Business
Archegos fiasco poses hard questions for Wall Street – The Australian Financial Review
What on earth were some of the world’s biggest investment banks thinking when they enabled an opaque family office whose founder had a history of regulatory issues…
True, Archegos status as a family office means that it was exempt from a lot of the standard regulatory disclosures demanded of hedge funds. But banks prime brokerage desks which service hedge funds with research, trade structuring and leverage appear to have failed basic know your customer processes.
Each bank may have felt comfortable with their exposure to Archegos, assuming they could always ditch its positions to cover themselves. But they failed to appreciate that if everyone has to dump tens…
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