1. When Genius Failed: The Rise and Fall of
Long-Term Capital Management by Roger Lowenstein.
'When Genius Failed' is a class piece of writing that should
be on the reading list of anyone interested in global finance,
leverage and risk. But more than that, this is a thriller about
passion and greed that is hard to put down.
As other reviewers have noted, knowing what ultimately
happens to LTCM does nothing to dull the suspense and
trepidation as wave upon wave of seemingly unrelated financial
market shocks pile up and LTCM rushes headlong towards
disaster. Along the way, Lowenstein captures all the drama of
the catastrophic events leading to the near collapse of
Long-Term Capital Management in 1998, the intellectual
arrogance of LTCM's team who believed they could not fail and
the tension of the meetings held at the Federal Reserve Bank of
New York attended by Wall Street's power...