Bill Hwang Defense Faces Tough Odds as Archegos Trial Begins [BNN Bloomberg (Canada)]
Morgan Stanley (MS)
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Source: BNN Bloomberg
Wall Street banks including Credit Suisse AG, Morgan Stanley and Nomura Holdings Inc. lost some $10 billion acting as prime brokers for Hwang's family office. At opening statements Monday in the Manhattan federal court trial of Hwang and his chief financial officer, Patrick Halligan, prosecutors will argue that the two duped the banks into fueling an epic $160 billion bubble that burst when Archegos collapsed in March 2021. Never miss an episode. Follow The Big Take daily podcast today. Defense lawyers will aim to depict Archegos' trading strategy as legal and normal for an investment firm, stressing that it was a family office not required to disclose its positions. At the same time, they will try to convince the jury that the banks' decisions were completely their own. Key to that will be trading data that the defense says will show Archegos' counterparties didn't act in predictable ways. “Archegos could not control what these very sophisticated financial institutions did,” H
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