When Genius Failed: The Rise and Fall of Long-Term Capital Management is a book

by Roger Lowenstein published by Random House on October 9, 2000. The book puts on an

unauthorized account of the creation, early success, abrupt collapse, and rushed bailout of Long-
Term Capital Management (LTCM). LTCM was a tightly-held American hedge fund founded in
1993 which commanded more than $100 billion in assets at its height, then collapsed abruptly in
August/September 1998. Prompted by deep concerns about LTCM's thousands of derivative
contracts, in order to avoid a panic by banks and investors worldwide, the Federal Reserve Bank
of New York stepped in to organize a bailout with the various major banks at risk.
The book's account is largely based on interviews conducted with former employees of LTCM,
the six primary banks involved in the rescue, and the Federal Reserve, as well as informal
interactions by phone and e-mail with Eric Rosenfeld, one of LTCM's founding partners.[1] As of
2014, there have been four editions in English, five editions in Japanese, one edition in Russian
and one edition in Chinese.[2]
The book received numerous accolades, including being chosen by BusinessWeek among the
best business books of 2000.[