Leveraged Blowout: How Hwang’s Archegos Blindsided Global Banks
- Bill Hwang’s firm built positions under the regulatory radar
- Historic collapse may cost global banks as much as $10 billion
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Shares of the “old media” company shot up almost 300% in weeks, and small investors were abuzz with theories: It’s undervalued, like GameStop! It’s a takeover target!
Inside Wall Street’s top trading firms, however, some executives had an idea of what caused the move. A trading whale -- Bill Hwang’s Archegos Capital Management -- was building a massive position in ViacomCBS Inc.