Yeka indlela u-1998 ukuxhaswa kwemali kuqhutywe ngayo kwiCrisis Financial crisis ka-2008
Impumelelo ye-LTCM ngenxa yegama le-stellar yabanikazi balo. Umsunguli wayo wayengumthengisi uSolomon Brothers, uJohn Meriwether. Abanini-nxaxheba abanqununu babe ngabongcali bezobuNkokeli bezeNobel, uMyron Scholes noRobert Merton. Ezi zizo zonke iingcali ekutyalomali kwiimveliso eziza kubakho ukubuyisela ngaphezu kwemilinganiselo kunye nokugqithiswa kwemarike .
Abatyalomali bahlawula i-$ 10 yezigidi ukuze bangene kwingxowa-mali. Abavunyelwe ukuba bathathe imali ngaphandle kweminyaka emithathu, okanye babuze malunga neentlobo ze-LTCM utshalomali lwe-LTCM. Nangona le miqobo, abatyali-zimali bavakalisa ukutyalomali. I-LTCM yaziqhayisa ngokuphindaphindiweyo ukubuya kwee-42.8 ekhulwini ngo-1995 kunye nama-40.8 ekhulwini ngo-1996.
Kwaye emva kokulawula kuthatha iipesenti ezingama-27 ukusuka phezulu kwiimirhumo. I-LTCM iphumelele ngengozi enkulu yengozi ukusuka kwintlupheko yemali yase-Asia yase-1997 . Yanika abatyalo-mali bayo i-17.1 pesenti ebuyela kulo nyaka.
Kodwa ngoSeptemba ka-1998, ukuhweba kwenkampani eyingozi kwamzisa ngokusondeza. Ubungakanani bayo buchaza ukuba bukhulu kakhulu ukusilela . Ngenxa yoko, i- Federal Reserve ithathe amanyathelo okubhenela.
Izizathu
Njengama- hedge funds , iinjongo ze-LTCM zotyalo-mali zisekelwe ekubanjeni ngokubhekiselele kwizinga elingaqiqaliyo lokungazinzi kwemali kunye neebhondi. Xa iRashiya yabhengeza ukuba yayiyi-devaluing currency yayo, yayingaguquki kwiibhondi zayo.
Loo mcimbi wawungaphezu kwebala eliqhelekileyo elilinganiselwa kwi-LTCM. Imarike yemasheya yase-United ihlile iipesenti ezingama-20, ngelixa iimarike zaseYurophu zawa ngama-35 ekhulwini Abatyalomali bafuna ukufumana isiphephelo kwiibhondi zeeNondyebo , kubangela ukuba amazinga omyinge omda wexesha elide awele ngaphezulu kweyona ndawo epheleleyo.
Ngenxa yoko, ukutshala kwe-LTCM ephakamileyo kakhulu kwaqala ukunyuka.
Ekupheleni kuka-Agasti ka-1998, ilahlekelwe ngama-50 ekhulwini kwixabiso lentengo-mali. Ekubeni iibhanki ezininzi kunye neengxowa-mali zempesheni zityalomali kwi-LTCM, iingxaki zayo zisongela ukuba zininzi zazo zisondele kwi-bankruptcy. NgoSeptemba, i- Bear Stearns yajongana nokufa. Ibhanki yotyalo-mali ilawulwe yonke i-LTCM kunye neendawo zokufumana izibonelelo. Yabiza kwi-$ 500 yezigidi. I-Bear Stearns yayesaba ukuba iya kulahleka yonke imali yayo. I-LTCM yayingekho ukuthotyelwa kwezivumelwano zayo zebhanki kwiinyanga ezintathu.
I-Federal Reserve Intervention
Ukulondoloza inkqubo yasebhanki yase-US, uMongameli we-Federal Reserve waseNew York uWilliam McDonough waqinisekisa iibhanki ezingama-15 ukuba zikhishwe i-LTCM. Basebenzisa i-$ 3.5 billion ngokubuyisela ubunini bomnini weengxowa-mali.
I-Fed yaqala ukuhlawula ixabiso lemali elondliwe . Iqinisekisile abatyalo-mali ukuba i-Fed iza kwenza nayiphi na eyadingekayo ukuxhasa uqoqosho lwe-US. Ngaphandle kokungenelela ngqo, yonke inkqubo yezemali yayisongelwa ngokuwa.
Okuhle nokubi
Ucwaningo lwe-CATO Institute luthi i-Federal Reserve ayifuni ukukhusela i-LTCM kuba ayiyi kuphumelela. Iqela lotyalo-mali eliholwa nguWarren Buffett linikele ukuthenga abanini-zimali kwi-$ 250 yezigidi nje kuphela ukuze kugcinwe i-fund.
Abanini-mali babenelisekile ngexabiso. Wayeza kuthatha indawo yokulawula.
Kodwa i-Fed yangenelela kwaye yaphula isivumelwano esilungileyo sabanini-mali be-LTCM nabaphathi. Yayiyimbali yendima yokubambisa i-Fed ngexesha leengxaki zemali ka - 2008 . Xa amafenimali eemali aqonda ukuba iFed yayiza kubakhokelela phantsi, bazimisele ngakumbi ukuthatha ingozi.
I-Cleveland Fed ibalwa ngokuthi i-Buffett isebenzi kuphela kwiimpahla ze-LTCM, kungekhona iphothifoliyo yayo. Oko kwakuqulethwe iziphumo. Ukungaphumeleli kwabo bekuya kubonakalisa ubutyebi behlabathi. Ngokwenene, iFed ayizange ikhishwe i-LTCM. Asisebenzisanga iimali zedolophu. Kuye kwaphula nje into engcono kuneBuffett.
I-Independent ithi i-$ 100 yezigidi zezikhundla ezifumanekayo ziyakwazi ukuchongwa. Iibhanki ezinkulu kulo lonke ihlabathi ziya kuba zilahlekelwe iibhiliyoni, zibaphoqa ukuba ziphewule ngemali mboleko yokugcina imali ukuze ibhale phantsi loo lahleko.
Amabhanki amancinci aya kuphawulwa. I-Fed yangenelela ekunciphiseni ukubetha.
Ngelishwa, iinkokheli zikaRhulumente azizange zifunde kule mpazamo. Inkathazo ye-LTCM yayisisigqabiso sokuqala esilumkiso sesifo esifanayo esenzeke neempindezelo kwiinkalo zezimali zehlabathi zango-2008.
Ngokubanzi: I- Hedge Fund abatshali-mali | Indlela iHedge Funds ifuthe ngayo i-Stock Market | Indlela iHedge Funds ifuthe ngayo uqoqosho | Umsebenzi weHedge Funds kwiCrisis Financial