Family offices that exclusively manage one fortune are generally exempt from registering as investment advisers with the U.S. Securities and Exchange Commission. By early 2021, just before its collapse, Archegos held a greater than 50% position in GSX Techedu Inc. and Viacom. ViacomCBS saw its share price halved in a week. By Thursday's close, the value of the portfolio fell 27% -- more than enough to wipe out the equity of an investor who market participants estimate was six to eight times levered. But what is Bill Hwangs net worth? The total size of Archegos market positions, including investments made with money borrowed from the counterparties, grew from approximately $10 billion to more than $160 billion over the course of just one year, the indictment declares. Because he was using borrowed money and levering up his bets fivefold, Hwang's collapse left a trail of destruction. There are richer men and women, of course, but their money is mostly tied up in businesses, property, complex investments, sports teams and artwork. But it all came crashing down when Hwang's highly leveraged bets started to go awry. Credit Suisse breach spills personal info of high-net-worth clients . Hwang's US$20 billion net worth was mostly . All Rights Reserved. Wealth Management is part of the Informa Connect Division of Informa PLC. Hwang took what remained from the collapse of Tiger Asia and opened Archegos in 2013. In Hong Kong, he was also banned from trading securities in 2014 for four years. The trades were obfuscated by the loose regulations governing so-called family offices like Archegos, which wealthy individuals use to manage their investments. He was more modest in his personal life. Damian Williams, U.S. Attorney for the Southern District of New York, speaks during a press conference Wednesday in New York City announcing the arrest and indictment of Sung Kook (Bill) Hwang Then the price dropped.CreditEmile Wamsteker. The firms head trader, William Tomita, made his own plea to Hwang, only to return with his tail between his legs: I spoke to Bill and he said to just keep working the orders. (Both have pleaded guilty and are cooperating with authorities.). "This has to be one of the single greatest losses of personal wealth in history.". An indictment was unsealed today charging Sung Kook (Bill) Hwang, the founder and head of a private investment firm known as Archegos, and Patrick Halligan, Archegos's Chief Financial Officer, with racketeering conspiracy, securities fraud, and wire fraud offenses in connection with interrelated schemes to unlawfully manipulate the prices of publicly traded securities in Archegos's . Bill Hwang is an American New York-based investor on Wall Street. He made large, concentrated bets on shares in South Korea, Japan, China and elsewhere, using ample amounts of borrowed money or leverage that could both supercharge his returns or, in turn, wipe out his positions. ViacomCBSs plummeting stock price was setting off margin calls, or demands for additional cash or assets, from its prime brokers that the firm couldnt fully meet. Overall, banks reported holding at least 68% of GSX's outstanding shares, according to a Bloomberg analysis of filings. [8], On April 27, 2022, Hwang and his former top lieutenant, Patrick Halligan, were arrested and charged with racketeering conspiracy, securities fraud, and wire fraud as part of scheme to harm investors. Credit Suisse, with these headquarters in Zurich, was among the large lenders to Archegos Capital Management. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. As ViacomCBS shares flooded onto the market that Friday because of the banks enormous sales, Mr. Hwangs wealth plummeted. Bill Hwang's strategies and performance remained secret from the outside world. Archegos had more than $20 billion of. Goldman Sachs, which had lent to him at Tiger Asia, initially refused to deal with Archegos. Then his luck ran out. .. Advertisement .. One Of World's Greatest Hidden Fortunes Crashed In Days. His hedge fund Archegos Capital Management ballooned on successful bets on global tech firms. was facing major negative press in 2020 following a report by famed short selling firm Muddy Waters Research that alleged the education tech companys financial results were fraudulent. A disciple of hedge-fund legend Julian Robertson, Sung Kook "Bill" Hwang shuttered Tiger Asia Management and Tiger Asia Partners after settling an SEC civil lawsuit in 2012 accusing them of insider trading and manipulating Chinese banks stocks. Meanwhile, billionaire hedge fund pioneer Julian Robertson, who founded Tiger Management in 1980, maintained that he is a "great fan" of former Tiger cub Hwang and would invest with him again despite the recent turn of events. Hwang pleaded guilty to criminal wire fraud charges and agreed to pay over $44 million in settlements related to the SEC civil lawsuit. I couldnt go to school that much, to be honest.. pic.twitter.com/dBlbHRK3aP. What started as an estimated $10 billion of personal investment from Hwang and his family, the Archegos Capital Management fund had grown and accumulated large positions in ViacomCBS, Discovery Inc. and some Chinese tech companies. Hwang's most recent ascent can be pieced together from stocks dumped by banks in recent days -- ViacomCBS Inc., Discovery Inc. GSX Techedu Inc., Baidu Inc. -- all of which had soared this year, sometimes confounding traders who couldn't fathom why. Whats more, he was able to further increase his influence by coordinating trades with a person identified as Adviser-1, who Bloomberg News reported is Tao Li, the head of Teng Yue Partners, a New York-based hedge fund that oversaw $4 billion as of last year. The Archegos Capital founder is currently in the spotlight after his company suffered a heavy loss this week. The Securities and Exchange Commission opened a preliminary inquiry into Archegos, two people familiar with the matter said, and market watchers are calling for tougher oversight of family offices like Mr. Hwangs private investment vehicles of the wealthy that are estimated to control several trillion dollars in assets. "On more than one occasion, Tiger Asia was entrusted with confidential, nonpublic information about companies only to turn around and violate that trust by illegally trading millions of shares of the company's stock for huge profits," U.S. attorney Paul Fishman told the Wall Street Journal in 2012. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. As Hwang traded his own fortune at Archegos, he held Bible readings on Friday mornings at 7 a.m., when 20 or 30 people would squeeze together around a long table and, over coffee and Danishes, listen to recordings of the Bible. Bankers. Goldman then followed suit, selling billions of dollars of companies' stock. Like Hwang, Wood is known to hold Bible study meetings and figures into what some refer to as the faith in finance movement. But sometime between the deals announcement and its completion that Wednesday morning, Mr. Hwang changed plans. Manhattan federal prosecutors arrested and criminally charged the owner, Bill Hwang, and his former top lieutenant in one of the highest-profile Wall Street prosecutions in years. +17.54% He also loaded up on Chinese tech companies such as Baidu and GSX Techedu. Hwangs current net worth remains unconfirmed. Round and round it went. "A 'family office' has nothing to do with ordinary families. The U.S. Attorneys Office for the Southern District of New York, which is prosecuting Hwang, is now gathering evidence around whether or not banks engaged in illegal activity, particularly whether some market participants were getting tipped off ahead of time when a large transaction was coming to market. In some cases, Hwang would instruct traders to sell a stock or enter a short position in the morning, which gave the family office more trading capacity to buy when it needed to boost the price. By clicking Sign up, you agree to receive marketing emails from Insider After Mr. Robertson closed the New York fund to outside investors in 2000, he helped seed Mr. Hwangs own hedge fund, Tiger Asia, which focused on Asian stocks and quickly grew, at one point managing $3 billion for outside investors. But life is full of surprises . What is Bill Hwangs net worth? (This story was originally published on April 8, 2021. On April 27, 2022, he was indicted on federal charges of fraud and racketeering in the same matter. [10][11], In 2014, Hwang was banned from trading in Hong Kong for four years. Bill Hwang, the investment firm's owner, and his former chief financial officer had deliberately misled their banks, prosecutors said, so they could borrow money and place enormous bets on a. And we allege that they told those lies for a reason: so that the banks would have no idea that Archegos was really up to a big market-manipulation scheme.. Bill Hwang has found himself at the centre of a huge margin call that affected the shares of major banking investment companies. Other banks soon followed. The heavy borrowing ballooned Mr. Hwangs portfolio to $35 billion from $1.5 billion in a single year, prosecutors said, and the effective size of his firms stock positions swelled to $160 billion rivaling some of the biggest hedge funds in the world. Archegos bought complex securities called total return swaps from banks, which allowed it to quickly take on much larger positions than it could by buying the shares outright. ", (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.). Biography If Archegos doesnt lead to bringing large family offices into investment adviser act regulation, nothing will, short of a Martian invasion, Mr. Gordon said. But because Archegoss stake was bolstered by borrowed money, if ViacomCBS shares unexpectedly reversed he would have to