archegos
New York (AFP) - The trial of Archegos founder Bill Hwang for alleged securities fraud and market manipulation opened in New York on Monday, focused on the fund's spectacular 2021 implosion that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shock waves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley an...
AFP
Washington (AFP) - The Swiss banking giant UBS has been fined close to $400 million for misconduct by its recently-acquired subsidiary, Credit Suisse, the US Federal Reserve announced on Monday. Swiss regulators pushed UBS to take over its former rival Credit Suisse earlier this year amid a banking crisis spurred by the collapse of US regional lender Silicon Valley Bank. On Monday, UBS was fined a total of $387 million by the Fed and the Bank of England over Credit Suisse's failure "to adequately manage" the risk posed by the US family investment fund Archegos, despite repeated warnings, the...
AFP
New York (AFP) - US authorities on Wednesday arrested Archegos founder Bill Hwang and charged him with securities fraud and market manipulation following the fund's spectacular implosion last year that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shockwaves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stan...
AFP
New York (AFP) - US securities officials proposed new rules on Wednesday to address some of the regulatory defects exposed by the collapse of hedge fund Archegos earlier this year. The Securities and Exchange Commission announced new disclosure requirements on security-based swaps. The US regulator cited the role of some swap product in the 2008 financial crisis, as well as in the Archegos case, when major banks such as Credit Suisse and Japan's Mizuho lost billions of dollars tied to Archegos. Led by Bill Hwang, Archegos entered into transactions with several large banks that allowed for ou...
AFP
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