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The article
TIMELINE-Diary of a meltdown: how the Archegos Capital fire sale went down here.
The agreement, called Total Return Swap, between several banks and Hwang, an investor:
Clause 1: When the price of the ViacomCBS stock goes up, the banks pay cash to Hwang.
Clause 2: When the price of the ViacomCBS stock goes down,Hwang pays cash to the banks.
The good times - the stock price keeps rising.
Hwang buys more and nore stock and gets overextended.
Bill Huang
investor
Archegos Capital
Several banks
holding ViacomCBS stock
The bad times - the stock price suddenly drops.
The banks have a fire sale and Hwang can’t pay the banks.
Bill Huang has
no money to pay the banks
The banks sell
the ViacomCBS stock
in a hurry.
expand the discussion
This is a single line visualization. But the story doesn’t end here. For example, where did the banks that bought the worthless stock find the money to do so? Questions like that expand the discussion and the answers generate a wwb of lines, as shown here.
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