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India Suffers a Coronavirus Second Wave, With Global Impact

NEW DELHI — When the coronavirus first struck India last year, the country enforced one of the world’s strictest national lockdowns. The warning was clear: A fast spread in a population of 1.3 billion would be devastating.

Though damaging and ultimately flawed, the lockdown and other efforts appeared to work. Infections dropped and deaths remained low. Officials and the public dropped their guard. Experts warned fruitlessly that the government’s haphazard approach would bring a crisis when a new wave appeared.

Now the crisis is here.

India on Friday reported a daily record of 131,878 new infections as Covid-19 races out of control. Deaths, while still relatively low, are rising. Vaccinations, a mammoth task in such a large nation, are dangerously behind schedule. Hospital beds are running short.

Parts of the country are reinforcing lockdowns. Scientists are rushing to track new strains, including the more hazardous variants found in Britain and South Africa, that may be hastening the spread. But the authorities have declared contact tracing in some places to be simply impossible.

now behind the United States and Brazil.) The economic blowback of the resulting lockdown was devastating.

But the numbers at the time actually understated the first wave, scientists now say, and deaths in India never matched levels of the United States or Britain. Leaders began acting as if the problem had been solved.

Serum Institute of India, one of the world’s largest vaccine makers, boasted of a major stockpile of the Oxford-AstraZeneca vaccine, which makes up the bulk of the country’s drive. The government even launched a “vaccine diplomacy” campaign that sent doses to other countries.

But the initial rollout within India was slowed by complacency and plagued with public skepticism, including questions about the Oxford-AstraZeneca vaccine and lack of disclosure about an Indian-developed dose. Now the vaccination program is not matching the spread. The Serum Institute has said that practically all of its daily production of about two million doses will over the next two months go to the government, delaying commitments to other countries.

Several Indian states now worry that their vaccines stocks will run out. Mumbai, India’s largest city, had shut more than half of its vaccination centers, local media reported on Friday. The central government’s health minister lashed out at the states, reassuring that there would be no shortage and that more supplies were in the pipeline.

hit the campaign trail for state elections. Prime Minister Modi has addressed more than 20 rallies, each with thousands of often-unmasked people.

On Wednesday, Delhi officials said that even a solo car driver would be punished for not wearing a mask properly. The same day, Amit Shah, the country’s de facto No. 2 leader, drove through a campaign crowd in the state of West Bengal, waving without a mask and throwing rose petals.

The government also gave the go ahead for a long Hindu religious festival called Kumbh Mela, which runs through the end of April. Between one million to five million people attend the festival each day in the city of Hardiwar, on the banks of the river Ganges in the state of Uttarakhand.

no one would face restrictions as “the faith in God will overcome the fear of Covid-19.” Days later, Mr. Rawat tested positive for Covid.

The positivity rate of random tests is rising at the festival, and more than 300 participants have tested positive, said Dr. Arjun Singh Senger, a health officer at the festival.

The sheer speed of new infections has surprised health officials, who wonder whether variants might be a factor. Answering that question will be difficult. India has put only about 1 percent of its cases through genome sequencing tests, according to Dr. Reddy, of the Public Health Foundation of India, but researchers require a minimum of 5 percent to determine what is circulating.

So far, the government has found variants from the U.K. and South Africa as well as a local mutation. Limited information suggests that more infectious variants are circulating in India, as well, Dr. Reddy said.

Even if the variants have not yet been a major part of the new wave of infections, they have cast a shadow over India’s crucial vaccination drive. The AstraZeneca vaccine has been rejected by South Africa ineffective against that variant.

“This time, the speed is much faster than the last time,” said Dr. Vinod K. Paul, the head of India’s Covid response task force. “The next four weeks are very, very crucial for us.”

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New State Unemployment Claims Rose Again Last Week

The job market remains challenging, with the government reporting Thursday that initial claims for state unemployment benefits rose last week.

A total of 741,000 workers filed first-time claims for state jobless benefits last week, an increase of 18,000, the Labor Department said. It was the second consecutive weekly increase after new claims hit a pandemic low.

