Kubva muna 1998 Bailout Led yakaenda kune 2008 Financial Crisis
Kubudirira kweTLCM kwaive kwakakonzerwa nemukurumbira wevatenzi vayo. Muvambi waro aiva Salomon Brothers trader, John Meriwether. Vashandi vakakurumbira vaiva Nobel Prize-kukunda nyanzvi dzezvematongerwo enyika Myron Scholes naRobert Merton. Idzi dzose dzaiva nyanzvi mukutsinhanisa mune zvinyorwa kuti zvive pamusoro pehuwandu hwehuwandu hudzoka uye hunobuda pamusika .
Vashandi vanobhadhara $ 10 mamiriyoni kuti vapinde muhomwe. Vakanga vasingabvumirwi kutora mari yacho kwemakore matatu, kana kutombokumbira nezvemhando dzekutsvaga kwekuchengetwa kweTLCM. Pasinei nemitemo iyi, vatengesi vakadanidzira kuti vashandise. LTCM yakazvirumbidza zvinoshamisa zvegore negore zve 42.8 muzana muna 1995 uye 40.8 muzana muna 1996.
Izvo zvakaitika pashure pokunge vatungamiri vakatora 27 muzana kubva kumusoro mune mari. LTCM yakabudirira yakavhara mungozi yakawanda kubva muna 1997 nhamo yemari yeAsia . Yakapa vashandi vayo mari 17.1 kubva muzana gore iroro.
Asi munaSeptember 1998, mabhizimisi emakambani aya aiuya nawo pedyo nekunze. Kukura kwaro kwaireva kuti yakakura zvikuru kuti isakundikana . Somugumisiro, iyo Federal Reserve yakatora matanho ekuibhadhara mari yacho.
Zvinokonzera
Kufanana nemari yakawanda yemari , mazano ekutsvaga kweRCC aive akavakirwa pakurwisana nehuwandu hwekutsvaga kwekushaya mari mune dzimwe nyika mari uye zvisungo. Apo Russia yakaratidza kuti yakanga iri kuwedzera mari yayo, yakashata pazvisungo zvayo.
Chiitiko ichocho chakanga chisingapfuuri zvakatarisa kuti LTCM yaifungidzira. Mari yeAmerica yakaderera 20%, asi misika yeEurope yakaderera 35 muzana. Vatengesi vaida kupotera muChibvumirano cheMari , zvichiita kuti purogiramu yakareba yemari inowanikwa nehuwandu inopera nepamusoro pehuwandu huzere.
Somugumisiro, zvikwereti zveLTCM zvakakosha zvikuru zvakatanga kupera.
Pakupera kwaAugust 1998, yakarasikirwa ne50 muzana yehuwandu hwekutsvaga kwayo. Sezvo mabanki akawanda uye mari yepenjeni vakanga vaita mari muLTCM, zvinetso zvayo zvinotyisidzira kuita kuti vazhinji vavo vaende pedyo nekunze. MunaSeptember, Bear Stearns yakabata chirwere chekufa. Bhengi yekusimwa yakagadzirisa matunhu ose eTCC uye zviwanikwa. Yakadanwa mubhadharo ye $ 500 mamiriyoni. Bear Stearns yaitya kuti inogona kurasikirwa nehuwandu hwayo hupfumi. LTCM yakanga isingateereri kubvumirana kwayo kwebhangi kwemwedzi mitatu.
Federal Reserve Intervention
Kuti ichengetedze US banking system, Federal Reserve Bank yeNew York Mutungamiri William McDonough yakabvumira mabhenji 15 kubhadhara LTCM. Vakapedza madhora mazana matatu emadhora mabhiriyoni ekudzoka kwevane 90 muzana wehupfumi.
Kudyara kwakatanga kuteredza kudyidzana kwemari . Iko yakavimbisa vatengesi kuti Fed yaizoita chero chaidiwa kutsigira hupfumi hweUnited States. Pasina kupindira kwakananga kwakadaro, iyo yose yezvemari yakatyisidzirwa nekuwa.
Pros uye Cons
Bhuku reCATO Institute rinotaura kuti Federal Reserve haifaniri kununura LTCM nokuti ingadai isingakundikana. Imwe boka rekutengesa rinotungamirirwa naWarren Buffett rakapa kupa vatori vemadhora ma $ 250 mamiriyoni kuitira kuti mari ichengetedze.
Vashandi havana kufara nemutengo. Angadai akatsiva kutungamirirwa.
Asi Fed yakapindira uye yakaputsa mutengo wakanakisisa kune vashandi veTLDCM nevatungamiriri. Icho chakanga chiri chiitiko cheDhiyabhosi rekubhadhara basa munguva yematambudziko emari muna 2008 . Imwe nyanzvi dzezvemari dzakaona kuti Fed yaizovabhadhara kunze, vakava vakagadzirira kutora matambudziko.
ICleveland Fed yakaverengwa nokutaura kuti Buffett zvainge zvichingova zvekutengesa kweTLCM, kwete yehupfumiro. Icho chaiva nemitemo. Kukundikana kwavo kungave kwakakanganisa hupfumi hwepasi rese. Nenzira, Fed haina kubhadhara LTCM. Yakanga isingashandisi mari yehurumende. Iyo yakangoputsa gorosi iri nani kupfuura iyo iyo Buffett yaipiwa.
Zvinokwana madhora mabhiriyoni zana emadhora ekugadzirisa zvinogona kunge zvakasunungurwa, maererano neThe Independent. Mabhanga makuru munyika yose angadai akarasikirwa nemabhiriyoni, achivamanikidza kuti vadzore shure kune zvikwereti kuti vawane mari yekunyora pasi kurasikirwa ikoko.
Mabhanga maduku angadai akapera. Izvo zvakaderedzwa zvakapinda kuti zvinyorove.
Zvinosuruvarisa, vatungamiri vehurumende havana kudzidza kubva pane chikanganiso ichi. Dambudziko reLTCM raingova chiratidzo chekuyevera kwechirwere chakafanana chakaitika nekutsiva mumatambudziko emari enyika epasi rose muna 2008.
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