Scholes was the creator of the now famous Black Shcoles option pricing model.
Ironically he was a principal in Long Term Capital Management.
LTCM went bust. Greenspan thought he had to rescue it in 1998, he Summers and Rubin ended up on the cover of Time as three who saved the world. As someone noted, had they let it go broke, it would have been an early warning that this sort of nonsense will not be tolerated, it might have put the brakes on Lehman et a. But alas. This article gives some insight as to the folly of LTCM>
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