Bill Hwang, devout Christian and aggressive investor, has caused banks to lose billions with risky bets. How could that happen? And who is this man?
Bill Hwang has a clear idea of who is holding his hand in everything he does. The American investor with South Korean roots said years ago that it is God personally. “I will not stop investing and working as long as God allows me.”
In the past few days, however, it was very earthly things that aroused strong doubts about the actions of Hwang, who was previously only known in the New York financial scene – even if he himself may still think God on his side. Hwang has achieved unpleasant fame in a very short space of time. The man, who is known to be the son of a Korean pastor and Evangelical Christian, almost single-handedly managed to upset the financial world: the two major banks Credit Suisse from Switzerland and Nomura from Japan reported on risky business Hwang losses in the billions. It is an estimated two billion dollars at Nomura, possibly even three to four billion dollars at Credit Suisse. Other well-known names on American Wall Street such as Goldman Sachs and Morgan Stanley are said to have accepted Hwang as a business partner, including Deutsche Bank, by the way. But at least they seem to get out of it without major losses.