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so while hwang himself was comfortable with the leverage on these stocks (and they had good fundamentals) the banks were not and wanted out. but they couldn't sell at that volume w/o moving the price.
morgan stanley flinched first and credit suisse & nomura were left holding the bag. so they were trying to be "responsible" because they that leverage was scary. but also they lended w/o doing much the due diligence necessary to know what they were exactly buying
some remaining questions are: 1/ what really triggered the viacom drop? it passed hwang's filters for being worthy of 5x leverage after all 2/ how do cdf's hide what lendees are doing? how much of what banks put into the economy is actually vetted?
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