Archegos: Twenty Billion Dollars in Forty-Eight Hours

Nobody outside a small circle of Wall Street banks 

had heard of Archegos Capital Management before 

it collapsed. Within forty-eight hours it had lost 

twenty billion dollars, triggered ten billion in 

bank losses, and contributed to the eventual demise 

of one of Europe's oldest financial institutions.

This episode of Dark Money: True Crime Finance goes 

inside Archegos — how Bill Hwang used total return 

swaps to build a one hundred billion dollar position 

without triggering standard disclosure requirements, 

why the banks that provided his leverage had no 

idea how exposed they were, and what happens when 

the margin call comes and nobody can answer it.

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