pay the banks to cover the losses or be quickly wiped out. Bloomberg reported that Hwang's early investments through his Archegos Capital Management family office included Amazon, travel-booking company Expedia, LinkedIn and Netflix, the latter of which reaped a $1 billion payday. Its stock price plunged 9% the next day. Born in South Korea, Mr. Hwang moved to Las Vegas in 1982 as a high school student. Erik Gordon, a law and business professor at the University of Michigan, said it was time that large family offices be treated like all other investment advisers and subject to S.E.C. That led them, in turn, to start looking at the way Morgan Stanley and potentially other banks dealt with block trades. [17] One part of Hwang's portfolio, which has been traded in blocks since Friday by Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co., was worth almost $40 billion last week. Until recently, Bill Hwang sat atop one of the biggest and perhaps least known fortunes on Wall Street. Bill Hwang, chief executive officer and founder of Archegos Capital Management LP, left, departs federal court in New York, U.S., on Wednesday, April 27, 2022. That approach makes sense for small family offices, but if they swell to the size of a hedge fund whale they can still pose risks, this time to outsiders in the broader market. The large banks that served as Archegos counterparties were aware of concentration risks associated with Archegos because the funds positions at each of these banks were highly concentrated on a handful of stocks, according to the Justice Department, but they took at face value claims that its positions with other counterparties were different. Lines and paragraphs break automatically. The publication added that as disposals keep emerging, estimates of his firms total positions keep climbing: tens of billions, $50 billion, even more than $100 billion before the fortune evaporated in mere days. Hwang took what remained from the collapse of Tiger Asia and opened Archegos in 2013. articles a month for anyone to read, even non-subscribers. Sign up for our newsletter to get the inside scoop on what traders are talking about delivered daily to your inbox. These positions allegedly enabled Archegos to manipulate the prices of these stocks higher, especially when considering that passive index funds, which controlled much of the remaining outstanding shares, do not buy and sell securities based on market performance. [17] Hwang was released on a $100 million bond, which was secured by two properties and $5 million in cash. It is a sign of me buying, followed by a laughing emoji. A Glossary to Understand the Collapse of Archegos: QuickTake. Bill Hwang has found himself at the centre of a huge margin call that affected the shares of major banking investment companies. In March of 2021, declines in the prices of Archegos major holdings prompted its lenders to demand more collateral. By mid-March, Mr. Hwang was the financial force behind $20 billion in shares of ViacomCBS, effectively making him the media companys single largest institutional shareholder. The sales knocked around $35 billion off the value of various US media and Chinese tech firms in a day. Archegos was trading stocks on two continents, and banks could charge sizable fees on the trades they helped arrange. Credit Suisse exited its prime brokerage business as a result of losing $5.5 billion. Hwang employed this strategy with increasing frequency as counterparties began to curtail or restrict his access to additional trading capacity.. Archegos . Then the price dropped. Li also bet heavily on GSX. Who is Patrick Wojahn? Hwang created and ran Tiger Asia with the support of Julian Robertson who invested $25 million in the company. Archegos persuaded major banks to lend the firm vast sums to leverage its bets in the stock market -- in the end, with catastrophic results. Bill Hwang, the Wall Street investor who 'lost' US$20 billion in days, is a devout Christian who gave away millions to good causes | South China Morning Post Heard about the Wall Street. "You have to wonder who else is out there with one of these invisible fortunes," said Novogratz. Yet, in spite of the huge losses as a result of his fund's implosion, some have praised Hwang's abilities. [4] On April 27, 2022, he was indicted on federal charges of fraud and racketeering in the same matter. Authorities said Mr. Becker and Mr. Tomita had understood that if they were truthful with the banks about the amount of risk that Archegos was taking on, the financial institutions would not keep arranging new derivatives trades for it. Trading at roughly $12 a little over a year ago, ViacomCBSs stock rose to about $50 by January. His demise came after ViacomCBS Inc., one of Hwangs big holdings, began to fall after selling new stock. He said he would work 24x7 to cover the hedge fund manager's story . Tom Lee, head of research