The firm in question has been widely reported as Archegos Capital Management, a trading operation hedge fund firm classified as a “family office” and subject to relatively little regulatory scrutiny. The firm is run by Bill Hwang, a boldfaced name in Asian-focused hedge fund circles who earned billions — and who also agreed to pay $44 million to settle an insider trading case in 2012.
The other category of affected stocks on Monday were those of the banks that lend money to the hedge fund, a list that reads like a who’s-who of investment banks: Goldman Sachs, Morgan Stanley and Deutsche Bank, according to CNBC, as well as Japanese investment bank Nomura and Credit Suisse, which both announced that they expected their quarterly earnings to be impacted by their exposure.
Cipolloni said a system that lets hedge funds essentially place bets with other people’s money encourages excessive risk-taking. “It’s not a healthy environment from a market standpoint to have that level of excess leverage in the system. You lose that sense of moral hazard,” he said. Financial regulations implemented in the wake of the financial crisis of 2008 exempted “family office” operations from much of the reporting and transparency requirements, based on the rationale that since traders would be using their own funds, ordinary investor protection concerns wouldn’t be an issue.
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