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When Do I Get My Comeuppance?

A report from Spectrum 1 on New York. “Small landlord Karron Graves-Briceño says her whole retirement is wrapped up in the one unit she rents out in Harlem. She says her tenant stopped paying rent nearly a year ago even though the financial records he submitted nearly two and a half years ago, when he moved in, showed $1,465,540 in his checking account. He tells NY 1 he lost all his money because of the pandemic and is now broke. ‘I’m gonna hold out as long as I can and unfortunately it’s draining me dry,’ Graves-Briceño said.”

The Puget Sound Business Journal in Washington. “Broker Dave Speers says investors and developers who used to view Seattle very favorably now see it as risky. His listing for a Belltown development site just sold for 31% below the asking price, hurt by the conditions downtown, he says. Speers of Kidder Mathews partly blames City Hall’s ‘horrible mismanagement.'”

“The Covid-stung downtown hotel market is in the midst of a perfect storm with a glut of new rooms opening as homeless encampments proliferate on sidewalks and in parks. Properties are struggling to hit 20% occupancy, according to Visit Seattle. ‘Investors and developers, formerly considering Seattle at the top of their ‘must have’ cities list, now won’t consider risking capital into this dystopian nightmare CBD thanks to Seattle’s massively incompetent mayor and the ‘Star Wars’ bar scene called Seattle’s City Council,’ Speers said.”

From Bisnow on Massachusetts. “The slow death of the nation’s malls has been accelerated by the coronavirus pandemic, highlighting America’s outsized footprint of physical retail. Almost nowhere is that more evident than in Massachusetts. Boston has the third-most shopping centers, including malls, as a percentage of physical retail among the nation’s largest metro areas, according to CoStar data, and that exposure has led to a significant dislocation of mall assets in recent months.”

“Recently, a CMBS loan on the Cape Cod Mall, partially owned by Simon Property Group, was sent to special servicing in February. Square One Mall last month also saw its valuation drop 75% from $201M at the time of its CMBS loan’s securitization in 2012 to $50.5M. Simon’s 542K SF Square One Mall in Saugus, 10 miles north of downtown Boston, entered special servicing in July. Of Simon’s 13 Massachusetts malls, three were marked by the REIT as troubled assets, including the Emerald Square Mall in North Attleboro and Liberty Tree Mall in Danvers.”

“‘I know the Boston market extremely well, and there’s definitely become an oversaturation of retail and malls in the New England area,’ JLL Boston Retail Advisor Steve Ferris said.”

The Aspen Times in Colorado. “Condo association fines of $500 a day are racking up at a pace that could put a landlord into more than $500,000 in debt and also into foreclosure by the time a court fight over an Aspen pot shop and wine cellar ends. So argued a motion for preliminary injunction filed March 3 by an attorney representing Douglas Tomkins in his legal dispute with Aspenhof Condominium Association over banned commercial uses at the 520. E Cooper Ave. building.”

“‘(The condo association) has imposed fines and liens against the two units which during the pendency of this will total nearly a half million dollars,’ said the motion, which was filed by Denver-area attorney Peter Bornstein. ‘The danger of foreclosure and the loss of the two properties is immediate. Tomkins seeks the aid of the court to stop the illegal actions of Aspenhof.'”

The Silicon Valley Business Journal in California. “A federal judge this week issued a new ruling in the government’s fraud case against SiliconSage Builders LLC, a Bay Area development firm, and its former CEO. As part of her judgment, U.S. District Court Judge Susan Illston on Wednesday barred Sanjeev Acharya from engaging in any fraudulent business practices.”

“Earlier this month, a different judge granted a motion from Acharya to switch from a Chapter 11 to a Chapter 7 bankruptcy. He lost control of SiliconSage’s assets in February after Judge Illston appointed federal receiver David Stapleton of The Stapleton Group to take possession of them. That move essentially resulted in Acharya being fired from the firm he founded.”

“According to the Chapter 11 bankruptcy documents Acharya filed in January, he owes money to between 200 and 999 creditors. He and his wife together owe nearly $200 million to creditors but have less than $3.5 million in total assets, according to a separate document they filed with the U.S. Bankruptcy Court earlier this month.”

From Fox 40 in California. “‘It is a very complex market right now with all of these moratoriums and all new changes,’ said Tahirih Kraft, Sacramento Self Help Housing director. More properties, like one 140-unit complex in North Highlands that sold for more than $18 million to a Bay Area investor, are steadily being placed on the market. Kraft says it’s likely because more owners are needing to recoup losses during California’s eviction ban.”

“‘When you had SB 1482, SB 91, you’ve got the Tenant Protection Act, there is much going on right now, and I think owners and tenants can get very confused,’ Kraft said. ‘If owners are not receiving that rent and they can’t pay their bills, they’re probably going to get rid of those one or two properties that they have to make that income up.'”

The Review Journal in Nevada. “State and federal eviction moratoriums — which have helped thousands of Nevadans stay in their homes — are set to expire in less than a week unless protections are extended. Susy Vasquez, head of the Nevada State Apartment Association, told the Review-Journal that the situation for mom-and-pop landlords — many of whom rely on rental income for their income or to pay their mortgage on their properties — has been ‘devastating, especially for those with few units.'”

“The picture for many Nevada landlords is dire, Vasquez said, as savings have depleted and foreclosure ‘may be inevitable.’ The trade group said rent delinquency — when a tenant does not make a payment on time — continues to grow with its members, to the tune of $15 million per month in losses.”

“Danielle Gallant, president elect of the National Association of Residential Property Managers’ Southern Nevada added that many of the smaller landlords are barely scraping by. Tenants have not paid rent for months, which means that many are unable to fulfill any repair requests because there is no money.”

“‘My fear is that by the time the eviction moratorium is lifted many landlords will be so far in the hole with the mortgage company that the owners will not be able to crawl their way out and foreclosure will be inevitable,’ Gallant said. ‘The landlords are also being hit with unpaid utilities with the water companies. The utility companies could not turn off services for about six months so landlords have had the water bill reverted into the owner’s name and demands to pay thousands of dollars.'”

The Globe and Mail. “Canadian landlords are renegotiating contracts and leases as several of the country’s top real estate markets shift in favour of renters during the COVID-19 pandemic. ‘Renters’ power right now is higher than it has ever been,’ said David Fleming, a realtor with the Bosley Toronto Realty Group Inc. ‘For every renter that goes out there and secures a deal, there’s two existing renters that say ‘hey, that’s not fair and when do I get my comeuppance?’ They’re going back to renegotiate with the landlord, and some are not taking no for an answer.'”

“Rentals.ca said asking price for a one-bedroom rental property fell by 19.4 per cent in Toronto year-over-year. In neighbouring North York, Ont. it was a 15.6 per cent drop and 14 per cent in Richmond Hill, Ont. Advertised prices slid by 14.2 per cent in Grand Prairie, Alta. 10 per cent in Fort McMurray, Alta., and by roughly eight, five and three per cent in Quebec City, Victoria and St. John’s respectively.”

“Rent started falling weeks after Denise Lacroix agreed to a one-year lease for a one-bedroom apartment with a den last March, ahead of the pandemic. ‘I was kicking myself the whole time (because) if I would have waited like a month, I would have probably seen a drop in how much I was paying,’ the Toronto woman said. When the lease came up for renewal, she sought a reduction and the landlord agreed to shave $400 a month off her rent.”

“Tirajeh Mazaheri, a B.C. real estate agent and the owner of Vancouver Rent It property management company, had a client with waterfront property in North Vancouver he wanted to list last year. The client was making $12,000 a month in rental income, but that slipped to $9,000 per month during COVID. The drop made mortgage payments tougher so he decided to put the property up for sale.”

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This Post Has 81 Comments

    1. Sacramento area no less. I was there last week. For sale signs everywhere and desperation in the air.

  2. ‘My fear is that by the time the eviction moratorium is lifted many landlords will be so far in the hole with the mortgage company that the owners will not be able to crawl their way out and foreclosure will be inevitable’

    Sure are a lot of foreclosures out there in red hotcakes land…

  3. ‘For every renter that goes out there and secures a deal, there’s two existing renters that say ‘hey, that’s not fair and when do I get my comeuppance?’ They’re going back to renegotiate with the landlord, and some are not taking no for an answer’

    That’s the spirit!

    1. when do I get my comeuppance

      They keep using that word. I don’t think it means what they think it means.

      1. I thought about that. But these countries with the queen on their money use words differently.

          1. It means the same there as here.

            Yup. From the Cambridge (UK) dictionary:

            a person’s bad luck that is considered to be a fair and deserved punishment for something bad that they have done

  4. ‘‘Investors and developers, formerly considering Seattle at the top of their ‘must have’ cities list, now won’t consider risking capital into this dystopian nightmare CBD thanks to Seattle’s massively incompetent mayor and the ‘Star Wars’ bar scene called Seattle’s City Council’

    Seattle UHS say red hotcakes. Yeah, right.

