The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey

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The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey

Bloomberg2021-08-09

He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed. Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...

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koolgal
·2021-08-12
The house of cards has collapsed! Will Bill Hwang ever trade again? ?
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- ET2021:
  don't think anyone will give him money to invest
  2021-08-12
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- koolgal:
  You are right! ?
  2021-08-12
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PorkChopRice
·2021-08-10
Looks like he made massive bets using other people's money and lost... At least I believe he still have a lot of money of his own to live comfortably and quietly for the rest of his life without having to work in Wall Street again. But the rest of us will be affected by his actions... $Credit Suisse Group AG(CS)$
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- Eded:
  At least He is famous now for unwanted reasons
  2021-08-10
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1000010101O
·2021-08-10
Like
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1
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robot1234
·2021-08-10
Bill Hwang was engaged in a game of high risk high return. He is the direct opposite of Warren Buffett. In an era of easy money, he was able to borrow tens of billions of dollars for his high risk trading. This risk was further amplified with he used of CFDs. Some estimated his stock exposure pup to $50 billion. Being too leveraged, he was unable to meet margin calls after some of his stocks witnessed a significant price fall. And he lost over $20 billion in two days. The lessons learned are familiar. As retail investors, pls trade within your means. And understand the margin of safety.
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- robot1234Replying tokoolgal:
  Happy Sunday to you too!
  2021-08-15
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- koolgalReplying torobot1234:
  Thanks??
  2021-08-15
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- koolgalReplying torobot1234:
  Welcome. Happy Sunday ??
  2021-08-15
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EHG
·2021-08-10
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- KamenR:
  Done
  2021-08-10
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Holidaymood
·2021-08-10
Please like and comment [Smile]
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- Holidaymood:
  Thanks!
  2021-08-10
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- Felicialim:
  Hi
  2021-08-10
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andrew123
·2021-08-10
When incentive is base on performance, this fund mgr takes on higher risk as it OPM.
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Likeabull
·2021-08-10
Good
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- Likeabull:
  [Happy]
  2021-08-10
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- WWTan:
  done
  2021-08-10
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WWTan
·2021-08-10
Pls like
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- andrew123:
  done. like back
  2021-08-10
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- Holidaymood:
  Ok
  2021-08-10
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HLTan
·2021-08-10
NJ
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- HLTan:
  j
  2021-08-10
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Neo81
·2021-08-10
Ok
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FGP
·2021-08-10
??? pls ?
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- YYKTAN:
  done
  2021-08-10
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Jfierydragon
·2021-08-10
Jjansn
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- YWC:
  Hi
  2021-08-10
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MoneyCub
·2021-08-10
Pls like
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7
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- JayTan:
  reply back thks
  2021-08-10
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Khoo18
·2021-08-10
Like pls
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- rosatmk:
  Done
  2021-08-10
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- Jfierydragon:
  pls reply
  2021-08-10
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ac1887
·2021-08-10
Good
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Investorpw
·2021-08-10
Please like
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- ac1887:
  Good
  2021-08-10
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- Khoo18:
