From LTCM To Lehman: Ex-Treasury Sec. Reflects On Crises

As the problems on Wall Street continue and grow, the 10th anniversary of another major collapse is just around the corner.

The demise of Long Term Capital Management shook the financial system in 1998, much as the collapses of Bear Stearns and Lehman Brothers have rattled the economy in 2008. Former Treasury Secretary Lawrence Summers had a front-row seat to the LTCM debacle, and this week shared his thoughts at a hedge fund conference in Greenwich, Conn., on how the government handled the LTCM situation then, and their intervention, or lack thereof, in current crises.