At the same time, 152,000 new claims were filed for Pandemic Unemployment Assistance, a federal program covering freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 85,000.

Neither figure is seasonally adjusted.

“It’s surprising and disappointing,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said of the increase in state filings. “But our expectation remains that as large sections of the economy come back online, recovery in the labor market will be ongoing.”

$1,400 stimulus payments for most individuals, which should bolster consumer spending.

Although the rise in regular claims was a setback, the drop in Pandemic Unemployment Assistance claims was encouraging, according to AnnElizabeth Konkel, an economist at Indeed Hiring Lab. “It’s still movement in the right direction,” she said.

Diane Swonk, chief economist at the accounting firm Grant Thornton, said the decline in Pandemic Unemployment Assistance claims could be a sign that the most vulnerable workers were finally benefiting from the uptick in hiring.

“They’ve been living on fumes, but it suggests that some of these gig workers don’t need the unemployment insurance as much as they did before,” she said.

employers added 916,000 jobs in March, twice the gain in February and the most since August. The unemployment rate dipped to 6 percent, the lowest since the pandemic began, with nearly 350,000 people rejoining the labor force.

Still, there is plenty of ground to make up.

Even after the job gains in March, the economy is 8.4 million jobs short of where it was in February 2020. Entire sectors, like travel and leisure, as well as restaurants and bars, are only beginning to recover from the millions of job losses that followed the pandemic’s arrival.

“The claims numbers are a reminder that the labor market recovery, while we still expect it to happen, has a ways to go,” said Nancy Vanden Houten, lead economist at Oxford Economics. “Things are opening up, but not uniformly, and many people are still out of work.”

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Two Presidents Visited Turkey. Only the Man Was Offered a Chair.

Either way, it came a “terrible time,” said Nigar Goksel, the top Turkey expert at the International Crisis Group, especially because of the recent withdrawal from the Istanbul Convention.

According to data gathered by U.N. Women, the United Nations agency for women’s rights, 38 percent of Turkish women experience violence from their partner at least once in their lifetime, and more than one in 10 was subjected to domestic violence in the last 12 months. In the 2021 Global Gender Gap report, an annual review by the World Economic Forum that covers economics, politics, education and health, Turkey ranked 133 among 156 countries.

The protocol fail in Tuesday’s meeting comes at a crucial time in Turkey’s relations with the European Union.

In recent months, Turkey has emphasized a desire to improve relations with the bloc and to revive its process for joining. The meeting was intended to build momentum in a relationship that has been fraught with disagreements in recent years on issues like migration, maritime borders and customs arrangements.

“Whatever the realities on the protocol side, the incident clearly underscores the fact that Turkey was blind to the optics of how this would appear,” said Mr. Lesser of the German Marshall Fund. Those optics, he added, “will only underscore the sense that Europe is not on the same page when it comes to values, when it comes to diversity, inclusion and gender equality.”

That point was not lost on the offended party.

Ms. von der Leyen “seized the opportunity to insist on the issues related to women’s rights in general and to the Istanbul Convention in particular,” Mr. Mamer, her spokesman, said. “It would have been discussed certainly in any case, but obviously this sharpened her focus on the issue.”

Matina Stevis-Gridneff reported from Brussels, and Carlotta Gall from Istanbul. Monika Pronczuk contributed reporting from Brussels.

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Jamie Dimon Sees a Boom Coming

The annual letter to shareholders by JPMorgan Chase’s chief Jamie Dimon was just published. The widely read letter is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, a potential infrastructure bill, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high equity valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation would be “more than temporary,” he wrote, forcing the Fed to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” While the U.S. has faced tough times before, today “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

a leveraged buyout offer from the private equity firm CVC Capital, sending its shares to a four-year high. Toshiba has had a series of scandals, and faces pressure from activist investors.

raising the corporate rate to help pay for President Biden’s infrastructure plans — though he didn’t mention the White House’s proposed rate, 28 percent. Other corporate chiefs are privately criticizing the potential tax rise.