  done
  2021-08-10
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Maygsy
·2021-08-10
Please like [Smile]
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LplMichelle
·2021-08-10
Please comment like
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- MoneyCub:
  Ok
  2021-08-10
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rabbit0112
·2021-08-10
Like please
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Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":895391605,"gmtCreate":1628723004107,"gmtModify":1676529829408,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":6,"crmLevelSwitch":1,"idStr":"3559581955535845","authorIdStr":"3559581955535845"},"htmlText":"The house of cards has collapsed!&nbsp; Will Bill Hwang ever trade again? ?","listText":"The house of cards has collapsed!&nbsp; Will Bill Hwang ever trade again? ?","text":"The house of cards has collapsed! Will Bill Hwang ever trade again? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/895391605","repostId":1178202513,"repostType":2,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5503374,"gmtCreate":1628745055075,"gmtModify":1663232269427,"authorId":3561934316298325,"author":{"id":3561934316298325,"idStr":"3561934316298325","authorId":3561934316298325,"name":"ET2021","avatar":"https://static.tigerbbs.com/070b2781c058fbb5c728aae73597245d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":895391605,"type":1,"supId":0,"prevId":0,"content":"don't think anyone will give him money to <u>invest</u>","text":"don't think anyone will give him money to <u>invest</u>","html":"don't think anyone will give him money to <u>invest</u>"},{"id":5503404,"gmtCreate":1628745230655,"gmtModify":1663232267636,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every month","bigImgUrl":"https://static.tigerbbs.com/b0cad6192443c33dca826a001250fbd4","smallImgUrl":"https://static.tigerbbs.com/5ccd98c646815ce7610b0df338e060cc","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/TW/9000980585","hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.02","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":2003},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[{"badgeId":"9427a906234c4b18a82ec3d7730b7fa8-1","templateUuid":"9427a906234c4b18a82ec3d7730b7fa8","name":"Star Contributor","description":"Have published 3 or more picked posts, and have published at least one picked post and participated in comments within 30 days","bigImgUrl":"https://community-static.tradeup.com/news/1866dcf97a73be1c330f85862546aedc","smallImgUrl":"https://community-static.tradeup.com/news/4f5c5fa8e2c7683bb5a7fce8753ee456","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/activity/market/2023/star-contributors/","hasAllocated":1,"isWearing":0,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.25","individualDisplayEnabled":1,"backgroundColor":{"dark":"#675a37","tint":"#f9ebc2"},"fontColor":{"dark":"#ffffff","tint":"#ab7a0e"},"individualDisplaySort":0,"categoryType":2007}]},"repliedAuthorId":0,"objectId":895391605,"type":1,"supId":5503374,"prevId":0,"content":"You are right! ?","text":"You are right! ?","html":"You are right! ?"}],"langContent":"EN"},{"id":896394705,"gmtCreate":1628555125607,"gmtModify":1703507964016,"author":{"id":"3555134782523638","authorId":"3555134782523638","name":"PorkChopRice","avatar":"https://static.tigerbbs.com/a98cc137c6872d5c9d28edd7d7e4206a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3555134782523638","authorIdStr":"3555134782523638"},"htmlText":"Looks like he made massive bets using other people's money and lost... At least I believe he still have a lot of money of his own to live comfortably and quietly for the rest of his life without having to work in Wall Street again.&nbsp;But the rest of us will be affected by his actions...&nbsp;<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>","listText":"Looks like he made massive bets using other people's money and lost... At least I believe he still have a lot of money of his own to live comfortably and quietly for the rest of his life without having to work in Wall Street again.&nbsp;But the rest of us will be affected by his actions...