    2. I loved the description – they were all triangulating to be the most woke to their political and cultural interest groups. They screwed over tax paying citizenry and small business owners.

      However, the upper middle class, yoga pant wearing, woke mothers dont care at all.

      CBD thanks to Seattle’s massively incompetent mayor and the ‘Star Wars’ bar scene called Seattle’s City Council

  5. ‘a client with waterfront property in North Vancouver…was making $12,000 a month in rental income, but that slipped to $9,000 per month’

    How do those 5% cap rates look now? Actually a lot of these guys were cash flow negative before.

    1. If it doesn’t cash flow from day 1 – it is not an investment.

      It is speculation and gambling.

      1. Neither would owner occupied single family houses at the prices paid at any point in the last 15-20 years.

        The numbers don’t lie.

    1. That’s what I like to see! Almost 50% less inventory and a %8 drop in sq ftg price Y.O.Y. Thanks for sharing.

  7. ‘I’m gonna hold out as long as I can and unfortunately it’s draining me dry,’ Graves-Briceño said.”

    Say, Karron, what have you done to fight government overreach or uphold property rights?

    1. I am going to hold out as long as I can…

      Giving a free place to stay to a wealthy person who refuses to pay the contract rent.

    2. Say, Karron, what have you done to fight government overreach or uphold property rights?

      I’m sure she pulls the D lever every election.

      1. They will be screaming “at least it’s better than Trump!” right up until they are strapped onto the organ donation table.

        But more realistically, my guess is that most of this country will do what already heavily blue areas already do — basically shift the substance of the campaigns to the primary elections.

  8. “‘When you had SB 1482, SB 91, you’ve got the Tenant Protection Act, there is much going on right now, and I think owners and tenants can get very confused,’ Kraft said. ‘

    Let me clear up your confusion: you live in a Bolshevik-malgoverned cesspool where freeloading and parasitism are exalted and enabled as supreme virtues. Anyone who “invests” in rental property in such an environment needs their head examined.

  9. “‘My fear is that by the time the eviction moratorium is lifted many landlords will be so far in the hole with the mortgage company that the owners will not be able to crawl their way out and foreclosure will be inevitable,’ Gallant said.

    A wave of speculators getting foreclosed on, while also getting a hard lesson in gub’mint overreach, would be tragic, sez I from my lawn chair.

  11. I had something descriptive about the punishment I thought this white trash should receive (I think you can still say white trash) but in today’s climate I deleted it.

    By Meredith Deliso
    March 6, 2021, 7:53 PM

    “Hamilton allegedly pressured Gosney to abandon the children, according to a Preble County Sheriff’s Office report obtained by WCPO.”

    Ohio mother dragged 6-year-old son with car during attempt to abandon him, reports say

    Posted Mar 02, 2021

    By Cliff Pinckard, cleveland.com

    MIDDLETOWN, Ohio — A woman accused of killing her 6-year-old son first tried to abandon him at a park, then dragged him with her vehicle and ran him over as he tried to get back in, according to reports.

    Authorities are continuing to look for the body of James Hutchinson, 6, which police say Brittany Gosney and her boyfriend dumped in the Ohio River near Lawrenceburg, Indiana, WCPO Channel 9 reports. Gosney initially reported her son missing on Sunday morning, but police say she later admitted to killing Hutchinson on Friday, then dumping the body on Saturday.

    According to the Cincinnati Enquirer, law-enforcement officials say Gosney “is not showing much remorse” about the death of her son. Gosney, 29, is being held in the Hamilton County Jail on a $1 million bond. She is charged with murder, gross abuse of a corpse and tampering with evidence.

    Her boyfriend, James Hamilton, 42, is charged with abuse of a corpse and tampering with evidence. He is in jail on a $100,000 bond, Fox 19 reports. Police tell the Enquirer that Hamilton was not present when Hutchinson was killed.

    According to the Cincinnati Enquirer, law-enforcement officials say Gosney “is not showing much remorse” about the death of her son. Gosney, 29, is being held in the Hamilton County Jail on a $1 million bond. She is charged with murder, gross abuse of a corpse and tampering with evidence.

