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Greg Hawkins
Gregory Dale Hawkins was a trader and principal in the hedge fund Long-Term Capital Management that after four spectacularly successful years lost most of its clients' money in 1998 when the Russian government defaulted on its debt payments on August 17, 1998, triggering a devaluation of the Russian ruble. Long-Term Capital had $4.6 billion in portfolio losses in a few months and only avoided outright bankruptcy because the U.S. central bank prompted a consortium of large global investment banks and counter-parties of LTCM to provide an equity bailout. LTCM shutdown in early 2000. Hawkins lives in New Rochelle in Westchester County, New York. Early life Hawkins earned an S.B. in economics from MIT in 1976 and a Ph.D. in management from the MIT Sloan School of Management in 1982. Career On 27 February 2008, Hawkins was put in control of Risk Oversight of Real Estate and Mortgage Exposure for Citibank. See also *1998 Russian financial crisis *Long-Term Capital Management L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedge Fund
A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and insulate returns from beta (finance), market risk. Among these portfolio (finance), portfolio techniques are short (finance), short selling and the use of leverage (finance), leverage and derivative (finance), derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals. Hedge funds are considered alternative investments. Their ability to use leverage and more complex investment techniques distinguishes them from regulated investment funds available to the retail market, commonly known as mutual funds and Exchange-traded fund, ETFs. They are also considered distinct from private-equity fund, private equity funds and other similar cl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long-Term Capital Management
Long-Term Capital Management L.P. (LTCM) was a highly leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York. LTCM was founded in 1994 by John Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCM's board of directors included Myron Scholes and Robert C. Merton, who three years later in 1997 shared the Nobel Prize in Economics for having developed the Black–Scholes model of financial dynamics.''A financial History of the United States Volume II: 1970–2001'', Jerry W. Markham, Chapter 5: "Bank Consolidation", M. E. Sharpe, Inc., 2002 LTCM was initially successful, with annualized returns (after fees) of around 21% in its first year, 43% in its second year and 41% in its third year. However, in 1998 it lost $4.6 billion in less than four months due to a combination of high leverage and exposure to the 1997 Asian fin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 Russian Financial Crisis
The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the Russian rouble, ruble and sovereign default, defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries. Background and course of events The Russian economy had set up a path for improvement after the Soviet Union had split into different countries. Russia was supposed to provide assistance to the former Soviet states and, as a result, imported heavily from them. In Russia, foreign loans financed domestic investments. When it was unable to pay back those foreign borrowings, the ruble devalued. In mid-1997, Russia had finally found a way out of inflation. The economic supervisors were happy about inflation coming to a standstill. Then the crisis hit, and supervisors had to implement a new policy. Both Russia and the countries that exported to i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruble
The ruble or rouble (; rus, рубль, p=rublʲ) is a currency unit. Currently, currencies named ''ruble'' in circulation include the Russian ruble (RUB, ₽) in Russia and the Belarusian ruble (BYN, Rbl) in Belarus. These currencies are subdivided into one hundred kopeks. No kopek is currently formally subdivided, although '' denga'' (½ kopek) and ''polushka'' (½ denga, thus ¼ kopek) were minted until the 19th century. Additionally, the Transnistrian ruble is used in Transnistria, an unrecognized breakaway province of Moldova. Historically, the grivna, ruble and denga were used in Russia as measurements of weight. In 1704, as a result of monetary reforms by Peter the Great, the imperial ruble of the Russian Empire became the first decimal currency. The silver ruble was used until 1897 and the gold ruble was used until 1917. The Soviet ruble officially replaced the imperial ruble in 1922 and continued to be used until 1993, when it was formally replaced with the Russi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Rochelle, New York
New Rochelle ( ; in ) is a Political subdivisions of New York State#City, city in Westchester County, New York, Westchester County, New York (state), New York, United States. It is a suburb of New York City, located approximately from Midtown Manhattan. In 2020, the city had a population of 79,726, making it the 7th-largest city and 22nd-most populous municipality in New York. History 17th and 18th centuries This area was occupied by cultures of indigenous peoples for thousands of years. They made use of the rich resources of Long Island Sound and inland areas. By the 17th century, the historic Lenape bands, who spoke a language in the Algonquian family, were prominent in the area. Their territory extended from the coastal areas of western present-day Connecticut, Long Island and south through New Jersey, Maryland and Delaware. In 1654, the Siwanoy Indians, a band of Lenape (also known as the Delaware by English colonists), sold land to English settler Thomas Pell. So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Westchester County
