Timeline Wednesday 23 September 1998

Events on Wednesday 23 September 1998 1

• 1998 Long-Term Capital Management collapses Federal Reserve organizes bailout to avert market crisis The hedge fund Long-Term Capital Management, run by Nobel laureate economists and Wall Street veterans, lost billions of dollars following the Russian financial crisis and faced imminent collapse. The Federal Reserve Bank of New York organized a $3.6 billion bailout by major banks in September 1998 to prevent a broader market meltdown.