Around 1992, arbitrage trader Larry Hilibrand was synonymous with Wall Street hubris when he became the top-paid trader at Salomon Brothers. As one of the most mathematically astute traders, Hilibrand became the youngest managing director in Salomon Brothers history. Subsequently, he was part of a group of traders who had come to epitomize hedge fund hubris. The fund he helped steer, Long-Term Capital Management, almost caused an apocalypse on the Street.
Since the LTCM debacle in 1998, Hilibrand has flown under the radar. He joined a group led, yet again, by John Meriwether that had started a new fund, JWM Partners LLC.
JWM Partners closed in 2009, having lost 42% of its capital.
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