Manhattan federal prosecutors arrested and criminally charged the owner, Bill Hwang, and his former top lieutenant in one of the highest-profile Wall Street prosecutions in years.
In a hearing focused on the frenzied trading of GameStop stock, the new S.E.C. chairman suggests more disclosure is needed.
The Federal Reserve painted a picture of a generally stable financial system, but one bubbling with risk-taking that merits attention.
The nearly $5 billion loss from the collapse of Archegos Capital Management was just the latest problem for Credit Suisse’s beleaguered investment bank.
Gary Gensler, the new S.E.C. chairman, wants to improve corporate disclosure and regulate digital assets better. But a lot awaits him already.
In its eight-year history, the family office that managed the fortune of Bill Hwang never publicly disclosed any stock ownership. Securities lawyers said that was highly unusual.
The Swiss bank is in turmoil after a series of financial disasters that have battered its reputation and are likely to diminish its global clout.
Banks were eager to do business with Bill Hwang and his Archegos Capital Management — until he ran out of money.
Archegos Capital Management’s use of swaps helped conceal its exposure to huge blocks of shares but showed once again how lightly regulated derivatives can shake the financial system.