coming up, we are at the courthouse where bill hwang is on trial. bill hwang of archegos. details ahead. this is bloomberg. ♪ scarlet: opening statements in archegos founder's bill hwang's criminal trial are currently underway in new york. he faces charge of fraud and racketeering conspiracy that could end with him being behind bars for the rest of his life. joining us here in studio is our two analysts, one outside the federal court in downtown new york. why don't you get us start? what have you seen so far? what do we know so far? sonali: there are a few things to consider. if you think about archegos as a family, think about it as a family broken apart. remember, this is a family office, and you not only had bill hwang, who is facing charges, you also have his chief financial officer. separate from that, you have two of his former employees that already pled guilty and are cooperating witnesses. when we heard this morning from the prosecution, bill hwang's lawyer, as well as the chief financial officer's lawyer, what you heard was a few things. one, the prosecution tryi

bill hwang was responsible for his own funds.ade the case that it was his own better, not investors' money, although we do know separately that the banks themselves have lost a significant amount of money through engaging in these agreements with hwang's firm. now, we look at the defense here, and they also talk about the nature of the bets themselves. you may remember, when all of the started to unravel, it was around viacom cbs, so you do have the defense attorney speaking to a jury largely not versed in the world of finance, caroline. and explaining that bill hwang was betting on stocks that he believed in, and that's why he was betting so much. some of the earlier bets, like netflix, were hugely profitable for him back in the day, and now when he was thinking about the new to put to work, he was making the case that content is king, like you're saying, and that's why he bet so much on viacom essentially to borrow money. ed: if u.s. prosecutors, this is a big white collar crime case. you know, it's up there in terms of the sai