The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial [CNN]
Warner Bros. Discovery, Inc. - Series A (WBD)
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Source: CNN
CNN — In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Then again, you might have been too busy scheduling your Covid vaccine and emerging from lockdown for the first time in a year, which is understandable. Long story short, Archegos Capital Management built up huge bets that blew up in quasi-apocalyptic fashion, wiping out more than $100 billion in market value in the span of a few days. And this week, just over two years after the firm collapsed, its 60-year-old founder and CEO, Bill Hwang, will stand trial on charges of 11 counts of racketeering, conspiracy and fraud in a lower Manhattan courtroom in proceedings that will have all of Wall Street watching. There are a few reasons for that. 1. Bill Hwang is quite a character (more on that in a moment). Ad Feedback 2. The Archegos collapse shook Wall Street
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