Hwang – Page 2 – Financial Treason & Crime

Chanyaporn Chanjaroen, 29 March 2021

Las Vegas Sands Corp. set up a special committee to look into potential breaches of anti-money laundering procedures at its Singapore casino, which has already been the target of probes by U.S. officials and local police.

The committee of three independent board members is reviewing money transfers among high-rollers and third parties at Marina Bay Sands, as well as any possible retaliation against whistle blowers, according to people familiar with the matter. U.S. law firm Vinson & Elkins LLP has been hired to assist with the review, according to the people, who asked not to be identified because of the confidentiality involved.

Las Vegas Sands declined to comment. Continue reading “Article: Vegas Sands Probes Money-Laundering Safeguards at Singapore Unit”

03/29/202103/30/2021

Article: Banking Stocks Credit Suisse, Nomura Reeling From Archegos Hedge Fund Fire Sale

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Banking Stocks Credit Suisse, Nomura Reeling From Archegos Hedge Fund Fire Sale

ADELIA CELLINI LINECKER, 29 March 2021

Investment banks Nomura (NMR), Credit Suisse (CS) and possibly others are on the hook for billions of dollars in losses as Archegos Capital Management hedge fund was forced to dump more shares Monday to meet liquidity minimums. Nomura and Credit Suisse stocks plunged more than 10%.

Among the companies affected by the fire sale that started last week are ViacomCBS (VIAC) and Discovery Communications (DISCA). Their shares sank more than 25% on Friday.

Archegos has sold nearly $30 billion in shares so far to meet a margin call. A broker makes a margin call to require a client to add funds to its account if the value of it drops below a certain level. The client, in this case Archegos, has to liquidate investments to meet that requirement. Continue reading “Article: Banking Stocks Credit Suisse, Nomura Reeling From Archegos Hedge Fund Fire Sale”

03/29/202103/30/2021

Article: How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler

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How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler

Kevin Dowd, 29 March 2021

Imagine if Goldman Sachs GS -0.5% lent a billion dollars to RoaringKitty.

News about margin calls is once again roiling markets. Except this time, instead of industry outsiders like Robinhood and RoaringKitty, a leading GameStop bull on WallStreetBets subreddit, the drama centers on traditional giants of the financial establishment. Continue reading “Article: How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler”

03/28/202103/29/2021

Article: The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing

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The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing

Antoine Gara, 28 March 2021

Up until recently, the website of Archegos Capital Management, the firm behind a reported $30 billion financial firesale that is battering stocks worldwide, contained a giant image of Central Park. The vista displayed on Archegos’ webpage was a fitting homage to the views of its offices atop a Manhattan skyscraper on 57th street, until the site was taken down as the firm gets liquidated.

Archegos was a giant in U.S. financial markets, apparently holding tens of billions of dollars in securities, including massive exposures to companies like ViacomCBS, Discovery Communications and Baidu. It traded with Wall Street’s largest brokerages, and was headquartered at an expensive address housing many powerhouse investment firms. But when it came to routine financial disclosures, Archegos was virtually non-existent.

Forbes searched for a trace of Archegos on the Securities and Exchange Commission’s repository for securities filings, called EDGAR, short for Electronic Data Gathering, Analysis, and Retrieval. Amazingly, almost nothing came up. Continue reading “Article: The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing”

03/28/202103/29/2021

Article: Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client”

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Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client”

TYLER DURDEN, 28 March 2021

(Bloomberg) — Back in May 2016, Japanese mega-bank Nomura, announced that it had suffered its biggest-ever loss in history (of a rather tame by Western standards $40 million) from a single client, and which it then quickly blamed on an “incompetent” bond trader. Fast forward to today, when Nomura just suffered a far, far greater loss from a single client, this one is anything but boring.

Early on Monday local time, Nomura Holdings said it may have incurred a “significant loss” arising from transactions with a U.S. client.

The estimated amount of the claim against the client is about $2 billion based on market prices as of March 26, the Japanese brokerage said in a statement. The estimate is “subject to change depending on unwinding of the transactions and fluctuations in market prices.” Continue reading “Article: Archegos Fallout Begins: Nomura Crashes 15% After Reporting Record $2BN Loss From “Transactions With US Client””

03/27/202103/29/2021

Article: Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree

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Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree

Bei Hu, Gillian Tan and Drew Singer, 27 March 2021

(Bloomberg) — Goldman Sachs Group Inc. liquidated $10.5 billion worth of stocks in block trades on Friday, part of an extraordinary spree of selling that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates.

The Wall Street bank sold $6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.

That move was followed by the sale of $3.9 billion of shares in ViacomCBS Inc., Discovery Inc., Farfetch Ltd., iQiyi Inc. and GSX Techedu Inc., the email said.

More of the unregistered stock offerings were said to be managed by Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Some of the trades exceeded $1 billion in individual companies, calculations based on Bloomberg data show. Continue reading “Article: Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree”