by Tyler Durden
Authored by Nick Dunbar of Risky Finance
When the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the disaster.
“Do you think it’s possible that this could produce a very fundamental reset in how your IRB credit risk models work?” wondered Stefan Stalmann of Autonomous Research.
street. is anybody watching? does anybody care about this? the epic story of the globl financial crisis spreads. tonight frontline. frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heightening public awareness of critil issues. and by tfrontline journalism fund, supporting investigative reporting and enterprise journalism. (sleigh bells ringing) narrator: every year in december, bankers find out if the bets they ve made that year have paid off. it s christmastime on wall street. ( jingle bells playing) by some measures, 2011 was a dismal year to be a banker.
street. is anybody watching? does anybody care about this? the epic story of the globl financial crisis spreads. tonight frontline. frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heightening public awareness of critil issues. and by tfrontline journalism fund, supporting investigative reporting and enterprise journalism. (sleigh bells ringing) narrator: every year in december, bankers find out if the bets they ve made that year have paid off. it s christmastime on wall street. ( jingle bells playing) by some measures, 2011 was a dismal year to be a banker.
frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heightening public awareness of critil issues. and by tfrontline journalism fund, supporting investigative reporting and enterprise journalism. (sleigh bells ringing) narrator: every year in december, bankers find out if the bets they ve made that year have paid off. it s christmastime on wall street. ( jingle bells playing) by some measures, 2011 was a dismal year to be a banker. their stocks took a nosedive. but this season, new york banks set aside $20 billion in bonuses. since the crash of 08, banks have paid
is anybody watching? does anybody care about this? the epic story of the globl financial crisis spreads. tonight frontline. frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heightening public awareness of critil issues. and by tfrontline journalism fund, supporting investigative reporting and enterprise journalism. (sleigh bells ringing) narrator: every year in december, bankers find out if the bets they ve made that year have paid off. it s christmastime on wall street. ( jingle bells playing) by some measures, 2011 was a dismal year to be a banker. their st