    Her boyfriend, James Hamilton, 42, is charged with abuse of a corpse and tampering with evidence. He is in jail on a $100,000 bond, Fox 19 reports. Police tell the Enquirer that Hamilton was not present when Hutchinson was killed.

    According to Fox 19, court documents show Gosney told police she went to Rush Run Park in Preble County, which is northwest of Middletown, with the intent of abandoning her son there. She drove off as her son tried to get back into the car, dragging him.

    When she returned to the park about 30 to 40 minutes later, she found the boy dead in the parking lot with a head injury, Fox 19 reports. Gosney’s two other children were in the vehicle the entire time, reports say, but it’s unclear if she intended to harm them. Both have been removed from their home by social services.

    Gosney took her son’s body back to her home in Middletown before she and Hamilton dumped it in the Ohio River the next day, authorities say.

    https://www.cleveland.com/nation/2021/03/ohio-mother-dragged-6-year-old-son-with-car-after-attempt-to-abandon-him-reports-say.html

  12. I know of a 35-year old in Toronto who comes from a wealthy family that owned a popular bar in a toney neighborhood and several other businesses for 30+ years. When he rented a condo out in the summer of 2019 he paid the entire 12 months up front. After the 12 months was up he stopped paying his rent. He moved out four months later and didn’t tell them or return his keys. Why? Cause he could.

  13. The thing that I want to say about the Globalist Monopolist is that they are weird in that they have no loyalty to any Country and money and control is the objective of these entities. They are dangerous in this regard like a cancer trying to to destroy the body it parasites off of.
    The likes of people like Gates, Schwab , Soros and other Big Money Entities have gained a lot of control and they seek to control the media , and the Government. They want rigged systems where populations are under their top down control. It is a insurrection against the US Constitutional Republic.
    I don’t think they will be successful in the long run because they are nuts.
    The destruction these Entities have caused in just one year is mind blowing.
    Open borders is a concept that only Entities that have no loyalty but to themselves could contrive.
    Only the Globalist could attack over half the Country of regular Americans and make out like they are guilty of insurrection in their own homeland , just because they voted against suicide.
    Attack on people being White and racist is one of the more bizarre distractions these Globalist have contrived to divide and conquer. So obvious and so false.

    1. I think we can all stop pretending and openly admit that the Democrat Party is the party of white genocide.

        1. I find it weird that a White Guy like Biden speaks about his own race like they are crap. I think he projects his own self loathing on to innocent people.

          1. Really weird.
            He’s spent his life lying and glad-handing; his whole family’s a mess. The big guy isn’t a good guy 🤨

          2. “I find it weird that a White Guy like Biden speaks about his own race like they are crap.”

            In ‘da-hood he’s an inside-out Oreo.

    2. They’d find out just how in control they are if the commie Chinese get the upper hand. Billionaires just seem to up and disappear over if they are insufficient in toeing the party line.

  14. Do stories of large blocks of stonks at fire sale prices due to forced deleveraging when margin debt is at record levels concern you?

    1. Mar 2, 2021, 3:12pm EST
      Major Averages Begin March With Weekly Chart Warnings
      Richard Henry Suttmeier
      Contributor

      The five major equity averages set all-time intraday highs between February 10 and February 24. Each has a positive but overbought weekly chart. This means that each is trading above its five-week modified moving average with their 12-week slow stochastic reading above 80.00, on a scale of 00.00 to 100.00.

      The Dow Jones Industrial Average set its all-time intraday high at 32,009.64 on February 24. This is between its semiannual pivot at 31,459 and its annual risky level at 33,425. The S&P 500 (.SPX) set its all-time intraday high of 3,950.43 on February 16. This put the index just above its annual risky level at 3,932.35. The Nasdaq Composite set its all-time intraday high of 14,175.12 on February 16. Its monthly risky level for March is 14,195.

      The Dow Jones Transportation Average set its all-time intraday high of 13,698.78 on February 24. The high was shy of its annual risky level at 14,424. The Russell 2000 Index set its all-time intraday high of 2,318.09 on February 10. The high was well above its annual risky level at 2,120.34 which is now a pivot.

      A reason for concern is the size of margin debt, which reached a record high at the end of January. If the market starts to decline significantly, there will be margin call selling. This was a major factor in the stock market decline in the first quarter in 2020.
      …

      1. Longtime posters saw what forced deleveraging can do to housing when Housing Bubble 1.0 collapsed between 2007-2012. There were lots of underwater mortgage HODLers back then before the Fed’s housing bubble reflation program began to take effect.

