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Jul 12, 2024
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there were other banks equally who turned down bill hwang and archegos.y came there looking for leverage and help and backing and was turned away. there was a mixture across the banks, but some were about as reckless as you can be. scarlet: you covered goldman sachs, morgan stanley. how has the archegos disaster and the blowup impacted the way they operate? do you see them doing things differently as a result? >> it is hard to get a full window into what they are doing. in the immediate aftermath of the collapse, all risk management operations must have been on high alert. they were willing to look under every rock carefully. but the question is as we get further away, we are already three years past the archegos collapse. as we get further away, how long does this remain in your memory and how quickly does the allure of new promising attractive fees ensure that this fades away in the rearview mirror? scarlet: always good questions to pose, especially during bank earnings season. paul davies and -- on the archegos lessons banks may or may not learn moving
there were other banks equally who turned down bill hwang and archegos.y came there looking for leverage and help and backing and was turned away. there was a mixture across the banks, but some were about as reckless as you can be. scarlet: you covered goldman sachs, morgan stanley. how has the archegos disaster and the blowup impacted the way they operate? do you see them doing things differently as a result? >> it is hard to get a full window into what they are doing. in the immediate...
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Jul 8, 2024
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scarlet: you mentioned bill hwang has a prior run in with the sec. faces jail time, what does that look like? josh: sentencing guidelines for him are through the roof. probably life given the billions lost allegedly. that said, he will not go to jail for life for this. there could be a significant jail sentence here. i think the judge will take into account that he had a prior run-in. the resolution was with the company, not within, but that will be an argument to make. this wasn't a mistake. he knows how to avoid breaking securities laws and he did it again. scarlet: a lot of wall street has been riveted by the inner workings of this trial. what part fascinated you the most? josh: two pieces of it. one is you have the tiger cub. a guy with a great pedigree, made a ton of money. then there are the losses the banks took, cs went under in part of this. you have these two dramas that have captured wall street. scarlet: josh naftalis, appreciate you being here, being our ears and eyes on the ground. quick headline, president biden saying we cannot waste
scarlet: you mentioned bill hwang has a prior run in with the sec. faces jail time, what does that look like? josh: sentencing guidelines for him are through the roof. probably life given the billions lost allegedly. that said, he will not go to jail for life for this. there could be a significant jail sentence here. i think the judge will take into account that he had a prior run-in. the resolution was with the company, not within, but that will be an argument to make. this wasn't a mistake....
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Jul 11, 2024
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bill hwangb had pleaded not guilty. —— bill hwang.s that wiped out his personal fortune and his company collapsed, causing millions of doses in losses for banks including morgan stanley, credit suisse and some had to take responsibility for doing business with them including pay cuts, demotion and some of them even lost theirjobs. there also question asked about why those big banks chose to do business with him because of his background because if you remember he was banned from the hong kong market in 2014 and also in 2012. he settled inside it trading charges in the us. bill hwang is due to be sentenced in late october. thanks, mariko 0i, with the details. nigeria is africa's economic powerhouse, so why are so many young people trying to leave? it's become so common, there's even a term for it — �*japa'. hannah gelbart, from the bbc�*s what in the world podcast, has been speaking to students in lagos about what japa means for them, and what it means for the country they're trying to leave behind. students here are facing a difficult
bill hwangb had pleaded not guilty. —— bill hwang.s that wiped out his personal fortune and his company collapsed, causing millions of doses in losses for banks including morgan stanley, credit suisse and some had to take responsibility for doing business with them including pay cuts, demotion and some of them even lost theirjobs. there also question asked about why those big banks chose to do business with him because of his background because if you remember he was banned from the hong...
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Jul 11, 2024
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vonnie: bill hwang, founder of archegos capital management, found guilty of a raft of criminal chargestan pertaining to racketeering conspiracy, two counts of securities fraud, wire fraud, and several counts of market manipulation, in particular, stocks such as viacom and tencent. damien williams and the southern district of new york said bill hwang intentionally lied to wall street banks to try to up the trading capacity of the firm in order to intentionally move the prices of the stocks and this new move just continued and continued. the defense, for its part, said it couldn't have been a pump and dump scheme because hwang never saw this and will share. defense sing the wipeout -- never sold a share. defense sing day -- saying the wipeout was due to a blackout. it was a week in which viacom issued more shares and s.e.c. says it was cracking down on some chinese companies listed in the u.s., two events very detrimental to archegos' portfolio. within hours, margin calls started coming in from various banks and by friday, archegos was no more and banks across the street were down $10 bi
vonnie: bill hwang, founder of archegos capital management, found guilty of a raft of criminal chargestan pertaining to racketeering conspiracy, two counts of securities fraud, wire fraud, and several counts of market manipulation, in particular, stocks such as viacom and tencent. damien williams and the southern district of new york said bill hwang intentionally lied to wall street banks to try to up the trading capacity of the firm in order to intentionally move the prices of the stocks and...
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Jul 11, 2024
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ajury in new york has found the wall street investor, bill hwang, guilty of fraud and market manipulationyears ago the collapse of his fund — archegos capital management — caused billions of dollars in losses for several major banks. prosecutors accused hwang of lying to lenders by secretly amassing large stakes in a handful of media and technology firms — artificially driving up their share prices. when archegos proved unable to pay money back to the banks, it prompted a mass—sell off of stocks that wiped out hwang's personal fortune. samsung electronics unveiled a series of new products at its "galaxy unpacked" event held in paris. the event featured a new series of foldable phones, smartwatches, as well an updated earphone model that can translate foreign languages it hears into a user's chosen language. the company also announced its first foray into "smart rings", health monitoring devices that measure users�* heart rate and sleep. the $400 device will be available later injuly. staying with samsung electronics — thousands of workers are set to remain on strike, with the union repres
ajury in new york has found the wall street investor, bill hwang, guilty of fraud and market manipulationyears ago the collapse of his fund — archegos capital management — caused billions of dollars in losses for several major banks. prosecutors accused hwang of lying to lenders by secretly amassing large stakes in a handful of media and technology firms — artificially driving up their share prices. when archegos proved unable to pay money back to the banks, it prompted a mass—sell off...
