The swift fall of Archegos Capital Management is one of the most embarrassing financial plotlines in years, not just for a handful of banks but for an entire financial and governance system that really shouldn’t have let any of this happen. Hwang used several banks to place leveraged bets on a handful of stocks in particular. Some significant portion of Hwang’s holdings was in swaps, which might have concealed both Hwang’s identity and the size of his holdings in certain stocks.