Archegos, a now-defunct dealer, faced margin calls in March 2021. Credit Suisse had a soft approach, while Morgan Stanley was harsh. Archegos mistakenly sent $470 million to Goldman Sachs during its collapse, intending to withdraw the cash.
OK - in US v. Hwang of Archegos, cross examination of cooperator Becker continues. He was just asked about his message, "Whatevs, we'll just roll with it." Inner City Press will live tweet, thread below https://t.co/ctkYc8kuOL
As Archegos collapsed in March 2021, it began trying to pull excess cash from trading accounts across Wall Street. At the time, it had about $470M with Goldman Sachs But instead of withdrawing the money, an Archegos staffer accidentally wired $470M to Goldman, and the bank… https://t.co/M9xZLR7usS
Bloomberg: Archegos Sent Goldman $470 Million in Error Amid Collapse As Archegos positions cratered in March 2021, it began trying to pull excess cash from trading accounts across Wall Street. It set its eyes on about $470 million at Goldman. But instead of withdrawing the…
Goldman Mistakenly Got $470 Million From Archegos During Blowup: bbg
‘Do whatever it takes to get the cash’: star witness testifies at Archegos trial https://t.co/YiV6Hb3dFO
One former Credit Suisse risk manager says Archegos disclosed “a fair amount” to the now-defunct dealer – “but that was verbal, so it wasn’t an appropriate mechanism to necessarily capture it” https://t.co/tBRnAIbJiy
When Archegos reached out about looming margin calls in March 2021, Credit Suisse took a “very soft tone,” while Morgan Stanley was “much harsher, angry,” according to testimony https://t.co/3DkI3HSPus