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Archegos Sent Goldman $470 Million in Error During Collapse
As Archegos Capital Management cratered in March 2021, it began trying to pull excess cash from trading accounts across Wall Street. At the time, it had about $470 million with Goldman Sachs Group Inc. But instead of withdrawing the money, an Archegos staffer accidentally wired that amount to Goldman, and the bank didn’t immediately give it back. That left Bill Hwang’s family office down nearly $1 billion as it was scrambling to prop up its positions and deal with the massive margin calls that would obliterate it days later. The previously undisclosed episode emerged during Hwang’s trial on fraud and market ... (full story)
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