The company behind the Johnson & Johnson vaccine mix-up has a history of errors. Emergent BioSolutions, which the U.S. relied on to produce doses by J.&J. and AstraZeneca, had a made manufacturing errors before. Experts worry this may leave some Americans more wary of getting vaccinated, even as Mr. Biden has moved up the eligibility deadline for U.S. inoculations.

An electric aircraft maker sues a rival for intellectual property theft. Wisk, which is backed by Boeing and the Google founder Larry Page, said that former employees downloaded confidential information before joining Archer, a competitor. Archer, which is going public by merging with a SPAC run by Moelis & Company and which counts United Airlines as an investor, denied wrongdoing and said it was cooperating with a government investigation.

A blistering start for venture capital in 2021. Start-ups set a fund-raising quarterly record in the first three months of the year, raising more than $62 billion, according to the MoneyTree report from PwC and CB Insights. That’s more than twice the total a year earlier and represents nearly half of what start-ups raised in all of 2020.

Voting in the union election at an Amazon warehouse in Bessemer, Ala., ended on March 29, and counting began the next day, but the outcome is still unknown. What’s going on? It’s less about the number of ballots than how they’re counted.

The stakes are high, for both Amazon and the labor movement. Progressive leaders like Bernie Sanders have argued a victory for the union, the first at an Amazon facility in the U.S., could inspire workers elsewhere to unionize. And Amazon is facing increased scrutiny for its market power and labor practices.

a painstaking process:


— Kristalina Georgieva, the managing director of the I.M.F., on how the uneven rollout of vaccines poses a threat to the global economic recovery.


After the 2008 financial crisis, Credit Suisse emerged battered by high-risk bets and promised to do better. A series of recent scandals suggests it hasn’t, The Times’s Jack Ewing writes.

A recap of the Swiss bank’s troubles over the past year or so:

30-day comment period on to-be-drafted regulations that would make it harder to obscure who controls a company. Among the details to be worked out are what entities should report and when; how to collect, protect and update information for a database; and the criteria for sharing with law enforcement.

“We could not be more excited,” Kenneth Blanco, the director of the Treasury’s Financial Criminal Enforcement Network (FinCEN), told bankers recently. The U.S. has been under pressure to address its vulnerability to money laundering and financial crimes:

New rules could make forming small businesses, special purpose vehicles and other closely held entities “significantly” more burdensome, said Steve Ganis of Mintz, an expert in anti-money laundering regulation. “FinCEN’s new regime will make things much more complicated for start-ups, where control and ownership are highly fluid,” he said. Public companies and many larger businesses would be exempt because they already face stricter scrutiny.

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A K-Shaped Recovery, This Time on a Global Scale

WASHINGTON — The global economy is rebounding from the coronavirus pandemic faster than previously expected, largely thanks to the strength of the United States. But the International Monetary Fund warned on Tuesday that an uneven rollout of vaccines posed a threat to the recovery, as the fortunes of rich and poor countries diverge.

The global dynamic echoes the “K-shaped” recoveries that are playing out worldwide. While many wealthy nations are poised for a major economic expansion this year, other nations’ struggles could reverse decades of progress in fighting poverty. Top international economic officials warned this week that this divergence, which is being amplified by sluggish deployment of vaccines in developing countries, is a threat to stability and long-term growth.

“Economic fortunes within countries and across countries are diverging dangerously,” Kristalina Georgieva, managing director of the I.M.F., said at a panel discussion on Tuesday during the annual spring meetings of the fund and the World Bank.

This week, Treasury Secretary Janet L. Yellen emphasized that point, saying in a speech that the inability of low- and middle-income countries to invest in robust inoculation programs could result in “a deeper and longer-lasting crisis, with mounting problems of indebtedness, more entrenched poverty and growing inequality.”

upgrading its global growth forecast for the year thanks to vaccinations of hundreds of millions of people, efforts that are expected to help fuel a sharp economic rebound. It now expects the global economy to expand by 6 percent this year, up from its previous projection of 5.5 percent, after a contraction of 3.3 percent in 2020.

