Crazy Money With Paul Ollinger

Victor Haghani is the author of a new book called The Missing Billionaires: A Guide to Making Better Financial Decisions, which explores why family fortunes like the Vanderbilts' get destroyed in the hands of the heirs. Victor knows a lot about wild swings in wealth. As co-founding partner of the Long-Term Capital Management (LTCM), Victor saw the hedge fund's value soar over the first years of its existence then plummet spectacularly, losing 90% of its value in the first nine months of 1998. It was bailed out by a consortium of banks that injected $3.6 billion under the supervision of the Federal Reserve. In this conversation and his new book, Victor graciously shares candid insights from this harrowing experience, discusses the emotional roller coaster of his fund’s very public implosion, and reminds us of some facts many have forgotten: that the banks got their money back as did most of the original investors. Unfortunately, a few investors got washed out, as did the founders. Victor tells Paul how he bala