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Donal Griffin @donalgriffin.bsky.social · 4d

Wall Street banks lost $250m when they helped an unknown Ferrari-loving trader amass a $2.6b, 11,000/1 bet against US Treasuries. The bizarre story of Jan Ralph via
@bloomberg.com

www.bloomberg.com/news/features/2025-10-05/citigroup-goldman-mufg-among-banks-burned-in-2-6-billion-trade

Ferrari-Loving Trader Burned Wall Street With Bond Bet Leveraged 11,000-to-1

Citigroup and MUFG were among the firms stung by $2.6 billion trade that’s now at the heart of a London lawsuit, raising questions about client checks

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · 24d

Brexit mogul Christopher Harborne is still waiting on the £34m loan (+ interest) he pumped into failed FX brokerage Argentex. Story via @bloomberg.com
www.bloomberg.com/news/articles/2025-09-16/argentex-leaves-harborne-s-ifx-waiting-over-34-million-loans

Argentex Leaves Harborne’s IFX Waiting Over £34 Million Loans

Argentex Group Plc’s volatile portfolio of currency derivatives is complicating efforts to wind up the firm and pay back creditors, including a company owned by mogul Christopher Harborne.

www.bloomberg.com

Reposted by Donal Griffin

Emily Flitter @emilyflitter.bsky.social · Aug 20

Scoop by Todd Gillespie & me: Citigroup hired an outside law firm to investigate a senior executive, wealth mgmt head Andy Sieg, after multiple high-level people in his division complained about his behavior. The probe is over but the bank won’t disclose its results www.bloomberg.com/news/article...

Citi Investigates HR Complaints Against Wealth Head Andy Sieg

Citigroup Inc. hired law firm Paul Weiss to investigate complaints about the behavior of the bank’s wealth-management chief, Andy Sieg, who was brought on by Chief Executive Officer Jane Fraser as a h...

www.bloomberg.com

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Reposted by Donal Griffin

Robert Smith @bondhack.ft.com · Aug 20

Is it finally the beginning of the end for Sanjeev Gupta's steel operations in the UK?

The British government is ready to step in and oversee an imminent insolvency of a crucial part of his Liberty Steel business if necessary, London’s High Court heard on Wednesday on.ft.com/3UA2WoX

UK ready to oversee insolvency of crucial part of Gupta’s Liberty Steel empire

[FREE TO READ] Government’s Official Receiver files application to appoint ‘special manager’ if business goes into liquidation

on.ft.com

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Donal Griffin @donalgriffin.bsky.social · Aug 20

Collapse of FX broker Argentex - which lacked treasury function, confusion at highest levels over reliance on high-risk 'zero-zero' trades - has tied up one of Nigel Farage's biggest patrons.

www.bloomberg.com/news/articles/2025-08-20/fx-brokerage-implosion-ties-up-millions-owed-to-farage-backer

FX Brokerage Implosion Ties Up Millions Owed to Farage Backer

Christopher Harborne, a little-known mogul who’s one of the biggest backers of Nigel Farage’s political ascent in the UK, seemed to have landed a bargain.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Jul 10

Latest on failed trade-fin firm Stenn: UK accounting watchdog is probing multiple audits of its finances by Deloitte, Azets; administrators say they've only got $100m of $1.1b invoices outstanding.

www.bloomberg.com/news/articles/2025-07-10/deloitte-azets-audits-of-fintech-stenn-investigated-by-uk

UK Probes Deloitte, Azets Audits of Collapsed Fintech Stenn

The UK’s accounting watchdog is investigating Deloitte LLP’s work on units of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks that unraveled last year amid alleg...

www.bloomberg.com

Donal Griffin @donalgriffin.bsky.social · Jul 10

Update on this bizarre story: Finra has permanently banned an ex-Jefferies wealth adviser in Miami after he refused to cooperate with the watchdog's investigation. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-07-09/jefferies-miami-wealth-adviser-banned-from-industry-amid-probe

Jefferies Miami Wealth Adviser Banned From Industry Amid Probe

A former Jefferies Financial Group Inc. wealth adviser in Miami, one of a group that the Wall Street bank ousted last year after discovering a series of alleged misdeeds, was banned from the industry ...

www.bloomberg.com

Donal Griffin @donalgriffin.bsky.social · Jul 2

Takushi Sawada, fired by Nomura after regulators found he 'spoofed' the market for Japanese govt bonds, is blogging 'toilet graffiti' to defend himself. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-07-01/fired-nomura-trader-in-japan-turns-to-anonymous-blog-to-defend-himself

