Archegos Reportedly Files For Bankruptcy As Banks Scramble To Recoup $10 Billion In Losses

The other day, we learned that Credit Suisse, which was left on the hook for $5 billion after dumping blocks of stocks owned by its prime brokerage on behalf of Archegos Capital Management, earned just $17MM in fees from its relationship with Archegos, revealing that the fund was a 300x leveraged time bomb for Credit Suisse.

This helps explain why Lara Warner, the bank's former risk chief, apparently wasn't aware of the details of the relationship until days before the blowup: Archegos simply wasn't an important enough client.

Now, hours after UBS CEO Ralph Hamers and Chairman Axel Weber launched an apology tour to investors after revealing a surprise loss tied to Archegos, the FT reports that Archegos is finally preparing to officially file for bankruptcy protection as Credit Suisse and the other half dozen prime brokers who also worked with the fund threaten lawsuits to try and recover whatever they can to help compensate for the more than $10 billion in losses reported so far.

https://www.zerohedge.com/markets/archegos-reportedly-files-bankruptcy-banks-scramble-recoup-10-billion-losses

Twitter Will Now Prompt Users To Review 'Potentially Harmful Or Offensive' Tweets

Twitter is once again inserting itself into the 'free' exchange of ideas, announcing on Tuesday that iOS and Android users will now be prompted to review 'potentially harmful or offensive' replies before they hit send.

"We began testing prompts last year that encouraged people to pause and reconsider a potentially harmful or offensive reply — such as insults, strong language, or hateful remarks — before Tweeting it," reads a corporate blog post. "Based on feedback and learnings from those tests, we’ve made improvements to the systems that decide when and how these reminders are sent. Starting today, we’re rolling these improved prompts out across iOS and Android, starting with accounts that have enabled English-language settings."

In their example, Twitter's prude algo clutches pearls over 'mean' words.

Maybe they could apply similar measures to the rampant child porn on their platform?

According to the company, the rollout comes after extensive tweaks to 'capture the nuance in many conversations,' as it 'often didn't differentiate between potentially offensive language, sarcasm, and friendly banter.'

Since the early tests, here’s what we’ve incorporated into the systems that decide when and how to send these reminders:

Consideration of the nature of the relationship between the author and replier, including how often they interact. For example, if two accounts follow and reply to each other often, there’s a higher likelihood that they have a better understanding of preferred tone of communication.

Adjustments to our technology to better account for situations in which language may be reclaimed by underrepresented communities and used in non-harmful ways.

Improvement to our technology to more accurately detect strong language, including profanity.

Created an easier way for people to let us know if they found the prompt helpful or relevant.

https://www.zerohedge.com/political/will-now-prompt-users-review-potentially-harmful-or-offensive-tweets