&nbsp;<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>","text":"Looks like he made massive bets using other people's money and lost... At least I believe he still have a lot of money of his own to live comfortably and quietly for the rest of his life without having to work in Wall Street again. But the rest of us will be affected by his actions... $Credit Suisse Group AG(CS)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896394705","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5478366,"gmtCreate":1628560468218,"gmtModify":1663232155643,"authorId":3581980965309451,"author":{"id":3581980965309451,"idStr":"3581980965309451","authorId":3581980965309451,"name":"Eded","avatar":"https://static.tigerbbs.com/41a629a3014601072ee8dc2d151d1796","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896394705,"type":1,"supId":0,"prevId":0,"content":"At least He is famous now for unwanted reasons ","text":"At least He is famous now for unwanted reasons ","html":"At least He is famous now for unwanted reasons "}],"langContent":"EN"},{"id":896973689,"gmtCreate":1628553814341,"gmtModify":1703507926000,"author":{"id":"3581326346667529","authorId":"3581326346667529","name":"1000010101O","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581326346667529","authorIdStr":"3581326346667529"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896973689","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":896969838,"gmtCreate":1628552270924,"gmtModify":1703507868879,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1,"idStr":"3561596430587504","authorIdStr":"3561596430587504"},"htmlText":"Bill Hwang was engaged in a game of high risk high return. He is the direct opposite of Warren Buffett. In an era of easy money, he was able to borrow tens of billions of dollars for his high risk trading. This risk was further&nbsp;amplified&nbsp;with he used of CFDs. Some estimated his stock exposure pup to&nbsp;$50 billion.&nbsp;Being too&nbsp;leveraged, he was unable to meet margin calls&nbsp;after some of his stocks witnessed a significant price fall. And he lost over $20 billion in two days. The lessons learned are familiar. As retail investors, pls trade within your means. And understand the margin of safety.","listText":"Bill Hwang was engaged in a game of high risk high return. He is the direct opposite of Warren Buffett. In an era of easy money, he was able to borrow tens of billions of dollars for his high risk trading. This risk was further&nbsp;amplified&nbsp;with he used of CFDs. Some estimated his stock exposure pup to&nbsp;$50 billion.&nbsp;Being too&nbsp;leveraged, he was unable to meet margin calls&nbsp;after some of his stocks witnessed a significant price fall. And he lost over $20 billion in two days. The lessons learned are familiar. As retail investors, pls trade within your means. And understand the margin of safety.","text":"Bill Hwang was engaged in a game of high risk high return. He is the direct opposite of Warren Buffett. In an era of easy money, he was able to borrow tens of billions of dollars for his high risk trading. This risk was further amplified with he used of CFDs. Some estimated his stock exposure pup to $50 billion. Being too leveraged, he was unable to meet margin calls after some of his stocks witnessed a significant price fall. And he lost over $20 billion in two days. The lessons learned are familiar. As retail investors, pls trade within your means. And understand the margin of safety.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/896969838","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5533024,"gmtCreate":1629003474340,"gmtModify":1663232400243,"authorId":3561596430587504,"author":{"id":3561596430587504,"idStr":"3561596430587504","authorId":3561596430587504,"name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":3559581955535845,"repliedAuthor":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every 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too!"},{"id":5533104,"gmtCreate":1629004304841,"gmtModify":1663232399646,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every 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??","html":"Welcome.&nbsp; Happy Sunday ??"},{"id":5516202,"gmtCreate":1628845467293,"gmtModify":1635152531479,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every 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??"},{"id":5529453,"gmtCreate":1628981895224,"gmtModify":1635151526664,"authorId":3561596430587504,"author":{"id":3561596430587504,"idStr":"3561596430587504","authorId":3561596430587504,"name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896969838,"type":1,"supId":5516202,"prevId":0,"content":"Tks for sharing","text":"Tks for sharing","html":"Tks for sharing"}],"langContent":"EN"},{"id":896969384,"gmtCreate":1628552233948,"gmtModify":1703507868551,"author":{"id":"3586941861951066","authorId":"3586941861951066","name":"EHG","avatar":"https://static.tigerbbs.com/28e4734e50f795c3218330cbb6c3e9a0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586941861951066","authorIdStr":"3586941861951066"},"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896969384","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476391,"gmtCreate":1628552385228,"gmtModify":1663232144228,"authorId":3583799729432788,"author":{"id":3583799729432788,"idStr":"3583799729432788","authorId":3583799729432788,"name":"KamenR","avatar":"https://static.tigerbbs.com/db3db81fd6b762e83625b40b8566dec3","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896969384,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":896985768,"gmtCreate":1628552023154,"gmtModify":1703507863595,"author":{"id":"3577917989847586","authorId":"3577917989847586","name":"Holidaymood","avatar":"https://static.tigerbbs.com/c2f7be8cd64ecb0e1182c0d9afae636f","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3577917989847586","authorIdStr":"3577917989847586"},"htmlText":"Please