Archegos Capital Management's spectacular failure over a couple of days in March has cost Wall Street's biggest banks billions of dollars. So far, the losses are being chalked up to one bad apple: the fund’s founder, Bill Hwang.

Mr Hwang’s record-breaking loss of an estimated $20 billion fortune in two days is a cautionary tale. But this is not only about how far any one investor may fall during a historic bull market. The cascade of consequences was limited to a few large firms. But what about next time?

Host Mustafa Alrawi and co-host Kelsey Warner unpack the terms and market dynamics that brought down a whale and ponder the implications of shrugging off a scandal.

In this episode:

Why are people talking about Archegos? (0m 46s)

Bill Hwang's sophisticated financial instruments (4m 05s)

Warnings for Wall Street (8m 18s)

Read more on our website:

• US stock market bulls will crush the bears – again

• UK Chancellor Rishi Sunak told David Cameron he ‘pushed the team’ over Greensil

• Credit Suisse to write down $4.7bn after Archegos implosion

• Global banks brace for Archegos fallout as they may lose more than $6bn

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