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 of a large loss, like the payouts from selling an out-of-the-money naked call option. After the bailout, Long-Term Capital Management continued operations. In the year following the bailout, it earned 10%. By early 2000, the fund had been liquidated, and the consortium of banks that financed the bailout had been paid back, but the collapse was devastating for many involved. Mullins, once considered a possible successor to Alan Greenspan, saw his future with the Fed dashed. The theories of Merton and Scholes took a public beating. In its annual reports, Merrill Lynch observed that mathematical risk models "may provide a