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by Tyler Durden Thursday, May 27, 2021 - 12:20 PM Following earlier reports that investigators had been sniffing around the prime brokerages that extended credit to Archegos, along with some critical comments from top market regulators, Bloomberg reported late Wednesday that federal prosecutors in Manhattan have officially launched a criminal investigation into the Archegos blowup. But according to Bloomberg, it appears the DoJ is now taking over after the SEC launched a preliminary investigation into Bill Hwang, the owner of Archegos, which operated as Hwang s family office, back in March. The Department of Justice is investigating the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March, a debacle that left big banks in Europe, Asia and the U.S. nursing more than $10 billion in losses. ....
SUBSCRIBE to EIR Daily Alert Service Archegos Hedge Fund Disaster Shows Banks Preparing a Financial Crash May 3, 2021 (EIRNS) The major bank losses from derivatives bets with the Archegos hedge fund, now at $10 billion publicly acknowledged by Credit Suisse, UBS, Nomura and Morgan Stanley and with suspected losses up to $100 billion, are likely to be the turning point which Bear Stearns’ two failed hedge funds were in July 2007, pointing to the global financial crash in the fall of 2008. The biggest Wall Street- and City of London-centered banks are absolutely loaded with reserves and deposits courtesy of the endless quantitative easing programs of the biggest central banks. After years of using this reserve/deposit base to finance incredibly high-risk debt to zombie corporations across the trans-Atlantic world, these banks are now throwing hundreds of billions into derivatives games, with the central focus being stock values. Like the U.S. home mortgage and commerci ....
by Tyler Durden Authored by Nick Dunbar of Risky Finance When the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the disaster. “Do you think it’s possible that this could produce a very fundamental reset in how your IRB credit risk models work?” wondered Stefan Stalmann of Autonomous Research. ....