like and comment [Smile]&nbsp;","listText":"Please like and comment [Smile]&nbsp;","text":"Please like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896985768","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476457,"gmtCreate":1628552603626,"gmtModify":1663232146538,"authorId":3577917989847586,"author":{"id":3577917989847586,"idStr":"3577917989847586","authorId":3577917989847586,"name":"Holidaymood","avatar":"https://static.tigerbbs.com/c2f7be8cd64ecb0e1182c0d9afae636f","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896985768,"type":1,"supId":5476329,"prevId":0,"content":"Thanks!","text":"Thanks!","html":"Thanks!"},{"id":5476329,"gmtCreate":1628552124465,"gmtModify":1663232145030,"authorId":3576273819527804,"author":{"id":3576273819527804,"idStr":"3576273819527804","authorId":3576273819527804,"name":"Felicialim","avatar":"https://static.tigerbbs.com/93b9dd65b95fb4d9322224d3c233d6f4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896985768,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"},{"id":896981672,"gmtCreate":1628551791096,"gmtModify":1703507857495,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://community-static.tradeup.com/news/f2a1eaba26272212d42018e60e78b422","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":0,"idStr":"3576260758860416","authorIdStr":"3576260758860416"},"htmlText":"When incentive is base on performance, this fund mgr takes on higher risk as it OPM.&nbsp;&nbsp;","listText":"When incentive is base on performance, this fund mgr takes on higher risk as it OPM.&nbsp;&nbsp;","text":"When incentive is base on performance, this fund mgr takes on higher risk as it OPM.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896981672","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":896919315,"gmtCreate":1628551124337,"gmtModify":1703507839751,"author":{"id":"4089109132462390","authorId":"4089109132462390","name":"Likeabull","avatar":"https://static.tigerbbs.com/cbea55e98757d0fd9e84090cea5652ab","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4089109132462390","authorIdStr":"4089109132462390"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896919315","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476102,"gmtCreate":1628551137526,"gmtModify":1663232145846,"authorId":4089109132462390,"author":{"id":4089109132462390,"idStr":"4089109132462390","authorId":4089109132462390,"name":"Likeabull","avatar":"https://static.tigerbbs.com/cbea55e98757d0fd9e84090cea5652ab","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896919315,"type":1,"supId":0,"prevId":0,"content":"[Happy]","text":"[Happy]","html":"[Happy]"},{"id":5476099,"gmtCreate":1628551131676,"gmtModify":1663232141947,"authorId":3581679936650072,"author":{"id":3581679936650072,"idStr":"3581679936650072","authorId":3581679936650072,"name":"WWTan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896919315,"type":1,"supId":0,"prevId":0,"content":"<u>done</u>","text":"<u>done</u>","html":"<u>done</u>"}],"langContent":"EN"},{"id":896919932,"gmtCreate":1628551124226,"gmtModify":1703507839585,"author":{"id":"3581679936650072","authorId":"3581679936650072","name":"WWTan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581679936650072","authorIdStr":"3581679936650072"},"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896919932","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476251,"gmtCreate":1628551809370,"gmtModify":1663232147747,"authorId":3576260758860416,"author":{"id":3576260758860416,"idStr":"3576260758860416","authorId":3576260758860416,"name":"andrew123","avatar":"https://community-static.tradeup.com/news/f2a1eaba26272212d42018e60e78b422","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896919932,"type":1,"supId":0,"prevId":0,"content":"done. like back","text":"done. like back","html":"done. like