Archegos avalanche shows cracks are hidden under the surface in the shadow banking world

Most striking of all, Archegos was apparently operating with more than five times leverage. This is comparable to patterns seen before the 2008 crash and seems to have been “the very definition of insanity”, given the concentrated nature of its portfolio,

Archegos rubble shows that years of excessively loose monetary policy have not just left asset prices elevated but created half-concealed pockets of leverage, too. When the two collide, disaster can erupt. 

Gillian Tett 1 April 2021

https://www.ft.com/content/4459a6b2-b842-4d21-b19b-bda138a5bfdf

The shadow banking system and The Volcker Rule

https://www.internetional.se/billgrossoctober1.htm