[blunte]

I cannot believe that Archegos was "too busy" to read a request for additional collateral. They knew exactly what was going on, and they were hoping to buy more time and pray that the market would change in the direction they needed.

This sounds like a desperation play that didn't succeed, and Credit Suisse was left with the loss.

Now, I'm not much educated in finance... but risk is risk, and whether you have models or you have tarot cards, sometimes things just do not go the way you thought they would. If you're betting 1x, you can lose what you have. If you're betting with leverage, you can win bigger, or lose 1x (and potentially the creditor can lose the remaining Xx). Unless the creditor can automatically liquidate and close out a client's position if they can't make a margin call, it seems you would have to be crazy to be a creditor for leveraged clients. Eventually you will lose big because of a client.

[lupire]

I think you missed Levine's dripping sarcasm.