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World's Second-Biggest Bank Takes $685 Million Hit for Fund Bailout.
Knight Ridder/Tribune Business News, September, 1998 by Feldman, Amy
Knight Ridder/Tribune Business News
Sep. 25--The world's second-biggest bank said yesterday it would take a $685 million hit for its part in the unprecedented, multibillion dollar bailout of a once-high-flying investment fund.
Analysts said the whopping charge by UBS of Switzerland might be just the beginning of the bad news, as the world's power-lenders -- among them Goldman Sachs, Merrill Lynch and Morgan Stanley Dean Witter -- grappled with the aftershocks of their decision to rescue Long-Term Capital Management.
The exclusive fund, designed for millionaires, was founded by John Meriwether, a former vice chairman of Salomon Brothers.
Analysts said repercussions would be felt for some time, as the fund's lenders pick up the pieces...
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