back"},{"id":5476322,"gmtCreate":1628552074427,"gmtModify":1663232147231,"authorId":3577917989847586,"author":{"id":3577917989847586,"idStr":"3577917989847586","authorId":3577917989847586,"name":"Holidaymood","avatar":"https://static.tigerbbs.com/c2f7be8cd64ecb0e1182c0d9afae636f","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896919932,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":896932273,"gmtCreate":1628550915292,"gmtModify":1703507832941,"author":{"id":"3562631994362651","authorId":"3562631994362651","name":"HLTan","avatar":"https://static.tigerbbs.com/8d343018d7d670ebb323d39e98dd1a19","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3562631994362651","authorIdStr":"3562631994362651"},"htmlText":"NJ","listText":"NJ","text":"NJ","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896932273","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476054,"gmtCreate":1628550939018,"gmtModify":1663232143039,"authorId":3562631994362651,"author":{"id":3562631994362651,"idStr":"3562631994362651","authorId":3562631994362651,"name":"HLTan","avatar":"https://static.tigerbbs.com/8d343018d7d670ebb323d39e98dd1a19","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896932273,"type":1,"supId":0,"prevId":0,"content":"j<br>","text":"j<br>","html":"j<br>"}],"langContent":"EN"},{"id":896938613,"gmtCreate":1628550794532,"gmtModify":1703507830142,"author":{"id":"3574917771676685","authorId":"3574917771676685","name":"Neo81","avatar":"https://community-static.tradeup.com/news/6f58d3034b01234ff8e0b517f45f9f2a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574917771676685","authorIdStr":"3574917771676685"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896938613","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":896939949,"gmtCreate":1628550662981,"gmtModify":1703507824995,"author":{"id":"3584079457608282","authorId":"3584079457608282","name":"FGP","avatar":"https://community-static.tradeup.com/news/4f96275867e9fcc09f90747c0edcd143","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":9,"crmLevelSwitch":1,"idStr":"3584079457608282","authorIdStr":"3584079457608282"},"htmlText":"??? pls ?","listText":"??? pls ?","text":"??? pls ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896939949","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476006,"gmtCreate":1628550747142,"gmtModify":1631884194157,"authorId":3586858995147972,"author":{"id":3586858995147972,"idStr":"3586858995147972","authorId":3586858995147972,"name":"YYKTAN","avatar":"https://static.tigerbbs.com/e9c7bf12299d79e1cacc0c24919b7a3c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896939949,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"EN"},{"id":896939094,"gmtCreate":1628550660418,"gmtModify":1703507824832,"author":{"id":"3579028995240368","authorId":"3579028995240368","name":"Jfierydragon","avatar":"https://static.tigerbbs.com/32ea74904661b2d0a43f0cc648caae68","vip":1,"crmLevel":9,"crmLevelSwitch":1,"idStr":"3579028995240368","authorIdStr":"3579028995240368"},"htmlText":"Jjansn","listText":"Jjansn","text":"Jjansn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896939094","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476010,"gmtCreate":1628550762669,"gmtModify":1663232144728,"authorId":3576206774226035,"author":{"id":3576206774226035,"idStr":"3576206774226035","authorId":3576206774226035,"name":"YWC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896939094,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"},{"id":896992503,"gmtCreate":1628550427202,"gmtModify":1703507821217,"author":{"id":"3559862059870297","authorId":"3559862059870297","name":"MoneyCub","avatar":"https://static.tigerbbs.com/1f4ae708d214afbc1b0b1f68ecc65c7e","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3559862059870297","authorIdStr":"3559862059870297"},"htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896992503","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5475951,"gmtCreate":1628550535826,"gmtModify":1663232144537,"authorId":3572397521268164,"author":{"id":3572397521268164,"idStr":"3572397521268164","authorId":3572397521268164,"name":"JayTan","avatar":"https://static.tigerbbs.com/2df5c1d990871ccbfc0f26d4948532db","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896992503,"type":1,"supId":0,"prevId":0,"content":"reply back thks","text":"reply back thks","html":"reply back thks"}],"langContent":"EN"},{"id":896992317,"gmtCreate":1628550396539,"gmtModify":1703507818358,"author":{"id":"3586514899418238","authorId":"3586514899418238","name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586514899418238","authorIdStr":"3586514899418238"},"htmlText":"Like pls&nbsp;","listText":"Like pls&nbsp;","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896992317","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5476209,"gmtCreate":1628551604524,"gmtModify":1663232146029,"authorId":3587017307360366,"author":{"id":3587017307360366,"idStr":"3587017307360366","authorId":3587017307360366,"name":"rosatmk","avatar":"https://static.tigerbbs.com/a72ccfb40baf4c35d5d8a37cebbda989","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896992317,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":5475968,"gmtCreate":1628550656126,"gmtModify":1635155883577,"authorId":3579028995240368,"author":{"id":3579028995240368,"idStr":"3579028995240368","authorId":3579028995240368,"name":"Jfierydragon","avatar":"https://static.tigerbbs.com/32ea74904661b2d0a43f0cc648caae68","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.07","exceedPercentage":"93.22%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":9,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896992317,"type":1,"supId":0,"prevId":0,"content":"pls <u>reply</u>","text":"pls <u>reply</u>","html":"pls <u>reply</u>"}],"langContent":"EN"},{"id":896996747,"gmtCreate":1628550380289,"gmtModify":1703507817867,"author":{"id":"3585352116267703","authorId":"3585352116267703","name":"ac1887","avatar":"https://static.tigerbbs.com/a4f5865f79452e7da123e88ff35959e5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585352116267703","authorIdStr":"3585352116267703"},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896996747","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":896991217,"gmtCreate":1628550246139,"gmtModify":1703507814850,"author":{"id":"3564887540980880","authorId":"3564887540980880","name":"Investorpw","avatar":"https://static.tigerbbs.com/d1dd948dbb16b3bc2aece70dc8351fa9","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3564887540980880","authorIdStr":"3564887540980880"},"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/896991217","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5475915,"gmtCreate":1628550392088,"gmtModify":1663232145538,"authorId":3585352116267703,"author":{"id":3585352116267703,"idStr":"3585352116267703","authorId":3585352116267703,"name":"ac1887","avatar":"https://static.tigerbbs.com/a4f5865f79452e7da123e88ff35959e5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896991217,"type":1,"supId":0,"prevId":0,"content":"Good","text":"Good","html":"Good"},{"id":5475912,"gmtCreate":1628550384432,"gmtModify":1663232145037,"authorId":3586514899418238,"author":{"id":3586514899418238,"idStr":"3586514899418238","authorId":3586514899418238,"name":"Khoo18","avatar":"https://static.tigerbbs.com/a895cde27a6f60014dacbbc8853a5e1e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896991217,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"EN"},{"id":896991689,"gmtCreate":1628550243241,"gmtModify":1703507814520,"author":{"id":"4087179198347050","authorId":"4087179198347050","name":"Maygsy","avatar":"https://static.tigerbbs.com/b6066ecf3678675a463384fe0625d9a7","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4087179198347050","authorIdStr":"4087179198347050"},"htmlText":"Please like [Smile]&nbsp;","listText":"Please like [Smile]&nbsp;","text":"Please like [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896991689","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":896993867,"gmtCreate":1628550172359,"gmtModify":1703507814021,"author":{"id":"3582025954833628","authorId":"3582025954833628","name":"LplMichelle","avatar":"https://static.tigerbbs.com/f3f2fe5070ffb7507fcc119e4bce015e","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582025954833628","authorIdStr":"3582025954833628"},"htmlText":"Please comment like","listText":"Please comment like","text":"Please comment like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896993867","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5475889,"gmtCreate":1628550254156,"gmtModify":1663232144540,"authorId":3559862059870297,"author":{"id":3559862059870297,"idStr":"3559862059870297","authorId":3559862059870297,"name":"MoneyCub","avatar":"https://static.tigerbbs.com/1f4ae708d214afbc1b0b1f68ecc65c7e","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896993867,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":896993045,"gmtCreate":1628550157587,"gmtModify":1703507812689,"author":{"id":"4088071561934010","authorId":"4088071561934010","name":"rabbit0112","avatar":"https://static.tigerbbs.com/f34a76da0c81813be84eb946d69d797f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4088071561934010","authorIdStr":"4088071561934010"},"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896993045","repostId":1178202513,"repostType":4,"repost":{"id":"1178202513","kind":"news","pubTimestamp":1628522716,"share":"https://ttm.financial/m/news/1178202513?lang=&edition=fundamental","pubTime":"2021-08-09 23:25","market":"us","language":"en","title":"The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey","url":"https://stock-news.laohu8.com/highlight/detail?id=1178202513","media":"Bloomberg","summary":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in","content":"<p>He&nbsp;sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.</p>\n<p>Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.</p>\n<p>“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.</p>\n<p>Yes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.</p>\n<p>U.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.</p>\n<p>Hwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.