The wealthiest countries are leading the way out of the crisis, particularly the United States, whose economy is now projected to expand by 6.4 percent in 2021. The euro area is expected to expand by 4.4 percent and Japan is forecast to expand by 3.3 percent, according to the I.M.F.

Among emerging market and developing economies, China and India are expected to drive growth. China’s economy is projected to expand by 8.4 percent, offering its own significant boost to overall global growth, and India’s is expected to expand by 12.5 percent.

But within advanced economies, low-skilled workers have been hit the hardest and those who lost jobs could find it difficult to replace them. And low-income countries are facing bigger losses in economic output than advanced economies, reversing gains in poverty reduction and risking long-lasting pandemic-era scars.

Emerging market economies in many cases have fewer resources for fiscal stimulus, vaccine investments and labor force retraining — factors that put them at risk of falling behind and getting stuck as the world starts its rebound.

Researchers at the I.M.F. pointed out in a recent blog post that it was important that rates on U.S. debt are rising because of a strengthening economic outlook, one that will benefit many economies by stoking demand for their exports. Still, “countries that export less to the United States yet rely more on external borrowing could feel financial market stress.”

Most U.S. officials have focused on how stronger domestic growth could actually help the rest of the world as American consumers buy foreign goods and services. “This year the U.S. looks like it’s going to be a locomotive for the global economy,” Richard H. Clarida, the vice chair of the Fed, said during a recent speech.

Ms. Yellen made a similar argument on Tuesday during a panel discussion at the I.M.F., at which she urged countries not to let up on fiscal support.

“Stronger growth in the U.S. is going to spill over positively to the entire global outlook and we are going to be careful to learn the lessons of the financial crisis, which is ‘don’t withdraw support too quickly,’” she said.

There are risks that spillovers could work the other way — slower vaccination progress abroad could come to weigh on American and global improvement. While roughly 500 doses of the vaccine have been administered per 1,000 people in the United States, based on New York Times vaccination data, that number is about 1 per 1,000 in Mali and Afghanistan.

Economist Intelligence Unit.

“There’s a race right now between these variants of concern and vaccines,” she said during a webcast event Tuesday. She urged “global cooperation and attention” to how disparities in vaccine distribution affect inequality and economic recoveries.

The I.M.F. agrees. Vitor Gaspar, the fund’s director of fiscal affairs, said that advanced economies would continue to be at risk even if the virus were raging in developing countries that are not major economic powers, noting that the virus cannot be eradicated anywhere until it is eradicated everywhere. For that reason, he said, investing in vaccinations is critical.

“Global vaccination is probably the global public investment with the highest return ever considered,” Mr. Gaspar said in an interview. “Vaccination policy is economic policy.”

While global policy bodies are warning about diverging growth and public health outcomes, some Wall Street economists have taken a more optimistic tone.

“We think market participants underestimate the likely pace of improvement in both the public health situation and economic activity in the remainder of 2021,” Jan Hatzius at Goldman Sachs wrote in an April 5 research note.

Vaccinations are high or progressing in Canada, Australia, Britain and the euro area. In emerging markets, Mr. Hatzius wrote, Goldman economists expect 60 to 70 percent of the population to have “at least some immunity” by the end of the year when counting prior coronavirus infection and vaccine proliferation.

“The laggards are China and other Asian countries, although this is mainly because Asia has been so successful in virus control,” he wrote.

How fast global recoveries proceed could be critical to the policy outlook, both in government support spending and in central bank monetary help.

From the Fed to the European Central Bank and Bank of Japan, monetary authorities have employed a mix of rock-bottom rates, huge bond purchases and other emergency settings to try to cushion the pandemic’s fallout.

Organizing bodies have echoed Ms. Yellen’s comment: They argue that it’s important to see the recovery through, rather than pulling back on economic help early.

Global policymakers “generally view the risks to financial stability associated with early withdrawal of support measures as currently greater than those associated with a late withdrawal,” Randal K. Quarles, the Federal Reserve’s vice chair for supervision and head of the global Financial Stability Board, said in a letter released Tuesday.

