The 12 Most Spectacular Financial Services Failures of All Time

As a result of its spectacular tech fail on Aug. 1, Knight Capital became the latest financial services firm to have pushed to the brink of collapse before being either rescued at the eleventh hour or permanently wiped out.
August 10, 2012

Long-Term Capital Management

The hedge fund, launched in 1994 by Salomon Brothers alumnus John Meriwether, used high-risk arbitrage trading strategies to earn big returns, amassing around $5 billion in assets at its height. But the firm's strategy came apart at the height of the Russian debt-default crisis. The Federal Reserve arranged for financing from other Wall Street firms to prevent a fire sale of about $100 billion in assets.

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