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Bill Hwang, Whose Firm Archegos Collapsed in 2021, Is About to Go on Trial

The New York Times: Banking

The hedge fund is accused of borrowing money from banks to buy stocks.

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Archegos Founder Bill Hwang Found Guilty on 10 Charges

The New York Times: Banking

The 2021 collapse of Archegos Capital Management led to some $10 billion in losses for some Wall Street banks. He could spend the rest of his life in prison.

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Closing Costs for Buying a Home Have Risen Along With Rates

The New York Times: Banking

These mortgage fees increased 22 percent from 2021 to 2022. One likely factor is the greater use of discount points to nudge interest rates down.

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New Zealand House Prices Have Crashed, Wiping Out Billions in Wealth

The New York Times: Banking

In New Zealand, high interest rates have sent property prices sliding nearly 18 percent since November 2021.

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‘Apes Together Strong’ Review: Rooting for the Small Investors

The New York Times: Banking

The 2021 “short squeeze” of GameStop was a rare victory for the little guy. This documentary explains why the house — Wall Street wealth, that is — almost always wins.

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Morgan Stanley to Pay $249 Million in Block Trading Investigation

The New York Times: Banking

Federal prosecutors found at least one employee at the Wall Street firm had committed deceptive practices in handling trades of large blocks of stock from 2018 to 2021.

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Citi promotes from within for newly created global head of FX sales role

The TRADE

The communication, sent from global head of foreign exchange, Flavio Figueiredo, clarifies that the newly created role “brings together FX corporate and financial institutions sales”. Hewson has been with Citi for 20 years, assuming the global leadership of digital FX solutions in 2018 before becoming head of EMEA CSS in 2021.

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