This is an interesting look into the financial lanscape of the 1990’s. Lowenstein places you in the midst of John Meriwether’s bond arbitrage group at Salomon just as JM is leaving to start LTCM. It details the relationships between LTCM and the large banks and shows how the large banks’ unwillingness to forgo any potential profit from LTCM led them to cave into it’s demands for higher and higher amounts of leverage on it’s trades – the major contributor to LTCM’s meltdown.