</p>\n<p>At hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”</p>\n<p>Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.</p>\n<p>It’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth.&nbsp;At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.</p>\n<p>Credit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”</p>\n<p>This account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.</p>\n<p>When the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.</p>\n<p>For Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.</p>\n<p>The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.</p>\n<p>Across the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.</p>\n<p>Hwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and&nbsp;Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.</p>\n<p>The size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.</p>\n<p>One such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.</p>\n<p>Banks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.</p>\n<p>The Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.</p>\n<p>“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.</p>\n<p>The Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses —&nbsp;which amounted to about $50 million — was invested alongside Hwang and&nbsp;rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.</p>\n<p>One of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.</p>\n<p>Despite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters”&nbsp;by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.</p>\n<p>Others are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés.&nbsp;Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is&nbsp;Red Ember Capital and the other is AriseN Partners.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-09 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-08-09/where-is-bill-hwang-the-man-who-lost-20-billion-after-archegos-collapsed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178202513","content_text":"He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed.\nHere in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man whojust lost more than $20 billion.\n“Billion with a B?” gasps a neighbor down the block, when told of the epic blowup at Hwang’s Archegos Capital Management.\nYes, billion, with a B, as shocked lenders can attest. Four months after Archegos rocked global finance, bankers and federal authorities are still sifting through the wreckage. The liquidator who mopped up after Lehman Brothers has now come for Archegos. Some colleagues have turned on Hwang; others hope he’ll bankroll hedge funds that might yet rise from the ashes.\nU.S. prosecutors are asking questions, too, including the big one: Was all of this another spectacle of Wall Street greed and hubris, or was it something worse? Credit Suisse Group AG, staggered by a $5.5 billion blow, says it was likely deceived by Hwang’s family office.\nHwang is groping for answers of his own. He amassed one of the world’s great fortunes in virtual secrecy — and then lost it, very publicly, in a blink. In the easeful heat of this summer morning, he’s awaiting a call with a retired U.S. general who, he hopes, might provide some counsel. He’s dressed like your average American soccer dad: teal shirt, blue cargo pants, Adidas slides. He has a pad of paper and a pen handy. An 8-ounce plastic bottle of Poland Spring water stands on the white plastic table which, like the chair, could have come from Costco.\nAt hand, too, is a Christian pamphlet — a testament to the faith that’s guided Hwang as he made dangerous bets in the markets and was even charged with insider trading in the past. The title is Armor of God, a reference to Ephesians 6:11 — “Put on the full armor of God, so that you can take your stand against the devil’s schemes.”\nHwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps. He’s been lying low here in New Jersey, in this tidy borough of 15,000, beyond The Palisades cliffs that rise above the Hudson River. He is not exactly a Wall Street Napoleon exiled to Elba: Hwang has lived here for years, in the same house, with cobwebs in the eaves and hedges out front. A Mercedes sits in the driveway. “Black Lives Matter” signs dot neighbors’ manicured lawns. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire.\nIt’s difficult to square Hwang’s mostly unglamorous life here with the portrait of him that has emerged over the past few months. By all accounts he eschews the trappings of extravagant wealth. At the Tenafly Classic Diner, where the “NJ Sandwich” goes for $6.95, the servers say he’s been known to stop by, but haven’t seen him lately. More recently he’s been chauffeuring his family around town, in between coping with one of the biggest debacles in Wall Street history.