The I.M.F. said on Tuesday that it was keeping a close eye on interest rates in the United States, which could pose financial risks if the Fed raises them unexpectedly. It also urged countries to maintain targeted fiscal support — and to be ready to provide more if future waves of the virus emerge.

“For all countries, we’re not out of the woods, and the pandemic is not over,” said Gita Gopinath, the I.M.F.’s chief economist.

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Biden Plan Spurs Fight Over What ‘Infrastructure’ Really Means

“Many people in the states would be surprised to hear that broadband for rural areas no longer counts,” said Anita Dunn, a senior adviser to Mr. Biden in the White House. “We think that the people in Jackson, Miss., might be surprised to hear that fixing that water system doesn’t count as infrastructure. We think the people of Texas might disagree with the idea that the electric grid isn’t infrastructure that needs to be built with resilience for the 21st century.”

White House officials said that much of Mr. Biden’s plan reflected the reality that infrastructure had taken on a broader meaning as the nature of work changes, focusing less on factories and shipping goods and more on creating and selling services.

Other economists back the idea that the definition has changed.

Dan Sichel, an economics professor at Wellesley College and a former Federal Reserve research official, said it could be helpful to think of what comprises infrastructure as a series of concentric circles: a basic inner band made up of roads and bridges, a larger social ring of schools and hospitals, then a digital layer including things like cloud computing. There could also be an intangible layer, like open-source software or weather data.

“It is definitely an amorphous concept,” he said, but basically “we mean key economic assets that support and enable economic activity.”

The economy has evolved since the 1950s: Manufacturers used to employ about a third of the work force but now count for just 8.5 percent of jobs in the United States. Because the economy has changed, it is important that our definitions are updated, Mr. Sichel said.

The debate over the meaning of infrastructure is not new. In the days of the New Deal-era Tennessee Valley Authority, academics and policymakers sparred over whether universal access to electricity was necessary public infrastructure, said Shane M. Greenstein, an economist at Harvard Business School whose recent research focuses on broadband.

“Washington has an attention span of several weeks, and this debate is a century old,” he said. These days, he added, it is about digital access instead of clean water and power.

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Robert A. Mundell, a Father of the Euro and Reaganomics, Dies at 88

His ideas were promoted with evangelical fervor in the 1970s particularly by two economists: Arthur Laffer, who became known for the “Laffer curve,” postulating that lower tax rates would generate higher government revenues, and Jude Wanniski, an editorial writer for The Wall Street Journal, whose opinion pages took up Professor Mundell’s cause after a series of lunches and dinners at the Midtown Manhattan restaurant Michael’s, which were later described by Robert Bartley, The Journal’s opinion editor, in his book “The Seven Fat Years” (1992).

Professor Mundell’s argument gained ground in part because mainstream Keynesian economists were on the defensive, having a hard time accounting for the unexpected combination of slower growth and rising inflation during much of the 1970s. Professor Mundell argued, in contrast to the conventional wisdom, that low tax rates and easy fiscal policies should be used to spur economic expansion, and that higher interest rates and tight monetary policy were the proper tools to curb inflation.

That approach, with results that are still being debated today, was embraced in the 1980s by President Ronald Reagan, who, in policy moves that came to be known as Reaganomics, cut tax rates sharply and backed the Federal Reserve Chairman Paul A. Volcker as he raised interest rates to bring inflation under control.

Throughout his career, Professor Mundell frequently battled with the giants of the profession, including Milton Friedman of the University of Chicago and Martin Feldstein of Harvard. But he also craved recognition and welcomed the prestige — and the $1 million award — that the Nobel Prize conferred.

In his 2006 interview, he said that winning the Nobel “was particularly pleasing to me as my work has been quite controversial and no doubt stepped on a lot of intellectual toes.”

He added: “Even more than that, when I say something, people listen. Maybe they shouldn’t, but they do.”

At the Nobel banquet, Professor Mundell, dressed in white tie and tails and accompanied by Ms. Natsios-Mundell and their 2-year-old son, Nicholas, ended his speech by serenading the surprised but delighted guests with a verse from Frank Sinatra’s signature song.

