Added: Gerell Castrejon - Date: 17.01.2022 21:58 - Views: 39311 - Clicks: 992
He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed. 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.
Hwang is groping for answers of his own. 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. Hwang is relaxed, self-deprecating and reflective in a brief conversation, but declines to discuss the Archegos fiasco or his next steps.
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. Homes on this tree-softened street tend to sell for a few million dollars — a modest price, for a billionaire. By all s he eschews the trappings of extravagant wealth. Credit Suisse provided the first official peek into the flameout. A autopsy, released publicly on July 29, exposed a litany of management failures at Credit Suisse. Today, everyone is lining up for the scraps.
The person handling the liquidation is David Pauker, the specialist who stepped in after Lehman failed during the financial crisis. More recently Pauker worked on the restructuring of Steinhoff International Holdings, the South African furniture retailer that nearly collapsed after an ing scandal in He declined to comment on pending matters.
Like building owners citywide, real-estate giant Vornado Realty Trust — run by billionaire Steven Roth — has been stung by the pandemic. It had even more money in earlyaccording to a person familiar with the matter. Credit Suisse has said it will seek to recoup money from Archegos and its related entities and individuals.
The Department of Justice has been moving ahead with a probe into the blowup. 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.
They want Hwang to carve out cash from money he may have set aside elsewhere. Despite everything, Hwang is trying to push forward. 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.
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. Others are trying to move on too.
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. Rising home prices can generate income from rents and reap capital gains. But many might not fully grasp the risks and hassles of being a landlord and could find a safer, more convenient alternative in real estate investment trusts REITs.
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Now Showing. The information you requested is not available at this time, please check back again soon. Justice Department opens probe into Archegos blowup. How REITs can take the hassle out of being a landlord Rising home prices can generate income from rents and reap capital gains.
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