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 tells an unauthorized account Long-Term Capital Management (LTCM), a hedge fund staffed with prominent academics and investors, which had early success for several years before an abrupt collapse and rushed bailout organized by government officials. Founded in 1993, LTCM was a tightly held American hedge fund which commanded more than $100 billion in assets at its height, then collapsed abruptly in August and September 1998. Prompted by 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, banks involved in the rescue, and officials at the Federal Reserve. The book received numerous accolades, including being chosen by BusinessWeek as among the best business books of 2000. Source: Wikipedia (en)