LTCM's pre-crisis leverage ratios were not, in fact, egregious when compared, for example, to those of investment banks. In the early months of 1998, LTCM's leverage ratio was around 27: 1 (Perold 1999, pp. C 11-C 12). 27: 1 was the average ratio of the five biggest investment banks at the end of 1998 (President's Working Group on Financial Markets 1999, p. 29).

Donald MacKenzie, An Engine, Not a Camera, loc. 1020