Bill Hwang has been arrested
Very shocking news for Bill chad Hwang, was just expecting an investigation into his actions but surprised that they ended up arresting him. We will wait and see if it pans out for him.
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Pretty interesting. Allegations of market manipulation by placing large trades just after market open and before market close and while masking huge positions with derivatives. I don't think that type of thing will hold much weight in court but it sounds like the Archegos guys straight up lied multiple times to prime brokers about the magnitude of their positions to get more leverage. That sounds pretty bad to me
Big Wang Hwang
How are they gonna do Bill like that?
Free the boy, he didn’t do anything!
Archegos allegedly pledged the same collateral against total return swaps with multiple banks. If that’s true, that’s demonstrable fraud.
How do you post the same collateral against swaps at different banks?
2 prime brokers can’t be in possession of the same security at the same time.
my understanding of what he did is different. He manipulated the price of holdings to release margin which he then used to fund other purchases. He did this over and over while buying extremely large % of shares OS in various classes of stock.
I just skimmed the indictment (it’s public on doj) and you’re right. Additional to your points, he misled prime brokers about his holdings in the same securities with other brokers which explained how Archegos was able to control such large % of float for VIAC / others.
He did use a lot of total-return swaps. When some exotic swap instrument emerges you know something's there. Also please read Matt Levine's take on Archegos. Yeah Levine's mouth-feeding me his thoughts but I honestly don't care because it's really insightful.
I hope someone does a documentary on this guy.
100% going to be a documentary on this eventually.
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