Fired Nomura Trader Turns to ‘Toilet Graffiti’ to Argue His Case

After losing his job for spoofing, Sawada trades stocks out of a cafe in Tokyo.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · May 20

Blue Diamond, $2.2b Swiss hedge fund that bets on volatility, had its worst-ever month in April amid market rout triggered by Trump tariff plans. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-05-20/blue-diamond-fund-had-worst-ever-month-in-april-amid-tariff-rout

Blue Diamond Fund Had Worst-Ever Month in April Amid Tariff Rout

Swiss hedge fund Blue Diamond Asset Management posted its worst ever monthly result in April even after staging a partial recovery from losses triggered by US President Donald Trump’s tariff plans.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Apr 28

Covered also in today’s Money Stuff…

www.bloomberg.com/opinion/newsletters/2025-04-28/argentex-got-some-margin-calls

Argentex Got Some Margin Calls

Zero-zero lines, Deel vs. Rippling II, crypto enforcement, XAI and teens with Lambos.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Apr 28

Argentex, the UK FX brokerage set up to help customers manage volatile currency swings, should have taken some of its own advice…

www.bloomberg.com/news/articles/2025-04-25/fx-broker-argentex-nearly-felled-after-zero-zero-margin-dollar-trades

FX Broker Argentex Nearly Collapsed After ‘Zero-Zero’ Margin Dollar Trades

Argentex Group Plc, the UK finance firm set up to help customers manage volatile currency swings, should have taken some of its own advice.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Apr 24

Stenn collapsed in December and much remains unknown. But one question looms large: how did some of the world's biggest banks and investors miss the warning sights?

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Donal Griffin @donalgriffin.bsky.social · Apr 24

Our search for Stenn's biggest suppliers, meanwhile, led us to a series of tiny, troubling companies across Asia, including 1 sanctioned for enabling payments to Russian military intelligence. Other supposedly large suppliers were based in a derelict Prague building.

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Donal Griffin @donalgriffin.bsky.social · Apr 24

Wall Street banks thought Stenn was a $1 billion trade-fin powerhouse, matching suppliers and buyers of goods. But when @bloomberg.com reporters tracked down dozens of supposed buyers around the world, most of them had never heard of Stenn.

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Donal Griffin @donalgriffin.bsky.social · Apr 24

Every week during the years before its collapse, Stenn sent granular emails to its Wall Street backers listing its biggest clients, line by line. Yet all was not as it seemed...

www.bloomberg.com/news/features/2025-04-23/stenn-collapse-how-citigroup-bnp-paribas-missed-fintech-s-warning-signs

Wall Street Missed Warning Signs Ahead of $1 Billion Fintech Implosion

Big banks like Citigroup and Natixis thought they were backing a $1 billion fintech darling. But when Stenn blew up, most of its supposed partners said they had never worked with the company.

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Apr 8

Blue Diamond, $2.5b Swiss hedge fund that seeks profit from volatility, lost almost fifth of its value during market rout triggered by US tariff plan. Story w/Nishant Kumar via @bloomberg.com.

www.bloomberg.com/news/articles/2025-04-08/swiss-hedge-fund-blue-diamond-falls-17-as-volatility-bets-sour

Swiss Hedge Fund Blue Diamond Falls 17% as Volatility Bets Sour

Blue Diamond Asset Management, a Swiss hedge fund that seeks to profit from volatility, lost almost a fifth of its value during the market rout triggered by US President Donald Trump’s tariff plan.

www.bloomberg.com

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Reposted by Donal Griffin

Robert Smith @bondhack.ft.com · Mar 26

CoreWeave, the cloud computing group seeking to launch a blockbuster $32bn IPO, violated several key terms of a $7.6bn loan last year, triggering a series of so-called technical defaults.

Full details only in the FT, w/ @tabbykinder.bsky.social and @antoinegara.bsky.social on.ft.com/4c4F44x

CoreWeave triggered defaults after breaching terms on Blackstone loan

[FREE TO READ] US cloud company seeking blockbuster $32bn IPO had to remedy serious administrative errors in December

on.ft.com

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Donal Griffin @donalgriffin.bsky.social · Mar 24

A group of Wall Street firms gathered in Istanbul on Weds for meeting with top Turkish economist, prepared for presentation about steady lira, stable rates etc. Then they glanced at their phones.

www.bloomberg.com/news/articles/2025-03-24/wall-street-s-embrace-of-turkey-unraveled-in-just-30-minutes

