Senate Banking Chair Probes Banks Over Archegos Collapse

Law360 (April 8, 2021, 1:36 PM EDT) -- The chairman of the Senate Banking Committee is asking Credit Suisse, Goldman Sachs and other Wall Street giants that brokered for Bill Hwang's Archegos Capital Management to explain their involvement in the fund's high-profile collapse.

In letters released Thursday, Sen. Sherrod Brown, D-Ohio, told higher-ups at the Swiss bank, Goldman, Morgan Stanley and Nomura that he was "troubled, but not surprised" that risky derivatives transactions between the banks and Hwang's generally unregulated family office were connected to a shocking multibillion-dollar firesale on stocks in late March.

Brown is specifically seeking information about the margin calls from the banks that Archegos was...

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