The trial of Bill Hwang, head of Archegos Capital Management, begins. The defence insists that Archegos was a family office, managing Hwang's funds exclusively without involving outside capital. It points out that the losses incurred were those of Hwang himself, and not those of third-party investors. Nevertheless, it is acknowledged that the banks incurred significant losses through swap arrangements with Hwang's company.

The defence case also focused on Hwang's specific investments, in particular around Viacom CBS, explaining to a jury unfamiliar with financial arcana that Hwang was investing in stocks in which he had a strong belief, much like his earlier investments in Netflix, which had proved highly profitable.

The trial, seen as a major financial crime case in the United States, could last several weeks. Witnesses, including UBS contacts and two Archegos employees who have admitted their guilt, are expected to take the stand to determine their degree of autonomy and the influence of the Archegos culture.

The defence intends to show that the banks acted on their own initiative, highlighting their willingness to collaborate with Hwang when he was at the height of his career. Complex issues, including Credit Suisse's role and risk assessment, will be examined, as the bank suffered significant losses.

Bill Hwang faces a number of charges, including racketeering, securities fraud and wire fraud, with each charge carrying up to 20 years in prison.

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