Westchester County is a county located in the southeastern portion of the U.S. state of New York, bordering the Long Island Sound and the Byram River to its east and the Hudson River on its west. The county is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States census, the county had a population of 1,004,456, its highest decennial count ever and an increase of 55,344 (5.8%) from the 949,113 counted in 2010. Westchester covers an area of , consisting of six cities, 19 towns, and 23 villages. Established in 1683, Westchester was named after the city of Chester, England. The county seat is the city of White Plains, while the most populous municipality in the county is the city of Yonkers, with 211,569 residents per the 2020 census. The county is part of the Hudson Valley region of the state. The annual per capita income for Westchester was $67,813 in 2011. The 2011 median household inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York (state)
New York, also called New York State, is a U.S. state, state in the northeastern United States. Bordered by New England to the east, Canada to the north, and Pennsylvania and New Jersey to the south, its territory extends into both the Atlantic Ocean and the Great Lakes. New York is the List of U.S. states and territories by population, fourth-most populous state in the United States, with nearly 20 million residents, and the List of U.S. states and territories by area, 27th-largest state by area, with a total area of . New York has Geography of New York (state), a varied geography. The southeastern part of the state, known as Downstate New York, Downstate, encompasses New York City, the List of U.S. cities by population, most populous city in the United States; Long Island, with approximately 40% of the state's population, the nation's most populous island; and the cities, suburbs, and wealthy enclaves of the lower Hudson Valley. These areas are the center of the expansive New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientiæ Baccalaureus
A Bachelor of Science (BS, BSc, B.S., B.Sc., SB, or ScB; from the Latin ') is a bachelor's degree that is awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University of London in 1860. In the United States, the Lawrence Scientific School first conferred the degree in 1851, followed by the University of Michigan in 1855. Nathaniel Shaler, who was Harvard's Dean of Sciences, wrote in a private letter that "the degree of Bachelor of Science came to be introduced into our system through the influence of Louis Agassiz, who had much to do in shaping the plans of this School." Whether Bachelor of Science or Bachelor of Arts degrees are awarded in particular subjects varies between universities. For example, an economics student may graduate as a Bachelor of Arts in one university but as a Bachelor of Science in another, and occasionally, both options are offered. Some universities follow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MIT Sloan School Of Management
The MIT Sloan School of Management (branded as MIT Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree programs, as well as executive education. Many influential ideas in management and finance originated at the school, including the Black–Scholes model, the random walk hypothesis, the binomial options pricing model, and the field of system dynamics. The faculty has included numerous Nobel laureates in economics and John Bates Clark Medal winners. History The MIT Sloan School of Management began in 1914 as the engineering administration curriculum ("Course 15") in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the theory and practice of management. A program offering a master's degree in management was established in 1925. The world's first universit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Rise And Fall Of Long-Term Capital Management
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Year Of Birth Missing (living People)
A year is a unit of time based on how long it takes the Earth to orbit the Sun. In scientific use, the tropical year (approximately 365 solar days, 5 hours, 48 minutes, 45 seconds) and the sidereal year (about 20 minutes longer) are more exact. The modern calendar year, as reckoned according to the Gregorian calendar, approximates the tropical year by using a system of leap years. The term 'year' is also used to indicate other periods of roughly similar duration, such as the lunar year (a roughly 354-day cycle of twelve of the Moon's phasessee lunar calendar), as well as periods loosely associated with the calendar or astronomical year, such as the seasonal year, the fiscal year, the academic year, etc. Due to the Earth's axial tilt, the course of a year sees the passing of the seasons, marked by changes in weather, the hours of daylight, and, consequently, vegetation and soil fertility. In temperate and subpolar regions around the planet, four seasons a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
