Bill Hwang: The Insane Trader Who Cost Banks $10 Billion
Bill Hwang, the insane, madman trader / investor who cost banks $10 billion and put the global economy at risk through ridiculously leveraged total return swaps on equities such as ViacomCBS. Hwang is facing a multitude of charges including racketeering, fraud, market manipulation and more.
Is Bill Hwang a legend for causing Credit Suisse to shutdown it's prime brokerage division as well as reaping havoc on many other banks such as Nomura and Morgan Stanley? Or did he simply put the global economy at risk of financial contagion for his own gain and stupid appetite for immense risk?
Bill Hwang's Archegos Capital Management managed to lose as much as $20 billion in 2 days after his bets failed and he couldn't keep up his scheme.
Disclaimer:
I am not a financial advisor, please do your own research before making any investment decisions, these are at your own risk.
Sources:
https://markets.businessinsider.com/n...
https://en.wikipedia.org/wiki/Bill_Hwang
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https://www.forbes.com/profile/julian...
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https://www.ft.com/content/1f51d236-6...
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https://www.cityam.com/credit-suisse-...
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