You know what’s worse than losing your share of $10 billion as a family office implodes after you’ve tried to (allegedly) collude with your fellow banks on how best to minimize the damage only to see some of them stab you in back by getting out ahead of you in contravention of whatever (potentially) illegal deal you struck to avoid those losses? Well, it’s losing your share of $10 billion as a family office implodes after you’ve tried to (allegedly) collude with your fellow banks on how best to minimize the damage only to see some of them stab you in back by getting out ahead of you in contravention of whatever (potentially) illegal deal you struck to avoid those losses, and then getting caught for the alleged and potential illegal collusion.

The Justice Department’s antitrust division…. has been seeking information from Hwang’s biggest backers on Wall Street, who had discussed the possibility of moving in concert to unwind the portfolio and sever ties with his busted family office…. Top prime brokers including Credit Suisse Group AG, Morgan Stanley and Goldman Sachs Group Inc. held hasty meetings that month to discuss an orderly way to unwind the positions and minimize billions of dollars in losses. But the talks soon devolved into a race to dump the shares, and behind the scenes, bankers were left bickering and pointing fingers over who broke ranks.

Archegos’s Banks Facing DOJ Antitrust Probe Into Collapse [WSJ]

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