City Of London
Bill Hwang Archegos Catastrophe Was Wilder Than Anyone Knew
- Feds show Hwang’s last-ditch effort to overpower the market
- He’s fighting charges that could lead to 380 years in prison
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“Are we going to be able to pay for these trades today? I don’t see how we can.”
The deputy’s words, now immortalized in a federal indictment, said it all: Inside Bill Hwang’s Archegos Capital Management, panic was setting in. Hwang, the enigmatic billionaire behind Archegos, had amassed one of the world’s great fortunes in virtual secrecy, and that trove -- a staggering $160 billion position in stocks -- was unraveling everywhere, all at once.