Credit Suisse helped Archegos take 'potentially catastrophic' risks before losing billions when it collapsed

The Swiss bank published a report by law firm Paul, Weiss, Rifkind, Wharton & Garrison, which uncovered persistent failures by senior managers to address risks connected with trades made by Archegos, a New York-based family office that managed the fortune of investor Bill Hwang.Archegos used borrowed money to build massive positions in stocks including media companies ViacomCBS (VIACA) and Discovery (DISCA), and was unable to pay back its lenders when share prices dropped. Its implosion cost global banks, including Morgan Stanley (MS) and Japan’s Nomura (NMR), more than $10 billion and led to calls for tighter regulation of firms that invest on behalf of wealthy families and individuals who

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