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Bloomberg specifies that Goldman Sachs allowed Bill Hwang to become a key financier, even though he pleaded guilty to fraud in 2012.
Bill Hwang was the manager of the Tiger Asia fund. He withdrew from the fund in 2012 and was fined $44m for insider trading violations. Bill Hwang was banned from trading in Hong Kong in 2014.
Goldman Sachs' investment management had been trying to contract Bill Hwang for several years, but the compliance department blocked attempts to open an account in his name, Bloomberg reported, citing sources. Goldman Sachs flagged him as high-risk until late 2018, but later removed him from its blacklist.
More than $20bn worth of shares were put on the market during Friday's sell-off. Companies whose securities participated in the sell-off - ViacomCBS, Discovery, Baidu, other US and Chinese IT and media companies - lost $33bn in capitalisation.
source: ft.com, bloomberg.com
Bill Hwang was the manager of the Tiger Asia fund. He withdrew from the fund in 2012 and was fined $44m for insider trading violations. Bill Hwang was banned from trading in Hong Kong in 2014.
Goldman Sachs' investment management had been trying to contract Bill Hwang for several years, but the compliance department blocked attempts to open an account in his name, Bloomberg reported, citing sources. Goldman Sachs flagged him as high-risk until late 2018, but later removed him from its blacklist.
More than $20bn worth of shares were put on the market during Friday's sell-off. Companies whose securities participated in the sell-off - ViacomCBS, Discovery, Baidu, other US and Chinese IT and media companies - lost $33bn in capitalisation.
source: ft.com, bloomberg.com
