BREAKDOWN: What the Archegos Arrests Tell Us About the Financial System

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CoinDesk

Business News, News, Daily News, Tech News

4.7 • 698 Ratings

🗓️ 29 April 2022

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bill Hwang is being accused of market manipulation. This episode is sponsored by Nexo.io, Arculus and FTX US. Bill Hwang is no stranger to law enforcement around financial crimes. In 2012 he settled an insider trading and market manipulation case involving Chinese stocks. Last year, he jumped back in the headlines after his family office, Archegos, completely imploded, ultimately leading to $10 billion of losses for brokerages including Nomura and Credit Suisse. This week, he was arrested on new charges surrounding Archegos. NLW explores how the market is reacting and what it tells us about the state of the financial system. Find our previous episode about Archegos here: https://www.coindesk.com/podcasts/the-breakdown-with-nlw/corruption-leverage-and-cheap-money-archegos-and-the-fastest-loss-of-wealth-in-history/ - From cash to crypto in no time with Nexo. Invest in hot coins and swap between exclusive pairs for cash back, earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head on to nexo.io and get started now. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, Texas. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Michael Nagle/Bloomberg via Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, April 29th, and today we are talking about the arrest of
0:29.2	Bill Huang. Before we get into that, however, a few housekeeping notes. There are two ways to listen
0:35.5	to the breakdown. You can listen on the CoinDest Crypto
0:38.4	Podcast Network feed, which features the breakdown as well as their other awesome shows, or you
0:43.1	can listen to the breakdown only feed. The shows both come out the same day with the CoinDesk feed
0:48.1	coming out in the afternoon and the breakdown only feed coming out in the evening.
0:52.0	Wherever you listen, if you're enjoying the show, please go
0:54.7	subscribe, give it a rating, a review, you know the deal. And if you want to get deeper into the
0:59.4	conversation, come join us on the Breakers Discord. Finally, a disclosure as always, in addition to them
1:05.1	being a sponsor of the show, I also work with FTX. So today we are digging into part two of a story we began covering last
1:14.1	April, which is the story of Bill Huang and Archigose Capital. It is the story of one financial
1:20.3	market participant, but also reflective of much larger questions. I'll link the previous show in the
1:26.7	notes, but let's do a quick recap of
1:29.3	Bill Huang. Huang rose to notability as a trader with Tiger Management. Tiger Management was
1:35.3	founded by Julian Robertson in 1980 and became one of the premier hedge funds, indeed a firm that would
1:41.0	help demonstrate the possibilities of the hedge fund industry.
1:49.0	Over the course of its 20 years in business, Tiger Management went from $8 million in asset center management all the way to $22 billion.
1:52.9	Around the time of the dot-com bubble, Robertson decided to wind down the fund and shifted
1:57.6	to investing in the funds of former employees.
	...

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