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DOJ probes banks in collapse of hedge fund Archegos dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
by Tyler Durden Wednesday, May 05, 2021 - 02:45 PM The other day, we learned that Credit Suisse, which was left on the hook for $5 billion after dumping blocks of stocks owned by its prime brokerage on behalf of Archegos Capital Management, earned just $17MM in fees from its relationship with Archegos, revealing that the fund was a 300x leveraged time bomb for Credit Suisse. This helps explain why Lara Warner, the bank s former risk chief, apparently wasn t aware of the details of the relationship until days before the blowup: Archegos simply wasn t an important enough client. Now, hours after UBS CEO Ralph Hamers and Chairman Axel Weber launched an apology tour to investors after revealing a surprise loss tied to Archegos, the FT reports that Archegos is finally preparing to officially file for bankruptcy protection as Credit Suisse and the other half dozen prime brokers who also worked with the fund threaten lawsuits to try and recover whatever they can to h ....
Before he lost US$20 billion, Bill Hwang was the greatest trader you had never heard of Trader Bill Hwang. Photo: Bloomberg / Emile Wamsteker Before he lost it all - all US$20 billion - Bill Hwang was the greatest trader you had never heard of. Starting in 2013, the Korean-American investor parlayed more than US$200 million left over from his closed hedge fund into a mind-boggling fortune by betting on stocks. Had he folded his hand in early March and cashed in, Hwang, 57, would have stood out among the world s billionaires. There are richer men and women, of course, but their money is mostly tied up in businesses, property, complex investments, sports teams and artwork. Hwang s US$20 billion net worth was mostly liquid. And then, in two short days, it was gone. ....
Before Archegos, Hwang built the New York-based hedge fund Tiger Asia Management in 2001 with the support of Robertson. The firm focused on Asian investments and became one of the best Asia-centric hedge funds, which at its peak managed over $5 billion.
In 2012, Hwang pleaded guilty to insider trading of Chinese bank stocks and agreed to pay $44 million to settle civil allegations. The Securities and Exchange Commission alleged that he used confidential information to short sell three Chinese bank stocks. After this, he shut Tiger Asia Management.
In 2013, he founded Archegos, a Greek biblical word for leader, which is a family investment vehicle with leverage-based bets on US technology growth stocks and Chinese ADRs. ....
Credit Suisse revolt to remove risk chief, 53,after Archegoes and Greensill scandals dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.