The Financial Times reports that Goldman has earned more than $200 million this year from Leopold Aschenbrenner's Situational Awareness, now above $20 billion in assets and its largest prime-brokerage client. The fund has since stopped using leverage. The fee number is striking, but the durable lesson sits in the financing relationship: rapid AUM growth, concentrated exposure and balance-sheet-intensive prime services can turn one young client into a material revenue line before the risk history is long enough to be informative. Regulators are already examining banks' exposure to trading firms after July losses. This is a story about the bargaining power of scarce balance sheet as much as a precocious hedge fund. Financial Times, September 28 · Reuters on bank scrutiny