How is it possible?_老虎社区_美港股上老虎

2021-08-05

How is it possible?

"They're In A Difficult Position" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>

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While insiders toldthe FTthatthe original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.<blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote> \"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value. Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.<blockquote>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote> Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that “the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.A representative for Archegos declined to comment. Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.<blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote> Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment. At this point, the DoJmight take action against Hwang before creditors see any money(this isn't the first time Hwang has been on the radar of authorities).<blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部可能会在债权人看到任何钱之前对黄采取行动（这不是黄第一次出现在当局的雷达上）。</blockquote> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.<blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.<blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-08-05 19:21\n\n</h4>\n</header>\n<article>\nThe (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:don't put all your eggs in one basket.<blockquote>已解散的 Archegos Capital Management（一家过度杠杆的家族理财室）的（现为前）员工刚刚吸取了一个非常重要的教训：不要把所有的鸡蛋放在一个篮子里。</blockquote> Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.<blockquote>当公司设立的延期薪酬计划因公司遭遇巨额利润率看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与比尔·黄 (Bill Hwang) 200 亿美元财富的其余部分一起蒸发，其主要经纪商在恐慌的几个小时内抛售了数十亿美元的股票，加剧了这种情况。</blockquote> Instead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthatthe original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.<blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote> \"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value. Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.<blockquote>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote> Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that “the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.A representative for Archegos declined to comment. Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.<blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote> Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment. At this point, the DoJmight take action against Hwang before creditors see any money(this isn't the first time Hwang has been on the radar of authorities).<blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部可能会在债权人看到任何钱之前对黄采取行动（这不是黄第一次出现在当局的雷达上）。</blockquote> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.<blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.<blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194249066","content_text":"The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:don't put all your eggs in one basket.\nEmployees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.\nInstead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthatthe original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.\n\n\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.\n\nEmployees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.\n\n Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that \n “the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.A representative for Archegos declined to comment.\n\nUnfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.\n\n Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.\n\nAt this point, the DoJmight take action against Hwang before creditors see any money(this isn't the first time Hwang has been on the radar of authorities).\nThe DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.\nWith Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2417,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":16,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/899359266"}