Long-Term’s debacle was a tragedy for its partners. Motivated by insatiable greed, they had forcibly cashed out their outside investors only months before, leaving themselves to withstand, virtually alone, the brunt of the collapse. The wizards of Wall Street personally lost $1.9 billion. Larry Hilibrand, the most cocksure of traders, who had previously been worth close to half a billion dollars, awoke to discover that he was broke.
