SEC subpoenas 4 banks in Situational Awareness probe after 67% portfolio wipeout

The US SEC has issued subpoenas to four Wall Street banks as part of an investigation into Situational Awareness. This regulatory probe follows a significant financial collapse, where the portfolio experienced a 67% wipeout. According to reports from the NYT, the SEC is scrutinizing the banks' roles and actions surrounding the event. The investigation aims to determine the circumstances leading to the massive loss of assets within the Situational Awareness portfolio during the period of instability.