Senate Banking chairman prods Credit Suisse, others on Archegos
Senate Banking chairman prods Credit Suisse, others on Archegos
Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee.
Senate Banking Committee Chairman Sherrod Brown, D-Ohio, is demanding answers from Credit Suisse and other banks on their margin call and market activity connected to Archegos Capital Management, the hedge fund that defaulted on margin calls by Credit Suisse and other banks last month.
In the chairman s letter sent Wednesday to Credit Suisse Securities, Nomura Holding America, Goldman Sachs and Morgan Stanley, Mr. Brown said he is troubled, but not surprised, by the news reports that Archegos entered into risky derivatives transactions facilitated by major investment banks, resulting in panicked selling of stocks worth tens of billions of dollars and those banks collectively losing nearly $10 billion.
Sherrod Brown seeks answers from banks linked to Archegos americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Archegos implosion could lead to family-office regulation
Assessing the murky family-office world presents challenges, such as sorting out the different types. The SEC had targeted family office oversight for review this year even before the Archegos blowup.
April 8, 2021 3 MINS
When Archegos Capital Management recently stepped on a derivatives landmine, it may have set off an explosion that will have repercussions for advisory firms that manage wealthy families’ finances.
In late March, Archegos defaulted on margin calls involving swaps transactions that forced the sale of approximately $20 billion in underlying securities. The conflagration, which caused major investment banks to lose nearly $10 billion, is likely to draw regulatory scrutiny of family offices, a category that includes Archegos.
150 CEOs from Goldman Sachs, BlackRock and More Urge Congress to Approve $1 9 Trillion Stimulus gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.