Justice Department’s Investigation of Archegos Leaves Out Three Bank Names: JPMorgan, Citigroup and Bank of America
By Pam Martens and Russ Martens: May 2, 2022 ~ Last Wednesday, the U.S. Department of Justice, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) brought charges against executives at Archegos Capital Management, the family office hedge fund that was somehow able to trick the most sophisticated trading houses on Wall Street into giving it 85 to 90 percent margin debt on concentrated stock positions – one of which had been called a “fraud” in a detailed report. Archegos blew itself up with that margin debt in March 2021, leaving a handful of these sophisticated trading firms acknowledging losses of more than $10 billion dollars. The complaint filed by the Justice Department is the only complaint from the three federal agencies that names the Wall Street banks involved – although it paints the banks as hapless victims of the fraud instead of co-conspirators. (The SEC complaint … Continue reading →
Source: http://silveristhenew.com/2022/05/02/justice-departments-investigation-of-archegos-leaves-out-three-bank-names-jpmorgan-citigroup-and-bank-of-america/
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