Free Republic

A billionaire Wall Street financier who notoriously lost tens of billions in a matter of days has returned to court for his blockbuster fraud trial. Sung Kook 'Bill' Hwang, 60, the founder of Archegos Capital Management, is alleged to have triggered over $100 billion in shareholder losses when his family office fund failed to meet margin calls in March 2021. He was arrested in April 2022 and charged with fraud, racketeering and conspiracy, as prosecutors claim he carried out a scheme to defraud investors by lying about his firm's portfolio, which at one point stood at over $100 billion. If...

Despite recent hedge fund disasters and almost every economic indicator pointing to a potential stock crash, Biden’s administration has completely ignored a potential equities bubble.Since March 2020, $5.9 trillion in so-called relief spending authorized by Congress, as well as $3.3 trillion in quantitative easing from the Federal Reserve, has been pumped into the U.S. economy. America’s pandemic response resulted in 22 million jobs lost in a matter of months, and we still have 10 million fewer jobs than before March of last year. The fiscal and economic repercussions of going from stronger than expected job and wage growth in January...

The US Department of Justice has reportedly launched a probe into this spring’s dramatic implosion of Archegos Capital Management, which slammed some of the world’s biggest banks with more than $10 billion in losses. Federal prosecutors sent requests for information to some of the banks that conducted business with the massive but little-known family office run by disgraced financier Bill Hwang before its epic collapse in March, according to a Bloomberg report. Hwang relied on massive leverage and risky derivatives to take concentrated positions. When the massive bets he’d made on ViacomCBS and Discovery went south, he failed to meet...