Exploring the repercussions of Bill Huang's lack of an exit strategy, the scrutiny on family offices following this incident, and the regulatory implications for firms like Archigos. The chapter emphasizes the significance of the upcoming trial in revealing the involvement of major banks and the necessity of stricter oversight to prevent similar crises.
Bill Hwang amassed a fortune of $36 billion on Wall Street through his family office, Archegos Capital Management. But over the course of one week in 2021, the firm imploded. Federal prosecutors have since charged Hwang with 11 criminal counts, including securities fraud, wire fraud and racketeering.
Today, Bloomberg’s Sridhar Natarajan and Kathy Burton join host David Gura to discuss Hwang’s rise and fall and why his trial promises to be one of the biggest, and most interesting, in the history of Wall Street.
See omnystudio.com/listener for privacy information.