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(The New York Times)   Archegos, the investment firm that collapsed quicker than Thanos could snap, was not too keen on public bookkeeping   (nytimes.com) divider line
    More: Followup, Stock, Investment, Sherrod Brown, Separately managed account, Collective investment scheme, Wealth, Mutual fund, Morgan Stanley  
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616 clicks; posted to Business » on 13 Apr 2021 at 2:20 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



14 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-04-13 2:37:56 PM  
the lack of documentation is either incompetence or very intentional.

/have seen both
 
2021-04-13 2:45:10 PM  
They probably had private books but not official books.
 
2021-04-13 2:47:02 PM  
It's just mustard mixed with mayonnaise! You can make an Arch Deluxe yourself!
 
2021-04-13 2:52:36 PM  
Most criminals aren't, thus why we haven't seen Ex-President Useless Asshole's tax returns.
 
2021-04-13 3:07:03 PM  
It's times like these that Fark needs a sarcastic "you don't say" tag.
 
2021-04-13 3:25:42 PM  
Uncommon, but not illegal. Most family offices manage the money of dozens (or hundreds) of wealth clients and tend to protect their privacy through the fact that it's a lot of people together. When a family office has one family -- or one guy -- all of its statements could be considered a dangerous breach of trust for Mr. Hwang.

Not saying I agree with shoving all of your money into a shady, quasi-hedge fund, but the biggest mistake here was legitimate banks getting involved in so much dangerous concentration of risk.
 
2021-04-13 4:13:14 PM  
Kinda crazy that they got away with it for years. *stares at SEC*
 
2021-04-13 4:20:00 PM  

Arkanaut: Kinda crazy that they got away with it for years. *stares at SEC*


The SEC is for protecting the investing public at large from fraud.  Dumbasses doing it to themselves are on their own.
 
2021-04-13 5:39:35 PM  
That's why you keep clean records with plausible income and expense reports stateside. The IRS is the branch of US federal government that moderately functions as it should.
 
2021-04-13 6:51:36 PM  

FrancoFile: Arkanaut: Kinda crazy that they got away with it for years. *stares at SEC*

The SEC is for protecting the investing public at large from fraud.  Dumbasses doing it to themselves are on their own.


Except, when funds are large enough to be market makers and blow up a few of the only banks left due to market consolidation.

It's far past time for large hedge funds to be required to publicly report their financials similar to just about every other regulated investment vehicle out there.

If they don't?  Fine, no derivative trading allowed.
 
2021-04-13 6:57:52 PM  
Why
Ask
Why
 
2021-04-13 9:00:12 PM  

dumbobruni: the lack of documentation is either incompetence or very intentional.

/have seen both


I read that part of thos was a rule from Dodd frank regarding credit default swaps that was not implemented that also applied to family offices.   Way to go Sec...  I think they would have jurisdiction.    Either way the banks that lent him the money are morons as well but if they fail we get to pay to bail them out.
 
2021-04-13 9:17:55 PM  

TyrantII: FrancoFile: Arkanaut: Kinda crazy that they got away with it for years. *stares at SEC*

The SEC is for protecting the investing public at large from fraud.  Dumbasses doing it to themselves are on their own.

Except, when funds are large enough to be market makers and blow up a few of the only banks left due to market consolidation.

It's far past time for large hedge funds to be required to publicly report their financials similar to just about every other regulated investment vehicle out there.

If they don't?  Fine, no derivative trading allowed.


Ft has an article about it.  Link not working.


Make new rules due to 2008 crash but don't implement them.  To profitable for the banks...
 
2021-04-13 9:19:33 PM  
There needs to be standard.  Either we all get to keep bad records, or nobody gets to keep bad records.   Make companies that are worth more than $500k gross per year pay for a government auditor (paid for through the government) to audit the companies.  Give the auditors a bonus is they catch irregularities (paid for by the companies).  And make the punishments for not paying enough taxes totally debiltaing.

Make people fearful of not being a part of the system.  Make companies fear not paying taxes.

If I have to fear the tax mxn, so should all the companies.
 
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