at Fundstrat Global Advisors, in a tweet on Tuesday, said investors should be cheering hedge fund successes not jeering their failures. Read more: Hwangs Acolyte Li Is Mystery Fund Manager in Archegos Case. Goldman finished unwinding its position but did not record a loss, a person familiar with the matter said. filed its own civil complaint on Wednesday against Mr. Hwang, Mr. Halligan and two former traders at Archegos. Japanese firm Nomura Holdings said it could suffer a possible loss of around $2 billion, while Credit Suisse Group, which has declined to provide a numerical impact, could see around $3 billio-$4 billion, according to reports. Number 8860726. "Four Charged in Connection with Multibillion-Dollar Collapse of Archegos Capital Management", "Seduced by Archegos' growth, Nomura took a chance on Hwang comeback", "Archegos Founder Bill Hwang and CFO Charged With Securities Fraud", "God and man collide in rise and fall of Bill Hwang's life on Wall Street", "The man at the heart of the Archegos fiasco is a 'Tiger cub' and devout Christian who pleaded guilty to insider trading. [6], Hwang earned an economics degree from UCLA, and an MBA from the Tepper School of Business at Carnegie Mellon University. He also seeded funds run by Cathie Woods Ark Investment Management. Banks held at least 40% of IQIYI Inc, a Chinese video entertainment company, and 29% of ViacomCBS -- all of which Archegos had bet on big. "This is a challenging time for the family office of Archegos Capital Management, our partners and employees," Karen Kessler, a spokesperson for the firm, said in an emailed statement. The foundation has donated tens of millions of dollars to Christian organizations. That's because Archegos came under scrutiny for causing a massive selling-off spree worth more than $20 billion. A religious man, Mr. Hwang established the Grace and Mercy Foundation, a New York-based nonprofit that sponsors Bible readings and religious book clubs, growing it to $500 million in assets from $70 million in under a decade. The fast rise and even faster fall of a trader who bet big with borrowed money. [16], Before the losses, Hwang was believed to be worth $1015 billion with his investments leveraged 5:1. Mr. Hwang and his former top lieutenant, Patrick Halligan, were arrested at their homes on Wednesday morning on charges of racketeering conspiracy, securities fraud and wire fraud. Prosecutors said Bill Hwang, the firms owner, and his former chief financial officer had deliberately misled their banks to borrow money and place enormous bets on a handful of stocks through sophisticated securities. https://www.nytimes.com/2022/04/27/business/archegos-bill-hwang-patrick-halligan.html. Similar to Morgan Stanley, UBS incurred a relatively small loss in comparison to . His extraordinary run of fortune turned early last week as ViacomCBS Inc. announced a secondary offering of its shares. When the risky strategy collapsed in just a few days in March 2021, $100 billion in shareholder value vanished, hitting the portfolios of investors who had invested when the unseen hand of Archegos was pushing those stocks to new heights. Family offices that invest money of a small circle of insiders are lightly regulated. I dont see how we can.. Li and Teng Yue havent been accused of wrongdoing by U.S. authorities, and Teng Yue didnt respond to messages seeking comment. Credit Suisse, which had acted too slowly to stanch the damage, announced the possibility of significant losses; Nomura announced as much as $2 billion in losses. The sudden and stunning collapse of the once-obscure private investment firm Archegos Capital Management sent shock waves through the stock market last year and left Wall Street banks with $10 billion in losses almost overnight. FOR IMMEDIATE RELEASE2022-70. The fiasco exposed the fragility of the financial system, especially those involving lesser-known practices such as a total return swaps, a derivative instrument that enabled Hwang's office not to have ownership of the underlying securities his firm was betting on. Hubris and greed, prosecutors say, fueled a brazen scheme to deceive major banks and manipulate markets. Mr. Hwang has laid low, issuing only a short statement calling this a challenging time for Archegos. Biden had small cancerous lesion removed, White House doctor says, Ron DeSantis skips CPAC, says Republicans act like potted plants when facing woke ideology. Federal prosecutors said Hwang used Archegos as an instrument of market manipulation and fraud, inflating its portfolio from $1.5 billion to $35 billion before its spectacular collapse, causing massive losses for banks and investors.). Hwang directed the traders to use the bullets, or trading capacity, at opportune moments that would create upward pressure on the stock price. Its all the more impressive considering Hwang was largely unknown before Archegoss spectacular