McDonough brokered a meeting of LTCM's largest counterparties, which concluded that a re-capitalization of LTCM would be less damaging to them than a "fire sale" of its assets. Fourteen banks contributed a total of $3.6 billion, in return becoming owners of 90 percent of the fund. LTCM's investors and partners were not "bailed out." They were left with only $400 million, a mere tenth of what their holdings had recently been worth.

Donald MacKenzie, An Engine, Not a Camera, loc. 1073