Reporters deconstructed the three days leading up to the fall of Bill Hwang and Archegos. All are fascinated by how someone could secretly amass a fortune of $36 billion and then lose it publicly in a matter of days.
For the past five weeks, a New York court has been trying Bill Hwang for alleged market manipulation and lying to lenders. The trial has revealed chaotic details of the last three days before the firm's collapse, casting an unflattering light on Wall Street.
The image of calculated risk-taking that Wall Street tries to project has been shattered by embarrassing incidents and glaring mistakes. The banks that lost more than 10 billion dollars, including Credit Suisse with a loss of 5.5 billion, are not looking their best. The fact that no regulator was called in from the outset also raises concerns. The situation deteriorated rapidly, with Archegos unable to meet margin calls and banks realising the scale of the disaster too late.
Bloomberg TV provided by MT Newswires

Bloomberg videos