\nCredit Suisse provided the first official peek into the flameout. A 172-page autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. But the embattled lender also says “it seems likely that Archegos deceived CS and obfuscated the true extent of its positions, which Archegos amassed in the midst of an unprecedented global pandemic.”\nThis account also hints at a shift in Hwang’s strategy that has baffled outsiders. Archegos had grown rapidly by making huge bets on established FAANG stocks — blue-chip U.S. technology companies. But by last year, it was plowing money into risker bets like ViacomCBS and several U.S.-listed Chinese stocks, some of which had been targeted by short sellers.\nWhen the banks began dumping Hwang’s portfolio, these shares tumbled. And a more recent crackdown by the Chinese government has further decimated many of Hwang’s favored bets.\nFor Hwang’s family office, now comes the inevitable: liquidation. Only months ago, it boasted holdings — built on borrowed money — valued at more than $120 billion. Today, everyone is lining up for the scraps.\nThe person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the 2008 financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an accounting scandal in 2017. He declined to comment on pending matters.\nAcross the river from Tenafly, at Hwang’s midtown Manhattan office, his landlord is suing Archegos for unpaid rent. Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It’s trying to recoup $159,165.55 from Archegos.\nHwang’s 38th-floor offices in the building across from Carnegie Hall have mostly been emptied, and his Christian charity, the Grace and Mercy Foundation, has decamped to a cheaper 22nd floor in the same building. The foundation had more than $600 million in assets as of 2019, according to its most recent tax filings. It had even more money in early 2021, according to a person familiar with the matter.\nThe size of Bill Hwang’s fortune remains uncertain. Former employees have been grousing that while they’ve been wiped out, Hwang, through private investments and other holdings away from Archegos, could still be a billionaire.\nOne such investment was the seed money he poured into four of Cathie Wood’s exchange traded funds that have exploded in popularity thanks to their market-beating returns.\nBanks are haggling with Hwang’s team to figure out the size of his remaining wealth and whether they can claw back any of it. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals. The Swiss bank also flagged in its findings that Hwang’s firm took out more than $2 billion in excess margin from its account with the lender in the days before the collapse.\nThe Department of Justice has been moving ahead with a probe into the blowup. At least one line of questioning has revolved around the communication between Hwang’s top associate Andy Mills and the lenders, and whether he may have misled them in the week of the crash, according to a person interviewed by prosecutors.\n“The assertion that Andy Mills or anyone at Archegos misled the banks during the week of March 22 is untrue in every respect,” a spokesman for Archegos said.\nThe Archegos debacle has fractured ties between Hwang and some former colleagues, who are fighting to recoup deferred compensation that was tied up with the firm. Part of their annual bonuses — which amounted to about $50 million — was invested alongside Hwang and rocketed in value with his portfolio, people familiar with the matter said. They want Hwang to carve out cash from money he may have set aside elsewhere.\nOne of Archegos’s employees has put his home in Manhattan and another on Long Island up for sale, according to real-estate listings.\nDespite everything, Hwang is trying to push forward. He’s investing his remaining money, and occasionally crossing the Hudson to catch dinner at a New York restaurant. He spends spare hours as he has for much of his adult life: praying, reading Christian-themed literature, and listening to recordings of the Bible. He’s recently been reading “The Screwtape Letters” by C.S. Lewis, looking for guidance to navigating the current troubles. A satirical epistolary novel, the book features the demon Screwtape writing letters of advice to his nephew, Wormwood, who is trying to win the soul of a young man.\nOthers are trying to move on too. Hwang has promised to throw his weight, if not his money, behind at least three funds being launched by protégés. Hwang named his firm Archegos, an ancient Greek word for leader or author, a reference to Jesus. The names of two of the new funds reflect the cataclysm at Archegos. One is Red Ember Capital and the other is AriseN Partners.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":434,"commentSize":211,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}