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 September, LTCM's equity tumbled from $2.3 billion at the start of the month to just $400 million by September 25. With liabilities still over $100 billion, this translated to an effective leverage ratio of more than 250-to-1. Long-Term Capital Management did business with nearly every important person on Wall Street. Indeed, much of LTCM's capital was composed of funds from the same financial professionals with whom it traded. As LTCM teetered, Wall Street feared that Long-Term's failure could cause a chain reaction in numerous markets, causing catastrophic losses throughout the financial system. After LTCM failed to raise more money on