Word: myron
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...fund was founded in 1994 by John Meriwether, a former vice chairman of Salomon Brothers, and its partners included Nobel laureate economists Myron Scholes and Robert Merton, whose market models helped give Long Term Capital an aura of near infallibility. Until September, that is, when word leaked that the firm was in danger of suffering losses so catastrophic they could send the already troubled world financial system into a tailspin. A $3.6 billion rescue package was cobbled together by the Federal Reserve Bank of New York and a consortium of 14 U.S. and foreign lenders...
...fund was headed by legendary trader John Meriwether, who helped make Salomon Brothers the top bond house of the 1980s, as recounted in the best seller Liar's Poker by Michael Lewis. The partners, who worked out of waterfront offices in tony Greenwich, Conn., included Nobel-prizewinning economists Myron Scholes and Robert Merton and former Fed Vice Chairman David Mullins. As their price for the bailout, the creditors acquired a 90% stake in the fund, which effectively removed Meriwether and his partners from power. But huge management fees that the partners have collected could still leave some ahead...
Another partner who was affected was Merton's Nobel prize co-winner, Stanford professor emeritus Myron Scholes...
...this makes sense to you, just do it. year by year more and more hear of it, and with more and more doing it, it will gradually become established custom. It makes fair Harvard fair. Otherwise it would be Unfair Harvard. MYRON S. KAUFMANN '43 April...
ECONOMICS: Robert Merton and Myron Scholes. The $1 million prize the two academics will share may seem like small change compared with the $148 billion stock-options market their work helped create. Merton, of Harvard, and Scholes, of Stanford, were honored last week for helping develop and refine in the 1970s the breakthrough formula commonly used today to price stock options and other so-called derivatives. Their financial acumen had earlier been rewarded (presumably quite amply) through their partnership in a successful Connecticut-based hedge fund...