Crypto Crashed. Wall Street Won.

“Hwang and these executives lied to their employees like they lied to the banks,” Sullivan’s lawyer, Michael Bowe of Brown Rudnick, told DealBook. DealBook contacted a lawyer for Hwang and a spokesman for Archegos, neither of whom immediately responded with a comment.

The fund tried to dissuade employees from quitting, and cast doubts over deferred compensation payments if they did, the suit says. Sullivan, who left anyway, has not received any money from the plan, though as recently as January of this year the company continued to promise former employees they would do so, according to a letter seen by DealBook that Archegos sent to former employees.

Archegos was run like a “cult,” the suit says. Job interviews “revolved around religion and an investigation into the candidate’s religious upbringing,” according to the suit. During performance reviews, it says, Hwang, who is a Christian, told employees to “devote more time to their faith.” At company retreats, employees received praise for publicly declaring gratitude for “God, Hwang and Archegos,” according to the suit.

“Liberals or even most moderates never listen to it, they don’t pay attention to it, they don’t see it, they don’t hear it. So you don’t know it exists, you don’t know how widespread and how powerful it really is.”

— Lewis A. Friedland, a professor who studies radio at the University of Wisconsin-Madison, on how heavily conservative radio is promoting claims of election fraud, fueling mistrust about the results of the coming midterms.

Article source: https://www.nytimes.com/2022/07/05/business/dealbook/bitcoin-crypto-crash-wall-street-archegos.html