SHOW / EPISODE

LTCM: When Two Nobel Winners Nearly Broke Finance

6m | Jun 27, 2026

Two Nobel Prize winners. A team of the most 

mathematically gifted traders in the world. A model 

that was supposed to be infallible. And leverage 

ratios so extreme that when Russia defaulted on its 

debt in 1998, the entire global financial system 

came within days of seizing up.


This episode of Dark Money: True Crime Finance goes 

inside Long-Term Capital Management — how a hedge 

fund built on genius and certainty accumulated one 

hundred and twenty-five billion dollars in exposure, 

how the Federal Reserve organised a private sector 

bailout in a single weekend, and what happens when 

the smartest people in the room are wrong all at once.


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