>> Kate Kelly, Matthew Goldstein, Matt Phillips and Andrew Ross Sorkin - The New York Times Published: 04 Apr 2021 08:44 PM BdST Updated: 04 Apr 2021 08:44 PM BdST The headquarters of Goldman Sachs in New York, on March 13, 2020. Goldman Sachs reportedly averted the losses that other big Archegos lenders revealed. (Emon Hassan/The New York Times) Until recently, Bill Hwang sat atop one of the biggest — and perhaps least-known — fortunes on Wall Street. Then his luck ran out. "); } Hwang, a 57-year-old veteran investor, managed $10 billion through his private investment firm, Archegos Capital Management. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. By mid-March, Hwang was the financial force behind $20 billion in shares of ViacomCBS, effectively making him the media company’s single largest institutional shareholder. But few knew about his total exposure, since the shares were mostly held through complex financial instruments, called derivatives, created by the banks.