A Billionaire's Big Blunder: Bill Hwang's Pardon Bid

Bill Hwang, once a big shot in the investment world, is asking for a pardon. He's the guy behind Archegos Capital Management, which crashed and burned in 2021. This wasn't just any small failure. It cost banks over $10 billion. That's a lot of money! Hwang is currently serving an 18-year prison sentence. He was convicted in 2024 for some serious charges. These include wire fraud, securities fraud, and market manipulation. The jury found him guilty of lying to banks about his fund's portfolio. This allowed him to borrow a ton of money to make risky bets on stocks.Archegos was once a giant, managing $36 billion. But it all fell apart when Hwang couldn't meet the margin calls on the loans he took. Banks were left holding the bag. Hwang applied for a pardon last year. The U. S. Justice Department is handling his request. The President has the final say on pardons. But it's not clear if Hwang's request will be granted. Since returning to office, President Donald Trump has pardoned quite a few people. Many of these pardons have been for white-collar criminals and political allies. But will Hwang be next?