According to many pundits such as Jim Rogers the bailout of LTCM is the direct cause of the crisis the financial world finds itself in today. If they hadnt bailed them out the crazy leverage would have never happened and we would find ourselves in a much better state today. And if we continue the bailouts of today we will find ourselves in a much worse state some years ahead is the thinking behind telling those in charge to let the markets work today. What happened back then and how could one hedgefund have such an enormous impact on the global financial system years later? Thanks.