Over night we saw a lot of continuing news on the Archegos Capital Management Scandal. I call it a scandal because there is much to go around here.

We've been focusing on the role of the Prime Brokers in this entire debacle. And that part of the drama is nearly over. Last night Credit Suisse unloaded, what we are told to be the last of the Collateral Stocks that underpinned their entire position with Archegos. To translate all this, what has happened so far is that the Prime Brokers, the ones who lent Archegos somewhere between 50 to 100 times the value of their collateral, which as you recall was estimated to be 10 billion dollars, have, in most cases sold that collateral.