After a Bruising Day, Biden Faces a New Test
Summary
A federal jury has found Bill Hwang, the founder of Archegos Capital Management, guilty of fraud and racketeering charges tied to his investment firm’s implosion, which led to billions in losses at Wall Street banks. “Hwang and Halligan lied about Archegos’s positions in these companies and just about every other materially important metric investment banks would use in determining the firm’s creditworthiness,” Damian Williams, the U.S. attorney for the Southern District of New York, said after the verdict. “The department is making good on our pledge to prioritize individual accountability by prosecuting the most prolific corporate wrongdoers — whether they sit on a trading desk or occupy a corner office in the C-suite,” Lisa Monaco, the U.S. deputy attorney general, told DealBook in a statement. TGI Sport, a technology and media rights company owned by Bruin and Quadrant Private Equity, will announce on Thursday that it has agreed to buy Supponor, which uses artificial intelligence tools to put ads in live games, DealBook’s Michael de la Merced is first to report. Musk has directed employees of his rocket company to start designing the necessary ingredients for life on the red planet, The Times’s Kirsten Grind reports: One team is drawing up plans for small dome habitats, including the materials that could be used to build them.