collapse, save for a small group of managers affiliated with hedge fund legend Julian Robertson. Just before Archegos' epic collapse in late March, Hwang was managing a portfolio valued at between $10 billion and $15 billion, Wall Street traders estimate. Hoping to buy time, Archegos called a meeting with its lenders, asking for patience as it unloaded assets quietly, a person close to the firm said. The chaotic story portrayed in the 59-page indictment charts a rapid rise and fall in riches unlike anything Wall Street has ever seen. The foundation had assets approaching $500 million at the end of 2018, according to its latest filing. How It Happened, Katherine Burton and Tom Maloney, Bloomberg, Manish Sisodia's Request For Bail To Be Heard By CBI Court At 2 pm Today, Influenza With 'Covid-Like' Symptoms On The Rise Across India, "Made Money At Cost Of Middle Class": Harish Salve Says Probe Hindenburg, Matthew McConaughey's Wife Shares Clip from Flight That Dropped 4,000 Feet, Vande Bharat Train To Run On Mumbai-Goa Route Soon: Minister, Anushka Sharma, Virat Kohli Visit Mahakaleshwar Temple In Ujjain. Copyright 2023 Market Realist. The Wall Street Journal reported that Hwang lost US$20 billion over 10 days in late March 2021, imposing large losses on his bankers Nomura and Credit Suisse. Archegos Latest: Bill Hwang Get $100 Million Bail, Pleads Not guilty - Bloomberg . Then buy some more. The family company Archegos Capital Management had defaulted loans Hwang had used to build his . [15] Archegos had a 20% share of Texas Capital Bancshares Inc., and their share increased 93% but plunged after Archegos' collapse. This happened frequently, but not exclusively, with GSX, which was especially volatile due in part to active short sellers, regulatory inquiries and public accusations of fraud, the indictment reads. But those efforts which included several in-person meetings with prosecutors, one just this week failed. The Wall Street Journal reported that Hwang lost US$20 billion over the course of ten days in late March 2021. Even as his fortune swelled, the 50-something kept a low profile. According to prosecutors, Hwang's scheme began to unravel after his personal fortune shot from $1.5 billion to $35 billion in the span of a year. Archegos' investments powered it to a strong final quarter of 2020, with many of the stocks it held jumping more than 30%. In a family statement, Archegos Capital spokesperson Karen Kessler said: This is a challenging time for the family office of Archegos Capital Management, our partners and employees. People may receive compensation for some links to products and services on this website. In 2012, Mr. Hwang reached a civil settlement with U.S. securities regulators in a separate insider trading investigation and was fined $44 million. But this isn't the first time the devout Christian founder, who is known for his risky investments, has run into trouble. The value of other securities believed to be in Archegos' portfolio based on the positions that were block traded followed. Have something to tell us about this article? Scott Becker, the chief risk director, protested. Mr. Hwang, a 57-year-old veteran investor . Watch, Zelensky Fires Top Ukraine Military Commander, Gives No Reason, UN Chief Condemns "Vicious" Tactics Of Wealthy Nations Against Poor, Viral Video: Chris Brown Throws Fan's Phone Off Stage During Live Concert, Saudi Arabia To Introduce Yoga In Universities: Report, Top Scientist Behind Russia's Covid Vaccine "Strangled": Report, Bengal Congress Spokesperson Arrested For Remarks Against Mamata Banerjee, This website follows the DNPA Code of Ethics, Bill Hwang was quietly building one of the world's greatest fortunes, On Wall Street, few ever noticed him -- until suddenly, everyone did, He, his firm are now at center of one of the biggest ever margin calls. Political party of Maryland mayor explored. Anyone can read what you share. All the while, Becker was pulling as much money from Wall Street banks as possible, falsely claiming that the family office had $9 billion in excess cash while it was running on fumes. Mr. Halligan, in a blue shirt and khakis, was freed on a $1 million bond. Celebrities and executives celebrated the merger of Viacom and CBS at Nasdaq in 2019. How Bill Hwang and Archegos Lost $20 Billion Wealth The Big Take The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey About 15 miles from midtown Manhattan, the head of. Until the end, Hwang -- a devout Christian who, despite his wealth, lived in modest surroundings in suburban New Jersey -- believed he could single-handedly bend world markets to his will, prosecutors contend. Goldman later changed course, and in 2020 became a prime broker to the firm alongside Credit Suisse and Morgan Stanley. Market analysts estimate his assets have doubled over recent years from $5 billion to $10 billion, and his total positions could