The privately owned Federal Reserve (central) Bank of New York brokers a 3,625,000,000 “dollar” bailout of Long-Term Capital Management investment bank after it gambled on unwise investments, assuming it would be seen by the Federal government as “too big to fail.”
Postscript: Within three years LCTM closed its doors for good with 4,600,000,000,000 “dollars” in louses.
[restored 4/9/2023]
Subsequent Events:
References:
Timeline of the United States housing bubble – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble
Subprime crisis impact timeline – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subprime_crisis_impact_timeline
Current U.s. National Debt:
