An artificial intelligence-focused investment fund, with approximately $30 billion in assets under management, collapsed after losing 67% of its value. The fund was sold to Citadel amid circumstances that raise questions about the transaction. The Securities and Exchange Commission (SEC) has subpoenaed major U.S. banks, including Bank of America, Citi, Goldman Sachs and JPMorgan Chase, to examine their role in this debacle. The investigation seeks to determine whether the banking institutions contributed to the fund’s collapse or facilitated any irregular practices.
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