How a Single Family Fund Cost Credit Suisse Billions

Archegos Capital’s Bill Hwang was sanctioned by the SEC and banned from trading in Hong Kong. Banks still lent him billions of dollars to make risky trades — and paid the price.

When ViacomCBS lost half its value at the end of March, it turned into a $33 billion firesale thanks to Archegos Capital, Total Return Swaps, and leverage.