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He Built a $10 Billion Investment Firm. It Fell Apart in Days.

Until recently, Bill Hwang sat atop one of the biggest — and perhaps least known — fortunes on Wall Street. Then his luck ran out.

Mr. 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, Mr. 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.

That changed in late March, after shares of ViacomCBS fell precipitously and the lenders demanded their money. When Archegos couldn’t pay, they seized its assets and sold them off, leading to one of the biggest implosions of an investment firm since the 2008 financial crisis.

Almost overnight, Mr. Hwang’s personal wealth shriveled. It’s a tale as old as Wall Street itself, where the right combination of ambition, savvy and timing can generate fantastic profits — only to crumble in an instant when conditions change.

in a 2019 speech. “I couldn’t go to school that much, to be honest.”

Grace and Mercy Foundation, a New York-based nonprofit that sponsors Bible readings and religious book clubs, growing it to $500 million in assets from $70 million in under a decade. The foundation has donated tens of millions of dollars to Christian organizations.

“He’s giving ridiculous amounts,” said John Bai, a co-founder and managing partner of the equity research firm Fundstrat Global Advisors, who has known Mr. Hwang for roughly three decades. “But he’s doing it in a very unassuming, humble, non-boastful way.”

But in his investing approach, he embraced risk and his firm ran afoul of regulators. In 2008, Tiger Asia lost money when the investment bank Lehman Brothers filed for bankruptcy at the peak of the financial crisis. The next year, Hong Kong regulators accused the fund of using confidential information it had received to trade some Chinese stocks.

In 2012, Mr. Hwang reached a civil settlement with U.S. securities regulators in a separate insider trading investigation and was fined $44 million. That same year, Tiger Asia pleaded guilty to federal insider-trading charges in the same investigation and returned money to its investors. Mr. Hwang was barred from managing public money for at least five years. Regulators formally lifted the ban last year.

ViacomCBS announced plans to sell new shares to the public, a deal it hoped would generate $3 billion in new cash to fund its strategic plans. Morgan Stanley was running the deal. As bankers canvassed the investor community, they were counting on Mr. Hwang to be the anchor investor who would buy at least $300 million of the shares, four people involved with the offering said.

But sometime between the deal’s announcement and its completion that Wednesday morning, Mr. Hwang changed plans. The reasons aren’t entirely clear, but RLX, the Chinese e-cigarette company, and GSX, the education company, had both spiraled in Asian markets around the same time. His decision caused the ViacomCBS fund-raising effort to end with $2.65 billion in new capital, significantly short of the original target.

ViacomCBS executives hadn’t known of Mr. Hwang’s enormous influence on the company’s share price, nor that he had canceled plans to invest in the share offering, until after it was completed, two people close to ViacomCBS said. They were frustrated to hear of it, the people said. At the same time, investors who had received larger-than-expected stakes in the new share offering and had seen it fall short, were selling the stock, driving its price down even further. (Morgan Stanley declined to comment.)

By Thursday, March 25, Archegos was in critical condition. ViacomCBS’s plummeting stock price was setting off “margin calls,” or demands for additional cash or assets, from its prime brokers that the firm couldn’t fully meet. Hoping to buy time, Archegos called a meeting with its lenders, asking for patience as it unloaded assets quietly, a person close to the firm said.

Those hopes were dashed. Sensing imminent failure, Goldman began selling Archegos’s assets the next morning, followed by Morgan Stanley, to recoup their money. Other banks soon followed.

As ViacomCBS shares flooded onto the market that Friday because of the banks’ enormous sales, Mr. Hwang’s wealth plummeted. Credit Suisse, which had acted too slowly to stanch the damage, announced the possibility of significant losses; Nomura announced as much as $2 billion in losses. Goldman finished unwinding its position but did not record a loss, a person familiar with the matter said. ViacomCBS shares are down more than 50 percent since hitting their peak on March 22.

Mr. Hwang has laid low, issuing only a short statement calling this a “challenging time” for Archegos.

Kitty Bennett contributed research.

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