The biggest counterparties of Bill Hwang’s Archegos Capital — including Goldman Sachs and Morgan Stanley — tried to limit fallout from his collapsing bets on stocks, but the effort foundered, paving the way for days of chaotic trading. The banks had let Archegos take on billions of dollars of exposure to equities, but Hwang struggled to deal with margin calls triggered by a plunge in ViacomCBS shares.
Financial Times..
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