New York CNN —In lower Manhattan, a jury is now weighing a case against a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees.
His positions were so large that when the stocks started falling, it had a seismic effect on the market.
And on Tuesday, after a two-month trial in New York federal court, the case was handed over to a jury that will decide their fate.
Before Archegos, market watchers knew unregulated family offices were a problem, and they knew that swaps going unreported was a problem.
“Fifteen years after the global financial crash, we still have gross under-regulation of non-banks, and we have Wall Street megabanks engaged in high-risk activities that aren’t properly regulated,” Kelleher told me.
Persons:
CNN Business ’, Bill Hwang, Wall, Bill Hwang’s, Hwang, Patrick Halligan, Halligan, Josh Naftalis, ”, Naftalis, Goldman Sachs, Morgan Stanley, Dennis Kelleher, Wang, there’s, megabanks, ” Kelleher, “
Organizations:
CNN Business, New York CNN, Warner Bros, Prosecutors, Bloomberg, Southern, of, Pallas Partners
Locations:
New York, Manhattan, of New York