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GEI contributor over the years. Here is the bio for his articles here:
William K. Black, J.D., Ph.D. is Associate Professor of Law and Economics at the University of Missouri-Kansas City. Bill Black has testified before the Senate Agricultural Committee on the regulation of financial derivatives and House Governance Committee on the regulation of executive compensation. He was interviewed by Bill Moyers on PBS, which went viral. He gave an invited lecture at UCLA s Hammer Institute which, when the video was posted on the web, drew so many hits that it crashed the UCLA server. He appeared extensively in Michael Moore s documentary: - Capitalism: A Love Story. He was featured in the Obama campaign release discussing Senator McCain s role in the Keating Five . (Bill took the notes of that meeting that led to the Senate Ethics investigation of the Keating Five. His testimony was highly critical of all five Senators actions.) He is a frequent guest on local, national, and internation
Leverage: Fantastic on the Way Up, Hideous on the Way Down
Bill Hwang, convicted inside trader, founded Archegos as a “family office.” Kirshner explains this legal nicety “functions like a hedge fund but manages the assets of just one or a few wealthy families. In theory, a family office gives a problem trader less opportunity to harm others, because they are not playing with outsiders’ money.”
Hwang’s new firm approached big banks including Goldman Sachs, Morgan Stanley, Japan’s Nomura and Switzerland’s Credit Suisse. These firms extended leverage, or margin loans, to Archegos, which invested heavily on swap trades: