New York City | The towels had been freshly laid out, the turquoise waters glistened and a spicy margarita awaited when Rich Handler’s phone buzzed in Turks and Caicos.

A flustered executive back at Jefferies Financial Group was interrupting the CEO’s vacation to discuss the messy unravelling of a client – Bill Hwang’s Archegos Capital. Handler said he was going to fetch his cocktail and that when he got back, he wanted the Archegos positions gone and to be told the tally of the losses.

Bloomberg Wealth