Word: askin
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Dates: during 1990-1999
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...trust put nearly one-third of its money into derivatives contracts that amounted to bets that interest rates would not drop anytime soon. When they did drop, the value of the trust's shares plunged about 25%. Just last week, a group of investment funds run by David Askin of Askin Capital Management was forced to liquidate its portfolio -- reportedly worth about $500 million -- after playing a similar game. The funds speculated on the price difference between two different sets of mortgage-backed securities. When interest rates rose quickly, the speculative scheme fell apart...