Archegos Sent Goldman Some Free Money

A few years ago, Citigroup Inc. had an oopsie where it accidentally wired $900 million to some hedge funds. After giving it some thought, most of the hedge funds decided to keep the money. Citi sued to get the money back and initially lost, though it eventually won. It was weird that Citi initially lost, and it was a little weird that the hedge funds even tried to keep money that had been wired to them by accident. But they had an argument that they deserved the money: They were in a fight with Revlon Inc. over some covenants, and Citi was the administrative agent on their loan to Revlon and had accidentally sent the money on its behalf. And, you know, there was the money, in their bank accounts. I wrote:

And in fact Revlon did end up going bankrupt, so keeping the money was a good idea, though it ended up not working out.