Wall Street’s Embrace of Turkey Unraveled in Just 30 Minutes

When Wall Street banks and hedge funds gathered in Istanbul last Wednesday with a top Turkish economist, they were prepared to hear about the country’s improved stability. Then they glanced at their p...

www.bloomberg.com

Reposted by Donal Griffin

Robert Smith @bondhack.ft.com · Mar 10

More ugliness in the invoice factoring market: Artis Finance, a recently collapsed trade finance firm majority-owned by TDR Capital executives, has told its lenders that key documents it sent them “misrepresented” the health of its portfolio.

on.ft.com/3DukWvN

Failed TDR-backed finance firm ‘misrepresented’ performance

[FREE TO READ] Artis Finance told bondholders that misleading ‘amendments’ were made to key documents

on.ft.com

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Donal Griffin @donalgriffin.bsky.social · Mar 5

Cybereason CEO has quit following months-long feud with investors Vision Fund, Steven Mnuchin, that’s stalled decision-making at the cash-strapped startup. Story w/Min Jeong Lee.

www.bloomberg.com/news/articles/2025-03-05/softbank-backed-cybereason-ceo-resigns-after-boardroom-turmoil

SoftBank-Backed Cybereason CEO Resigns After Boardroom Turmoil

Cybereason Inc.’s chief has stepped down following a months-long feud with investors SoftBank Group Corp. and former US Treasury Secretary Steven Mnuchin that’s stalled decision-making at the cash-str...

www.bloomberg.com

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Donal Griffin @donalgriffin.bsky.social · Feb 27

Steven Mnuchin and SoftBank's Vision Fund are weighing a deal to salvage Cybereason, a onetime Silicon Valley unicorn that has lost most of its value amid boardroom turmoil. Via @bloomberg.com

www.bloomberg.com/news/articles/2025-02-27/softbank-mnuchin-weigh-deal-to-salvage-800-million-cyber-firm

SoftBank, Mnuchin Weigh Deal to Salvage $800 Million Cyber Firm

Former US Treasury Secretary Steven Mnuchin and SoftBank Group Corp.’s Vision Fund are discussing a deal to salvage Cybereason Inc., a onetime Silicon Valley unicorn that has lost most of its value am...

www.bloomberg.com

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Reposted by Donal Griffin

Robert Smith @bondhack.ft.com · Feb 10

Hyped fintech Stenn collapsed after lender HSBC unearthed $200m+ of 🤔 payments from a web of companies in places such as Serbia, whose names often seemed to ape those of big businesses.

Lots of 🤯 detail here, including $$$ received from the company of a villager in rural China on.ft.com/3CHRe6g

Failed fintech Stenn took millions from Serbian groups aping blue-chips

[FREE TO READ] Documents show HSBC uncovered ‘extensive and systemic’ invoice issues at UK start-up

on.ft.com

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Donal Griffin @donalgriffin.bsky.social · Feb 6

A Nomura exit would be just 18 mos after the bank arranged $500m loan for now-notorious FRG deal. B. Riley shares have since lost most of their value while it's also grappling with SEC probes.

www.bloomberg.com/news/articles/2024-08-20/b-riley-s-rout-forces-reckoning-for-a-founder-s-labor-of-love

How B. Riley's Multibillion-Dollar Financial Empire Stumbled

Bryant Riley, who built an underdog investment firm into a multibillion-dollar financial empire that bears his name, was defending his close friend and business partner, Brian Kahn.

www.bloomberg.com

Donal Griffin @donalgriffin.bsky.social · Feb 6

B. Riley, the troubled investment firm, is in talks to replace Nomura as its main lender with Oaktree. Story via @bloomberg.com

www.bloomberg.com/news/articles/2025-02-06/oaktree-in-talks-with-b-riley-to-replace-nomura-as-main-lender

This link will take you to a page that’s not on LinkedIn

lnkd.in

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Donal Griffin @donalgriffin.bsky.social · Feb 6

Brevan Howard's main hedge fund lost 3% during 'tariff purgatory' in Jan., eroding 2024 gains and worst start to a year since Alan Howard founded it 20+ yrs ago. Latest via @bloomberg.com.

www.bloomberg.com/news/articles/2025-02-05/brevan-howard-erases-most-of-2024-gains-as-currency-bets-sour

Brevan Howard Erases Most of 2024 Gains as Currency Bets Sour

Brevan Howard Asset Management is off to its worst start to a year since billionaire Alan Howard co-founded the macro trading firm more than two decades ago, extending a volatile phase of trading.

www.bloomberg.com

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