Nobel prizewinner to leave LTCM
Wednesday 03 February 1999
Myron Scholes, awarded the 1997 Nobel prize in economics for ground-breaking work on financial derivatives, is to return to Stanford University.
Dr Scholes, who shared his Nobel prize with fellow LTCM partner Robert Merton, said he originally planned to leave the fund last year. However, he delayed his departure following the crisis that engulfed LTCM in August and September.
The other LTCM departure is William Krasker, a Wall Street veteran who joined the hedge fund from the investment bank Salomon Brothers. Like Dr Scholes, Mr Krasker plans to act as a consultant to LTCM.
Both men - the first well-known departures from LTCM since its multi- billion dollar bail-out in the autumn - will retain their investments in the fund.
LTCM hit the headlines last September after it lost more than $4bn in the wake of the Russian debt default. The US Federal Reserve co-ordinated a $3.6bn bail-out of the fund amid fears that its collapse would present a risk to the world's financial system.
- 1 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Canadian woman suing police who locked her in van with sex offender who then raped her
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Gay couple buy JebBushForPresident.com web domain, and refuse to sell
Canadian woman suing police who locked her in van with sex offender who then raped her
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
Stephen Fry explains what he would say if he was 'confronted by God'
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...