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The Whang- Archegos Fiasco Revisited
The SEC has charged Bill Hwang of Archegos for racketeering wire fraud and conspiracy. The firm, which started with $1.5 billion in assets in March 2020, managed to flip that to $160 billion of exposure at its peak, trading at around 100 to 1. Multiple banks including Credit Suisse and Morgan Stanley lost billions in the ensuing fallout.