Failed: The Rise and Fall of Long Term Capital Management is a book by Roger Lowenstein published by Random House on October 9, 2000. The book tells an unauthorized account of the creation, early success, abrupt collapse, and rushed bailout of Long Term Capital Management (LTCM). LTCM was a tightly held American hedge fund founded in 1993 which commanded more than $100 billion in assets at its height, then collapsed abruptly in August and September 1998. Prompted by concerns about LTCM's thousands of derivative contracts, in order to avoid a panic by banks and investors worldwide, the Federal Reserve Bank of New York stepped in to organize a bailout with the various major banks at risk. The book's account is largely based on interviews conducted with former employees of LTCM, banks involved in the rescue, and the Federal Reserve.

The book's account is largely based on interviews conducted with former employees of LTCM, the six primary banks involved in the rescue, and the Federal Reserve, as well as informal interactions by phone and e mail with Eric Rosenfeld, one of LTCM's founding partners. It was released Sept. 15, 2000.

The book received numerous accolades, including being chosen by BusinessWeek as among the best business books of 2000. Kirkus Reviews dubbed it an "entertaining and informative history" of LTCM, writing that Lowenstein "excels at explaining esoteric financial topics" and that "with access to the partners’ confidential memoranda, he is also able to document LTCM’s swift fall with exceptional clarity and insight." Floyd Norris, then chief financial correspondent of the New York Times, reviewed the book positively. Writes The Wall Street Journal, the book is a story of "hubris and financial peril." Kirkus said that "with a lucid style and a sense of humor and amusement, Lowenstein guides us through the thickets of high finance in the computer age."