Associated Independent Recording ones. The studios contained two Bösendorfer pianos, many soundproof booths, and a 56-channel mixing console, custom-designed by Neve to AIR's specification. The company built another recording studio on the Caribbean island of Montserrat in the mid 1970s. In 1986, the facility was described as such: Jimmy Buffett recorded "Volcano" at the Montserrat studio in May 1979, naming the album and its title song for the then dormant Soufrière Hills volcano on the island. Elton John recorded three albums at the Montserrat studio in the 1980s. Dire Straits recorded their successful "Brothers in Arms" album between 1984 and 1985. Other artists
Long-Term Capital Management on more traditional investment vehicles, such as mutual funds, as established by the Investment Company Act of 1940—funds which accepted stakes from 100 or fewer individuals with more than $1 million in net worth each were exempt from most of the regulations that bound other investment companies. In late 1993, Meriwether approached several "high-net-worth individuals" in an effort to secure start-up capital for Long-Term Capital Management. With the help of Merrill Lynch, LTCM secured hundreds of millions of dollars from business owners, celebrities and even private university endowments and later the Italian central bank. The bulk of the money, however,