be over $50 billion. Sung Kook Hwang[1] (Korean: ), better known as Bill Hwang, is an American investor and trader. Some employees also worked for a large charitable foundation Mr. Hwang established the Grace and Mercy Foundation that gave to many religious causes. Beyond his Wall Street dealings, Hwang is co-founder of Grace and Mercy Foundation, a Christian organization with the mission to support the poor and oppressed as well as help people learn, grow and serve. They're due back in court May 19. [18], Hwang is a Christian. Why was Bill Hwang arrested? Most of the money used for those investments came from lenders like Goldman Sachs, Morgan Stanley, and Credit Suisse. Mr. Hwang, however, largely fell out of sight after the 2012 settlement. The cascade of trading losses has reverberated from New York to Zurich to Tokyo and beyond, and leaves myriad unanswered questions, including the big one: How could someone take such big risks, facilitated by so many banks, under the noses of regulators the world over? A Bloomberg opinion piece suggests that the recent implosion of Archegos Capital Management could have been avoided. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Access your favorite topics in a personalized feed while you're on the go. Hwangs firm Archegos Capital Management was forced to sell more than $20 billion in shares, including holdings inBaiduInc., ViacomCBS and Tencent Music Entertainment Group, Bloomberg has reported. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. "The question is if it's just friends and family why do we care? Amid the largest meltdown of a firm Wall Street has witnessed since the global financial crisis, it wasn't just banks that lost billions. Bill Hwangs investment firm, which ended up having to meet one of the largest margin calls on record, was a disaster waiting to happen, columnist Elisa Martinuzzi wrote. In the end, Archegos added $900 million in a day. Despite once working for Robertson's Tiger Management, he wasn't well-known on Wall Street or in New York social circles. Bill Hwang, a veteran stock trader and hedge fund manager, amassed billions of dollars in net worth over the years, before he lost it all-all $20 billion-Bill Hwang . His decision caused the ViacomCBS fund-raising effort to end with $2.65 billion in new capital, significantly short of the original target. So they don't have to disclose their owners, executives or how much they manage -- rules designed to protect outsiders who invest in a fund. Its a tale as old as Wall Street itself, where the right combination of ambition, savvy and timing can generate fantastic profits only to crumble in an instant when conditions change. as well as other partner offers and accept our, billionaire hedge fund pioneer Julian Robertson, Registration on or use of this site constitutes acceptance of our. Reuters/Rick Wilking. JPMorgan Chase, another prime broker, or large lender to trading firms, also stayed away. In June 2020, when asked in a text message by an Archegos analyst whether ViacomCBSs stock price improvement that day was a sign of strength Hwang responded, No. Washington D.C., April 27, 2022 . By Thursday, March 25, Archegos was in critical condition. But Archegoss footprint in the market was all but invisible to regulators, investors and even the big Wall Street banks that had financed its trades. and Discovery Inc. The institution did not escape entirely unscathed, however, after it confirmed the collapse of Archegos led to a $911 million loss, including $644 million from the amount the family office owed Morgan Stanley but failed to pay, and $267 million in trading losses. [2] Robertsons former protgs are known as the Tiger Cubs, and Hwang was considered one of the most successful among them. When the fund could not produce this collateral, prices collapsed. But last year, the music stopped.. Hwang and Archegoss chief financial officer, Patrick Halligan, both pleaded not guilty on Wednesday to 11 criminal charges, including racketeering conspiracy, market manipulation, wire fraud and securities fraud. +6.69%, The man who was once worth over $30 billion had lost $20 billion in two days leaving Bill Hwang's net worth at $10 billion. The Securities and Exchange Commission said its civil complaint, also unveiled Wednesday, that when combining its equity and derivative stakes, Archegos accumulated exposures equal to more than 70% of the outstanding shares in GSX Techedu Inc., 60% of Discovery Communications and 50% of IQIYY Inc. The collapse led to billions in losses for a number of banks, but Credit Suisse incurred the most pain. The indictment closes a more than yearlong investigation into Archegos failure, an episode that has motivated the Securities and Exchange Commission to propose new transparency rules surrounding total return swaps and other derivatives.
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