Was the Archegos implosion illegal?

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 8 May 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Three years ago, chaos struck Wall Street. Companies saw their share prices tumble, seemingly out of nowhere. Major banks lost billions of dollars in the fallout. Eventually, that chaos was linked to a family office, Archegos Capital Management, and its founder Bill Hwang.

This week, Hwang heads to trial in New York, where he faces charges including racketeering, and securities and wire fraud. The FT’s US legal correspondent Joe Miller examines the “novel” case prosecutors plan to pursue.

Clips from CNBC, Fox Business

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For further reading:

‘To what end?’: the murky question of Bill Hwang’s motive in Archegos trial

Archegos founder’s charity was financial ‘escape pod’, suit alleges

Hedge funds and brokers take aim at post-Archegos trading reforms

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On X, follow Joe Miller (@JoeMillerJr) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
0:02.0	Can I show this data?
0:04.0	Am I too late?
0:05.0	Find clarity in your investment decision-making.
0:08.0	Manage your portfolio for sustainable growth
0:11.0	and regulatory alignment
0:12.0	with the ultimate blend of powerful AI and
0:14.6	industry expertise.
0:16.5	Reduce risk, meet your sustainability goals and push the boundaries of possibilities based on
0:21.1	facts, not opinions.
0:23.0	Clarity AI scaling human decisions through tech.
0:26.6	Visit clarity.
0:28.0	AI and take action today.
0:29.6	It's known as one of the most spectacular collapses in modern financial history.
0:39.0	So it's March 2021.
0:41.0	It's in the middle of the COVID pandemic, and major stocks in seemingly unrelated
0:47.5	companies are dropping precipitously and for no apparent reason.
0:53.0	The F.T's legal correspondent Joe Miller says this all begins with the media company
0:58.0	Viacom CBS.
1:00.0	And no one watching the market and seeing these really sharp moves understands why it's happening.
1:07.0	It's all a great mystery.
1:09.0	And then, like dominoes, more firms share start tanking. Companies like Discovery, Tencent, and Baidu.
	...

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