But even that was not enough. To leverage even further, LTCM, the partners’ management company, borrowed a total of $100 million from a trio of banks—Chase, Fleet Bank, and Crédit Lyonnais of France—which money the partners plowed right back into the fund.16 Their hunger to turn millions into billions knew no bounds, nor did it recognize any risks. For men who prided themselves on being disciples of reason, their drive to live on the edge seemed inexplicable, unless they believed that becoming the richest would certify them as also being the smartest.
