The US Justice Department is ramping up scrutiny of banks that collectively lost billions of dollars in the collapse of Bill Hwang’s investment firm. The DOJ is probing if there was collusion or a conspiracy to collude to control prices during emergency talks the banks held in March 2021, where participants floated proposals to coordinate an orderly liquidation of their client’s portfolio to minimize their own losses. Ava Benny-Morrison reports on Bloomberg Television.
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