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Meriwether to shut falling hedge fund
08.07.09
John Meriwether, the Wall Street legend who has twice been involved in trading scandals - at Salomon Brothers and later at Long Term Capital Management (LTCM) - is shutting his hedge fund.
Meriwether - lionised in Michael Lewis's book Liar's Poker as a dealer without peer - set up JWM Partners following the collapse of LTCM in the late 1990s.
His Relative Value Opportunity fund is down 44% in the last two years.
Reader views (1)
A highly intelligent but ultimately reckless gambler who has come unstuck. If his firm LTCM had been allowed to go bust in 1998, instead of being bailed out at the behest of the Fed, perhaps people everywhere would have taken a more sober view of risk in the years thereafter, and our current predicament would not be as severe, or even exist at all.
- Kevin Lynch, London
