In a single day (August 21, 1998), LTCM lost $550 million as swap spreads in the United States and the United Kingdom widened dramatically and the planned merger between Ciena Corporation and Tellabs, Inc., in which LTCM had a large position that would profit if the merger was completed, was canceled (Perold 1999, pp.

Donald MacKenzie, An Engine, Not a Camera, loc. 1052