Dismal's Smacks

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"We allege that Hwang and Archegos propped up a $36 billion HOUSE OF CARDS by engaging in a constant cycle of manipulative trading, lying to banks to obtain additional capacity, and then using that capacity to engage in still more manipulative trading,"

"We allege that Hwang and Archegos propped up a $36 billion house of cards by engaging in a constant cycle of manipulative trading, lying to banks to obtain additional capacity, and then using that capacity to engage in still more manipulative trading," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "But the house of cards could only be sustained if that cycle of deceptive trading, lies and buying power continued uninterrupted, and once Archegos’s buying power was exhausted and stock prices fell, the entire structure collapsed, allegedly leaving Archegos’s counterparties billions in trading losses."

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SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a “public good.”"

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