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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”——奖金基金蒸发，Archegos员工损失5亿美元</blockquote>

The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office

"They're In A Difficult Position" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——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保留在公司，将钱放在一个单独的罐中，显然投资于公司押注的同一只股票。而内部人士告诉英国《金融时报》最初存入该基金的金额“不到5000万美元”，该底池的价值显然与Archegos主基金的价值一起飙升，由于通过与其主要经纪商签订的掉期合约所利用的杠杆，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>“公司将根据基金投资资本价值增加或减少的百分比增加或减少延期付款的金额，”英国《金融时报》看到的一份文件称，列出了该计划的员工条款。【...】文件显示，该计划参与者年终奖的25%由Archegos保留，待员工离开时支付。它指出，支付额不会低于其原来的价值。根据协议，员工离开公司时将获得报酬。但事实证明，如果公司的员工拿了钱就走，他们的处境会更好。现在，前员工向英国《金融时报》抱怨说，他们没有收到任何延期支付的薪酬。</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，一些前雇员没有收到任何递延工资，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”，“没有一桶金来支付他们”。另一位人士表示，Archegos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的前雇员将需要排很长的队。</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的人士表示，如果公司破产，黄氏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潜在的法律索赔，这些银行正试图收回因不良押注而损失的部分资金，并计划可能关闭该业务。David Pauker是一位曾工作过的财务顾问根据他在社交网络LinkedIn上的个人资料，包括雷曼兄弟在内的大型破产案已被聘为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钱之前对黄采取行动（这不是黄禹锡第一次受到当局的关注）。</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，并要求其主要经纪商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，这种衍生品只需要Archegos支付保证金，而主要经纪商则进入了这些交易。代表公司的头寸。</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，黄禹锡的全部200亿美元财富在抛售期间蒸发了，拿回他们的递延薪酬就像从石头里取血一样。</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”——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>已倒闭的Archegos Capital Management的（现为前）员工刚刚吸取了非常重要的教训：Archegos Capital Management是一家杠杆过高的家族办公室，于3月份爆炸，给瑞士信贷和其他几家经纪商带来了数十亿美元的损失：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Bill Hwang公司制定的延期支付计划因公司遭受巨额利润看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与其余200亿美元财富一起蒸发。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保留在公司，将钱放在一个单独的罐中，显然投资于公司押注的同一只股票。而内部人士告诉英国《金融时报》最初存入该基金的金额“不到5000万美元”，该底池的价值显然与Archegos主基金的价值一起飙升，由于通过与其主要经纪商签订的掉期合约所利用的杠杆，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>“公司将根据基金投资资本价值增加或减少的百分比增加或减少延期付款的金额，”英国《金融时报》看到的一份文件称，列出了该计划的员工条款。【...】文件显示，该计划参与者年终奖的25%由Archegos保留，待员工离开时支付。它指出，支付额不会低于其原来的价值。根据协议，员工离开公司时将获得报酬。但事实证明，如果公司的员工拿了钱就走，他们的处境会更好。现在，前员工向英国《金融时报》抱怨说，他们没有收到任何延期支付的薪酬。</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，一些前雇员没有收到任何递延工资，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”，“没有一桶金来支付他们”。另一位人士表示，Archegos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的前雇员将需要排很长的队。</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的人士表示，如果公司破产，黄氏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潜在的法律索赔，这些银行正试图收回因不良押注而损失的部分资金，并计划可能关闭该业务。David Pauker是一位曾工作过的财务顾问根据他在社交网络LinkedIn上的个人资料，包括雷曼兄弟在内的大型破产案已被聘为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钱之前对黄采取行动（这不是黄禹锡第一次受到当局的关注）。</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，并要求其主要经纪商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，这种衍生品只需要Archegos支付保证金，而主要经纪商则进入了这些交易。代表公司的头寸。</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，黄禹锡的全部200亿美元财富在抛售期间蒸发了，拿回他们的递延薪酬就像从石头里取血一样。</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":1967,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}