4 paragraphs, each devoted to answering one of the four questions, minimum length 150 words for each question (at least 600 words total).
1.      Describe the product that Metallgesellschaft introduced. Include specifics.

2.      Why was there a need for such a product? Who were the customers?

3.      Why was it impossible to completely hedge this product? How was it hedged instead? Explain the stack-and-roll hedge.

4.      Why did Metallgesellschaft record such a large loss in 1993, despite the hedge? Why did they run into liquidity problems?