And I talked to Bill McDonough at the New YorkFederal.
At 10 o'clock we were having a meet with bankers at10 o’clock that morning in New York.
And I called them, we actually..., then he called me inWyoming before ten, New York time.
And we made a bid, because they were being done in a long distance, put the outline in thebid.
But in the end, we bid for 250 million essentially for the net assets but we would have put in 3and 3/4 billion on top of that.
We’d been 3 billion from Berkshire Hathway,700 million from AIG and 300 million from GoldmanSachs.
伯克希尔·哈撒韦公司分到30个亿, AIG出7个亿, Goldman Sachs出3个亿。
And we submitted that but we put a very short time limit on that because when you are biddingon 100 million worth of securities that are moving around,
you don't want to leave a fixed price bid out there for very long,because you are going togetting a shot.
In the end the bankers made the deal, but it was an interesting period.
The whole (LTCM) Long Term Capital management that I hope most of you are familiar with it.
But whole story is really fascinating
because if you take John Meriwether, Eric Rosenfeld, Larry Hillenbrand, Greg Hawkins, VictorHaghani, the two Nobel prize winners: Myron Scholes and Robert Merton.
If you take the 16 of them, that they have about as highest average IQ as any 16 peopleworking together in one business in the country, including Microsoft or what you want to name.
So that an incredible amount of intellect in one room. Now you combine that with the factwith those 16 and had extensive experience in the field they were operating in.
These were not a bunch of guys (who) made their money you know selling men's clothing andall of a sudden went into the securities business.
They had in aggregate, the 16, probably had 350 or 400 years of experience doing exactlywhat they were doing,
and then you throw in the third factor that most of them had virtually all of their verysubstantial networking with their business.
So they had their own money up. Hundreds and hundreds of millions of dollars is their ownmoney up.
Super high intellect and working in a field that they know. On essential they went broke.