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
CNBC Exclusive: CNBC Transcript: SEC Chairman Gary Gensler Speaks with CNBC’s “Squawk Box” Today Q1 2021 hedge fund letters, conferences and more SEC Chair Gary Gensler says SEC is looking at apps encouraging trading, payment for order flowSEC Chairman Gary Gensler: There Needs To Be ‘Greater Investor Protection’ Of Crypto MarketsSEC Chairman Gary Gensler On Fallout From Archegos MeltdownANDREW ROSS SORKIN: Gary Gensler joins us now in an exclusive interview, his first since taking on the job. Chair Gensler, it’s great to have you on the program this morning. Let’s start if we could by trying ...
ValueWalk
Credit Suisse Group AG (NYSE:CS) (SWX:CSGN) CEO Thomas Gottstein says the loss the investment bank sustained in Archegos was “unacceptable.” The firm reported net losses of 252 million Swiss francs ($275 million) for the first quarter. Q1 2021 hedge fund letters, conferences and more Credit Suisse reports loss from ArchegosCredit Suisse said the loss was due to a "significant charge with respect to the U.S.-based hedge fund matter in 1Q21), offsetting positive performance across wealth management and investment banking." Earlier this month, the Swiss bank warned it would report deep losses aft...
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