The Two Lives Of Bill Hwang, Man Behind The Archegos Fiasco

Interviews with people from inside Hwang's circle, Wall Street players close to him and documents associated with his multimillion-dollar charitable foundation fill in missing puzzle pieces -- ones that haven't been reported previously.

With the sun rising outside their conference room in Midtown Manhattan, the visitors to a secretive investment empire bent their heads in prayerful meditation. It was another Friday morning, 7 o'clock, and a familiar scene was unfolding again inside Archegos Capital Management, an obscure family office that would go on to shake the financial world. In the days before the pandemic, 20 or 30 people would squeeze together around the long table and, over coffee and Danishes, listen to recordings of the Bible, according to people who were there. First might come the Old Testament, perhaps Isaiah or Lamentations. Then came the New, the Gospels, which called out to the listeners drawn from a path known more for its earthly greed than its godly faith: Wall Street.