2008 Bailouts: As Seen through the Lens of LTCM
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Date: 12-11-2008
Start Time:
5:30pm
End Time: 7:30pm
Speaker: Eric R. Rosenfeld
Location: Park Avenue Plaza at 55 East 52nd Street
ABSTRACT
On September 15, 2008 Lehman filed for bankruptcy. This immediately triggered chaos throughout the US fixed income markets and quickly spread into the global markets. The result was a complete breakdown of the world's financial system. In this seminar we look at the following questions: Should Lehman have been bailed out? Could the resulting financial chaos been anticipated? What do we need to do to make sure something like this never happens again? To answer these questions we will examine in detail the Federal Reserve orchestrated bailout of LTCM 10 years earlier.
BIO
Eric R. Rosenfeld is a founding partner of Quantitative Alternatives, LLC. Most recently, Mr. Rosenfeld was the President of Paloma Partners Management Company . Prior to Paloma, he was a Principal and co-founder of JWM Partners, LLC , an investment management firm based in Greenwich, CT. JWMP specializes in the development and application of sophisticated financial technology to investment management. Mr. Rosenfeld was a Principal, co-founder and limited partner of Long-Term Capital Management, L.P. While at LTCM, he was a member of the Management and the Risk Management Committees. Mr. Rosenfeld joined Salomon Brothers as a trader in the Government Arbitrage Group in July 1984. In 1985, he was appointed Vice President and in 1988, he was made Managing Director and co-Head of the Fixed Income Arbitrage Group. In August 1991, Mr. Rosenfeld was appointed head of the Government Trading Department, co-Head of the Domestic Fixed Income Sales and Trading Department, and a member of the Salomon Brothers Executive Committee. He also served on the Risk Management and Capital Allocation committees until he left in January of 1993.
Mr. Rosenfeld was born in Boston, Massachusetts in June 1953. He received his B.S. in Economics from the Massachusetts Institute of Technology in 1975 and a Ph.D. in Finance from the Massachusetts of Technology in 1979. From 1979 to 1984, Mr. Rosenfeld was an assistant professor of Finance at Harvard Business School, where he taught the first year Finance course. His research was in the area of empirical analysis of stock price distributions and its implications for contingent claims pricing.
*There will be a cocktail following the event.
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