Cramer Today On Bill Hwang, Archegos, Credit Suisse - GME Update
Jim Cramer and David Faber discuss Bill Hwang, Archegos Capital, Credit Suisse and more. Bill Hwang was convicted of fraud and other charges in a Manhattan federal court on Wednesday. Prosecutors accuse Hwang of market manipulation ahead of the collapse of his Archegos Capital Management in March 2021. Prosecutors say Hwang caused more than $100 billion in shareholder losses and billions of dollars in losses for banks. Sentencing is scheduled for October 28. Many have wondered if the events surrounding Archegos Capital's collapse and Credit Suisse's naked short selling are connected to the events surrounding GameStop and GME stock that occurred in early 2021. Credit Suisse was recently fined by South Korean authorities for illegal naked short selling that began less than two weeks after Archegos Capital's collapse in 2021.
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