Wall Street Crisis Could Cost Evangelical Orgs
The CEO of Archegos Capital, now making financial headlines for risky trading, is also known for his generous commitment to Christian ministries.
It’s not often that a Wall Street Journal article on the latest stock market shakeup includes a line describing a Greek reference to Jesus from the New Testament.
The hedge fund at the center of massive selloffs in the market last week was the Christian-owned Archegos Capital Management—named for ἀρχηγός, the Greek word used to describe Christ as the “author” of our salvation (Heb. 2:10) and the “prince” of life (Acts 3:15).
Archegos has dominated the financial headlines over the past few days. The fund placed outsized bets on media stocks using money borrowed from banks, and when the lenders put a check on its high-risk trading, it had to sell off huge blocks of shares, sending the market into a frenzy.
Major corporations and banks lost billions, enough to “impact everyday Americans’ retirement accounts,” CNN Business reported. While investors and shareholders are bracing for the damage, the move could potentially impact evangelical ministries as well.
Archegos CEO Bill Hwang is also the co-founder of the Grace and Mercy Foundation, which shares an office with his New York-based firm and distributes millions in grants to Christian nonprofits every year. So far, it’s unclear how much the financial situation will affect the foundation and its beneficiaries.
Grace and Mercy’s 2018 tax filing (the most recent year available) listed $5.5 million to the Fuller Foundation, $2 million to Fuller Theological Seminary, where Hwang is a trustee, and $1.2 million to the Museum of the Bible, in addition to six-figure donations to A Rocha, International Justice Mission, Luis Palau Association, Prison Fellowship, Ravi Zacharias International Ministries, …
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May 16, 2021
May 16, 2021