    2. ‘If owners are not receiving that rent and they can’t pay their bills, they’re probably going to get rid of those one or two properties that they have to make that income up.’

      Another flavor of forced deleveraging?

    3. They were actually doing God’s work, just like Goldman Sachs does. How incredible is that?

      Almost makes you wonder if Archegos is too big to fail…

      “…the question now is whether the fire sales are over. Some traders say the pattern of recent selling, which ran for several days but reached a peak on Friday, suggests the bulk has been completed. Others think the scale of leverage that Archegos appears to have used means billions of dollars’ worth of positions could still remain to be sold.

      Archegos describes itself as a “purposeful community of investment industry professionals”, according to an archived version of its website.

      Its name is a biblical Greek word meaning chief, leader, or prince, used in relation to Jesus. In a 2018 YouTube video, Hwang said his investments were “not all about money”, adding that “God certainly has a long-term view”.

      “We love seeing in our little eyes what God is doing through investing and capitalism and how . . . it can be done better,” he said.
      …

  15. The Financial Times
    Equities
    Traders brace after fire sale of stocks linked to Archegos
    Block trades captivated Wall St on Friday, leaving focus on remaining exposure at private investment firm
    Ortenca Aliaj and Eric Platt in New York and Kaye Wiggins and Katie Martin in London
    41 minutes ago

    Archegos Capital, a private investment firm, was behind billions of dollars worth of share sales that captivated Wall Street on Friday — a fire sale that has left traders scrambling to calculate how much more it has to offload, according to people with knowledge of the matter.

    The fund, which had large exposures to ViacomCBS and several Chinese technology stocks, was hit hard after shares of the US media group began to tumble on Tuesday and Wednesday.

    The declines prompted a margin call from one of Archegos’ prime brokers, triggering similar demands for cash from other banks, said people familiar with the matter. Traders buying the large blocks of stock were told the share sales had been prompted by a “forced deleveraging” by a fund.
    …

    1. “…a fire sale that has left traders scrambling to calculate how much more it has to offload…”

    1. Real Journalists have names and addresses.

      Somebody should do something about them (in Minecraft).

      1. Jack Dorsey has an address too (probably more than one).

        Would be a shame if something happened to him (in Minecraft).

  17. “She says her tenant stopped paying rent nearly a year ago even though the financial records he submitted nearly two and a half years ago, when he moved in, showed $1,465,540 in his checking account.”

    That sounds like alot. He should be able to make back rent when the moratorium ends.

    1. “…financial records he submitted nearly two and a half years ago, when he moved in, showed $1,465,540 in his checking account. He tells NY 1 he lost all his money because of the pandemic and is now broke.”

      What kind of pandemic lifestyle blows through $1.5 million dollars in one year? Last time I checked, most entertainment venues, bars and restaurants were closed, and travel arrangements were challenging to make or in many cases infeasible. It must have taken a heroic effort to blow that much money over the past year.

      1. Is anyone asking for proof of eligibility?

        And I’m sure that when eviction day finally arrives that the tenant will move on rather than pay back rent. If this goes on long enough those savings could pay for a new car!

        1. or people who can’t pay, and can’t pay because of Covid?
          Is anyone asking for proof of eligibility?

          AFAIK, there’s a signed affidavit for claiming COVID impact but no income limit for claiming it.

        2. I’ll say this for the third time: it depends on the state.

          Tenants only need to sign an affidavit for the federal CDC eviction ban,* but many states have eviction bans on top of the CDC ban. New York State has a blanket eviction ban until May 1, so the tenant in NY has no-questions-asked protection.

          Link: https://www.nolo.com/evictions-ban

          —————–
          *which was overturned by at least two state judges so I don’t know if it’s still in force.

      2. “…can’t pay because of Covid?”

        Maybe that explains why the covid made his $1.5 million go POOF.

  18. So, any landlords asking for first, last, security deposit and an extra month or two in rent nowadays for new lease signers?

  19. “…the situation for mom-and-pop landlords — many of whom rely on rental income for their income or to pay their mortgage on their properties — has been ‘devastating, especially for those with few units.’”

    Borrow money at historically low interest rates to buy investment properties and rent them out at historically high rental rates…

    What could possibly go wrong?

    1. But all the early retirement experts are suggesting passive income — easy-peasy. how do I get my $499 for my seminar back?

    1. Business / China Business
      Explainer
      What is behind China’s US$1.4 trillion stock market rout, what are officials saying and can we expect a bailout?
      – Valuations of CSI 300 Index members, based on price-earnings ratios, reached their highest levels in mid-2015, just before a mammoth stock crash that year
      – Chinese stocks rose about 2.5 per cent on Thursday, as market bulls pushed the index to its best gains in two months
      China stock market
      Zhang Shidong in Shanghai
      Published: 7:30am, 12 Mar, 2021
      Updated: 9:39am, 12 Mar, 2021
      …

  23. I received a cold call from UC Health, who are administering the deployment of Covid vaccines here in the Centennial state. It was an automated call, which gave me 3 choices: schedule me now, call me back later or don’t call me again.

    Anyway, it sounds like they’re starting to run out of chumps tripping over each other to get vaccinated, and are now cold calling marks to come in for the jab.

    1. Did they mention which vaccine they are offering? I’m really hoping I’ll have my choice in this, none of this “whatever one you can get into your arm” nonsense.

      1. It was an automated call. “Press 1 to schedule an appointment …”

        I did not press one.

        1. I was told a the local King Soopers that I could get my choice of vaccine, if it’s available.

        2. I just received the 1st Pfizer vaccine this Saturday at a drive-thru clinic for ages 56 to 64. The injection site was tender for roughly 12-hrs.

      2. You actually do have a choice, regardless of whether it is officially offered, so long as you don’t have to have it right now. The way it works is that you say no until someone offers you the chance to get a Johnson and Johnson vaccine.

        The same principle applies to housing. If you don’t like peak bubble prices, wait a couple of years and buy after the next stage of collapse at 30%+ off.

  24. I’m noticing a handful of Poway properties, some that I’ve posted here, aren’t closing within 30 days.

    1. US Dollar Report
      March 26, 20215:45 AM
      Updated 3 days ago
      FOREX-Dollar buoyant as economic outlook brightens
      By Tom Wilson
      * Dollar holds gains against major currencies
      * Rises to highest vs. Japanese yen since June
      * Full data calendar awaits traders later in day
      * Graphic: World FX rates tmsnrt.rs/2RBWI5E

      LONDON, March 26 (Reuters) – The dollar held near its highest since November against major currencies on Friday, helped by optimism over the state of the U.S. economy and the rollout of coronavirus vaccines, while the euro recovered some of its heavy losses from a day before.

      Against a basket of six major currencies, the dollar stood at 92.846, not far off a four-month high hit a day earlier and on course for a weekly gain of 0.9%.
      …

    1. Still not sure what NFTs are? ‘SNL’ explains with Eminem parody
      By Jazmin Goodwin, CNN Business
      Updated 5:53 PM ET, Sun March 28, 2021
      NFT artwork sold for $69 million. But what is it?

      New York (CNN Business) If you still aren’t sure what non-fungible tokens are, or NFTs, “Satuday Night Live” might have an answer. The NFT craze made its debut on the late-night show — hosted by former cast member Maya Rudolph — in the form of an explainer-turned-rap skit featuring a parody of US Treasury Secretary Janet Yellen.
      In the skit, Yellen — portayed by Kate McKinnon — is speaking to a university economics class when a student asks her what an NFT is. What follows is an Eminem-inspired rap portrayed by cast members Pete Davidson dressed as Batman’s sidekick Robin, Chris Redd as Morpheus from “The Matrix” series and special musical guest Jack Harlow as a janitor.
      …

    1. The Financial Times
      Markets volatility
      Credit Suisse and Nomura warn of losses after Archegos-linked stock fire sale
      Banks face earnings hit following huge asset unwinding by prime brokerage client
      A Credit Suisse bank
      Credit Suisse has warned it could face a ‘highly significant and material’ impact on its first-quarter results
      Leo Lewis in Tokyo and Tabby Kinder in Hong Kong
      56 minutes ago

      Credit Suisse and Nomura have warned of large losses after a fire sale of about $20bn of Chinese and US stocks, as their client Archegos Capital Management was forced into a huge unwinding of assets.

      Nomura could face a total wipeout of its profits for the second half of the financial year, while Credit Suisse has warned the sell-off could have a “highly significant and material” impact on its first-quarter results.

      Shares in Japan’s largest investment bank fell 16 per cent on Monday in Tokyo — their worst-ever one-day fall — erasing more than $3.2bn from its market capitalisation, as Nomura warned of recent transactions with an unnamed client and the risk of a “significant loss” at its US subsidiary.
      …

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