One might think that banks would think twice before doing business with a man who paid $60 million in fines and shut down his investment fund after pleading guilty to insider trading in 2012, and was banned from trading in Hong Kong in 2014. In fact banks not only did business with Billy Hwang but handed over billions to his Archegos Capital Management Fund – and are now facing billions in losses as his fund collapses. Japanese financial holdings company Nomura and Credit Suisse seem the most exposed but other finance titans including UBS, Morgan Stanley, Deutsche Bank, Citigroup, BNP Paribas, and Goldman Sachs have also been caught with their pants down.