Bill Hwang, the founder of Archegos Capital Management, has been spotted “lying low” in Tenafly, New Jersey, after his family office lost more than $20 billion in two days earlier this year. Bloomberg News, which found him sitting on a porch in a white plastic chair, reports Hwang said he has taken to shuttling his family around town, and recently read The Screwtape Letters by C.S. Lewis, seeking guidance on how to navigate his epic mess.
Hwang is facing down lots of angry Wall Streeters. His firm sent shockwaves through the financial ecosystem after a number of huge gambles went south. Prosecutors are reportedly taking a look at whether the firm violated laws. Credit Suisse, which lost more than $5 billion due to the botched trades, said it believes it was misled by Archegos. A spokesperson for the family office told Bloomberg News that “is untrue in every respect.”