Page 17 - Tyler Gellasch News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Financial fictions What Marx described as the ‘purest and most colossal form of gambling and swindling’ continues today, but on an altogether bigger scale Michael Roberts looks at some recent examples I must declare an interest. In days of old, many moons ago, I worked for an investment consultancy that advised Bill Hwang, the owner of Archegos - the ‘family office’ hedge fund that recently collapsed, leaving $20 billion owed to two big banks, Credit Suisse and Nomura. Bill Hwang Hwang was then a ‘Tiger cub’ - someone that veteran hedge fund manager Julian Robertson of the pioneering Tiger hedge fund showed favour to with ‘seed’ investment capital. After leaving Tiger, in 2001 Hwang struck out on his own, to great success. But then there was the first scandal, when in 2013 Hwang was barred from the US investment business. Authorities alleged that, as part of an insider-trading scheme, his Tiger Asia Management hedge fund had violated promises it made to some of th

United arab emiratesUnited kingdomCity ofTiger asiaWarren buffettJulian robertsonSanjeev guptaTyler gellaschLex greensillMark carneyNeil woodfordMichael robertsBoris johnsonExchange commissionMorgan stanleyUnited kingdom financial conduct authority