arbitrage deal of the day. You go back to the late 1998, what were the big deals? WorldCom, MCI, Citigroup, Travelers, Lockheed, Boeing. These were the big deals of the time. We were in every single one up to 4.9% because beyond that, you had to make a public disclosure. And we didn't want to do that. So we kept ourselves at 4.9%. But these were giant deals. And we did all in derivative form. So we would just call Bear Stearns and say, hey, put a million shares of Lockheed short and the basket. Boom, there it is. Well, Bear Stearns was doing that trade with us in derivative form. They would have to go out into the market and buy the Lockheed. And that was that they were short to us in the basket. They'd have to go along the actual shares and then they would have a hedge position. They would make a profit. Well, picture that setup. Now imagine LTCM disappears. We filed for bankruptcy in the Cayman Islands. Boom, we're gone. All of a sudden, Bear Stearns is long billions of dollars of (28/98)
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