(PatriotWise.com)- The catastrophic effect of the Democrat-pushed lockdowns across America continues to cripple the American economy, with one of the biggest hidden fortunes in the world wiped out in just a matter of days.
President Joe Biden might hate Wall Street – or at least, pretend he does when he’s not receiving donations during campaign season – but a strong economy is the backbone of America, and a report from Bloomberg just revealed how Archegos Capital Management is now “at the center of one of the biggest margin calls of all time.”
The multi-billion-dollar disaster reportedly involves secretive markets bets that were “dangerously leveraged and unwound in a blink.”
A combination of mismanagement and an economic crisis is bound to cause trouble…
The Bloomberg report reveals how Bill Hwang’s private investment firm dumped a number of stocks that soared over the last year, without any reasonable explanation. These included Discovery Inc., GSX Techedu Inc., Baidu Inc., and ViacomCBS Inc.
Has anybody else noticed how these companies all involve media technology? People have been watching a lot more TV and using their smart devices more over the last year, for sure…
Hwang dumped the stocks which were worth $40 billion last week, with some experts estimating that his wealth reached as much as $100 billion before collapsing in just a matter of days.
Mike Novogratz, a macro investor who was previously a partner at Goldman Sachs, said he has “never seen anything like this” and how concentrated it was before collapsing.
“This has to be one of the single greatest losses of personal wealth in history,” he added.
Karen Kessler, a spokesperson from the company, issued a statement saying it is a “challenging time for the family office of Archegos Capital Management” and partners and employees.
“All plans are being discussed as Mr. Hwang and the team determine the best path forward,” she added.
It’s been a crazy year for the stock market, with small investors sending Game Stop stock to record highs, and the crypto market exploding with Bitcoin reaching a value of $60,000.
The uncertainty appears to be continuing, with millions of Americans still unemployed and many Wall Street bigwigs totally uncertain about how to move forward.
Thank goodness President Donald Trump is in charge to fix it.