Archegos, Wall Street and What Jim Cramer Thinks Comes Next

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Jim Cramer broke down whether the market is rigged in his Real Money column on Monday morning. 

"See, it was rigged all along. If that's your attitude after watching stocks of ViacomCBS (VIAC), Discovery (DISCA), Tencent (TME), and Baidu (BIDU) get crushed, some before the market even opens, it is totally understandable. It's pretty difficult to imagine that there could be one firm, some outfit called Archegos, that you most likely never heard of, that could bring down all of these stocks and more with a margin call. That's right, one hedge fund was allowed to borrow so much money from so many different firms that, apparently, when one of its position broke badly, the stock of ViacomCBS, many of its big positions came tumbling down," wrote Jim Cramer in his Real Money column. 

"That sure does seem rigged as does the fallout to the firms that allowed Archegos to borrow money. After all what bank would let one hedge fund borrow so much money that it couldn't pay back its margin loans, let alone a whole bunch of big banks that sold the collateral quickly to limit the hurt to their own bottom lines," he continued.

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