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Jul 11, 2024
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. >>> archegos founder bill hwang has been found guilty of fraud and other charges tied to the collapseng is set for late october. >>> shares of costco pop as they raise the membership fees for the first time since 2017.$65 a. >>> shares of citigroup under pressure with banking regulators fining the bank $136 million for violating consent orders dating back to 2020 tied to insufficient internal controls and risk management. >>> the ftc is suing optum and cvs and cigna over questionable practices with discussions of prices for insulin. >>> and federal reserve governor lisa cook is predicting a soft landing for the u.s. economy. her baseline forecast saying the it will move to 2% without much impact on employment. the central bank is attentive to labor risk. >>> and here's what to watch before the open. we get the anticipated p cpi report and jobless claims. we get earnings from delta airlines with ceo ed bastian will speak on "squawk box" after 7:00 a.m. and sean connolly will speak with jim cramer at 6:00 p.m. we will hear from two central bank presidents later today. the cpi report is
. >>> archegos founder bill hwang has been found guilty of fraud and other charges tied to the collapseng is set for late october. >>> shares of costco pop as they raise the membership fees for the first time since 2017.$65 a. >>> shares of citigroup under pressure with banking regulators fining the bank $136 million for violating consent orders dating back to 2020 tied to insufficient internal controls and risk management. >>> the ftc is suing optum and cvs...
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Jul 11, 2024
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. >> bill hwang found guilty of a raft of criminal in manhattan today.in to racketeering conspiracy, two counts of securities fraud, wire fraud, and several counts of market manipulation in particular stocks such as viacom and tencent. damian williams and the southern district of new york said that hwang intentionally lied to try to up the trading capacity of the firm in order to intentionally move the prices of stocks in the portfolio higher and that this move just continued and continued. the defense said it couldn't have been a pump and dump scheme because hwang never sold a single share. the feds saying that the wipeout was due to a black swan event or a week where there was a perfect storm. that week came march 22 of 2021. the week where viacom issued more shares and the sec said it was cracking down on some china companies listed in the united states. two events there -- detrimental to the portfolio. within hours, margin calls started coming in from various banks. by friday, they were no more. collectively, banks were down $10 billion. sentencing w
. >> bill hwang found guilty of a raft of criminal in manhattan today.in to racketeering conspiracy, two counts of securities fraud, wire fraud, and several counts of market manipulation in particular stocks such as viacom and tencent. damian williams and the southern district of new york said that hwang intentionally lied to try to up the trading capacity of the firm in order to intentionally move the prices of stocks in the portfolio higher and that this move just continued and...
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Jul 11, 2024
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hwang, a fund that we were unfamiliar with, that had $36 billion, levered up to $160 billion worth ofuying power, he was convicted. he was convicted of essentially fraud and other charges. it was a manhattan federal court. one of his associates also kwibkw convicted as well. it was 10 of 11 criminal count against mr. hwang. remember warner bros. discovery and viacom? >> remember, at $90, i said, what the hell is going on, david? >> unable to figure out exactly what was going on because so many wall street firm didn't know what was going on because so much of his buying was done through total return swaps with different firms that didn't have the -- there was so much opacity, they didn't know what other firms were doing. that's part of the fraud, of course. >> credit suisse. >> basically went out of the business. that was the last straw in many ways, although they had one more to come. they had the -- they had the other subsequent scandal before credit suisse and then, of course, they went out with the banking crisis we had in march of 2023. >> why did this not get more talked about? >
hwang, a fund that we were unfamiliar with, that had $36 billion, levered up to $160 billion worth ofuying power, he was convicted. he was convicted of essentially fraud and other charges. it was a manhattan federal court. one of his associates also kwibkw convicted as well. it was 10 of 11 criminal count against mr. hwang. remember warner bros. discovery and viacom? >> remember, at $90, i said, what the hell is going on, david? >> unable to figure out exactly what was going on...
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Jul 11, 2024
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dani: it took a jury one day to deliver a guilty verdict against octavia -- archegos' bill hwang, stemming from the collapse of his firm in 2021, of fraud and market manipulation. each count carries a penalty of 20 years in prison. and a rare miss for apple, if vision sales will not reach 500,000 units. market tracker ibt says it makes will not sell 100,000 units and a quarter. the international launch should offset the weakness, which would cost roughly half as much, and should help boost sales last year. after an lifelong democrat george clooney has called for president biden to drop his bid for reelection. he is writing in a new york times op-ed saying that one battle he cannot win if the fight against time. it's devastating to say, but the joe biden i was with three weeks ago at the fundraiser was not the joe biden of 2010. he was not even the joe biden of 2020. he was the same man we all witnessed at the debate. clooney had headlined a fundraiser last month that has raised $30 million for's reelection campaign. that is your bloomberg brief. jonathan: thank you. we will see dani in abo
dani: it took a jury one day to deliver a guilty verdict against octavia -- archegos' bill hwang, stemming from the collapse of his firm in 2021, of fraud and market manipulation. each count carries a penalty of 20 years in prison. and a rare miss for apple, if vision sales will not reach 500,000 units. market tracker ibt says it makes will not sell 100,000 units and a quarter. the international launch should offset the weakness, which would cost roughly half as much, and should help boost...