Message-ID: <027101bdeb01$686cd720$cd3cfea9@jay98> Date: Mon, 28 Sep 1998 06:59:46 -1000 From: Jay Hanson <mailto:j@QMAIL.COM> Subject: The Cutting Edge of Economic Science To: mailto:DEVEL-L@AMERICAN.EDU
Oct. 15, 1997: NEW YORK (n-j) Two Americans won the Nobel Prize in economics Tuesday for their work on derivatives, the risky investments that have brought riches to some but ruin to Britain's oldest bank and California's Orange County.Professors Robert C. Merton of Harvard University and Myron S. Scholes of Stanford University were honored by the Royal Swedish Academy of Sciences for devising a formula for pricing derivatives, such as stock options.
"People don't recognize it, but their contributions helped make everybody's life a lot better," said Robert Brusca, chief economist at Nikko Securities International in New York. [ http://www.n-jcenter.com/97/oct/15/nobel.htm ]
----- Sep. 23, 1998: NEW YORK (CNNfn) - Long-Term Capital Management, a renowned hedge fund that is considered Wall Street's "Dream Team," late Wednesday reached a $3.5-billion bailout agreement with its principal lenders to stay afloat.
It's also understood that the partners -- including Meriwether, former Fed Vice Chairman David Mullins, and Nobel laureates, Myron Scholes and Robert Merton -- may have lost most, if not all, of their personal investments in the firm. It's unclear what the bailout plan will mean for the partners. http://cnnfn.com/quickenonfn/investing/9809/23/longterm/ ]
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