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"Margin Call" is a very underappreciated movie IMO. The movie is starred by Stanley Tucci and Kevin Spacey. There are a lot of parallels between this movie and what happened last Friday with the unwinding of Archegos Capital Management's positions by Goldman Sachs and others.
Deutsche Bank AG dodged this bullet (mimicking Goldman Sachs Group Inc. and others) by a swift
disposal of $4 billion of available-for-sale collateral from its prime brokerage exposure to Hwang. Credit Suisse Group AG and Nomura Holdings Inc. were less fortunate. The collateral they hold
may now both be much lower in value and less liquid, taking much longer to offload, with commensurate larger losses. Japanese bank Nomura Holdings Inc. said it was owed about $2 billion by a U.S. client. Credit Suisse Group AG shareholders are braced for $3 billion or more in losses. People familiar with the matter said the losses were related to Archegos for both banks.
While there were reported attempts to broker a club deal on Archegos and to undertake a collective controlled explosion of the positions, trust among the investment bankers was absent. It became devil take the hindmost.
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