Hurricane Iris (1995) the northwest, the hurricane moved over Montserrat, causing additional problems on the island just weeks after the Soufrière Hills volcano began erupting. Officials on the island closed the primary airport due to the storm, which prevented residents from evacuating from the island from the volcano threat. Further north, Iris dropped of rain on Antigua, which destroyed banana trees and caused flooding in low-lying areas. Due to uncertainties in Iris' track, the government of Bermuda issued a tropical storm watch on September 1. This was downgraded on September 3 after the hurricane bypassed the island. Later, after Iris became extratropical, the
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