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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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WATCH: More details are emerging over the fallout from a fire sale at Bill Hwang’s family office Archegos Capital Management. Dani Burger reports.(Source: Bloomberg)

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.