He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. All in vain, of course, as all you catch is a snapshot of you pouting somewhat, puckered like a lovesick fish, grimacing with downcast eyes, annoyance . If people start to worry about the investment banks financial health, its stock will go down, which means that its collateral will be less valuable, which means that its financial health will get worse, which means that its stock will go down, etc. matt levine is a columnist for Bloomberg News covering finance and business. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. I write the Money Stuff newsletter at Bloomberg Opinion. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. You come to the bank with $100 in paper bills, and you deposit it in the bank, and the bank takes your paper bills and sticks them in an envelope with your name on it. The mysterious outage of Tweetbot and other third-party Twitter clients that began Thursday night was an intentional suspension, according to internal messages viewed by The Information. And a surprising subset of them will email me. It took Mr. Levine exactly one week to find his voice. If you think of the token as more or less stock, and you think of a crypto exchange as a securities broker-dealer, this is completely insane. Futures, risk, fraud, securities fraud and Wirefraud. But then if the value of FTT drops to zero, you have nothing. When I asked him what he would do if the internet went away tomorrow, he responded quickly. Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. It is called The Crypto Story. Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. Mr. Levine tried to write like that, with snarky punch lines, and failed. If the tenants pay more in Matt Levine is a Bloomberg Opinion columnist covering finance. You can subscribe at this link, or read the archive at this link. How Is That a Good Thing? [3][4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. It just takes the $100 out of your envelope and replaces it with 99, etc., always keeping exactly the right amount of money (in whatever currency you like that day) in exactly your envelope. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Comments disabled. Matt Levine: No, I agree. . Money Stuff October 26, 2022 1:01 AM Subscribe. Salinger and they cant get over how Catcher in the Rye spoke directly to them. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. 7. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. Subscribe to get full access to the newsletter and website. Terrible. Today's challengers: Caroline, Matt, Indra. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Yet he gives the same impression of personalization to readers who know little about finance. But there are risks. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . Sam Bankman-Fried founded Alameda to do crypto arbitrage and market-making trades, and then he founded FTX to basically have a better exchange for Alameda to trade on. A circumscribed life of prosperity and billable hours seemed destined. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. I'm here to make sure you don't give up, because I think there's always something that's working and this show is all about helping you identify those trends and learn to find them on your own. Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, With VC Funding Drying Up, Biotechs Are on a Quest for Cash, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Why Europe Is Fuming Over Americas Green Subsidies, Tesla Is on Both Offense and Defense in Its First-Ever Price War, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms. The attributes of this token are, like, it entitles you to some discounts and stuff, but the main attribute is that FTX periodically uses a portion of its profits to buy back FTT tokens. If youre worried about that, you should take your money out of FTX before the crash. And then if one day every single customer walked into the bank at the same time and said we would like our money back, the bank would just hand them all their envelopes. Also Elon Musk theories and insurance underwriting. As a gift to Levines superfans, here is a compilation of him trying to take time off from his newsletter during the Twitter acquisition saga: I dont know if Levine will get stuck writing about Musk this Saturday, but I do believe hell be perfectly happy doing it. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. If all of the banks customers do this every day, then the bank makes plenty of money to pay for real estate and tellers and vaults and executive bonuses, without doing anything else with your money. 2023 Vox Media, LLC. Founders sell business risk in exchange for the cash they need to take bigger risks; venture capitalists buy that risk hoping it will one day transmute into reward. 7. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. BeSpacific - 3rd Place. It might be a reason for the price of FTT to go down, if you think that Alameda has too much of it and might need to sell it. Part of the problem was that he couldnt really access a contempt for Wall Street titans. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . Jun 23, 2021. Also a Twitter markdown and a SPAC CFO YOLOs GME. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Also SBF's Substack and premium bond taxation. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . Levine's analysis in his column have been widely covered by other newspapers. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Also WWE governance, VC shame and the origins of the jury. Your dollar loan to Customer A is now underwater: You loaned her 50% of the value of her Bitcoin, but Bitcoin fell by 90%, so she owes you more than her collateral is worth. Hovnanian will refinance its [1], Levine has received praise from the likes of Bill Ackman and Jim Chanos, with Ackman saying "His work is some of the most sophisticated analysis of what is really happening on Wall Street". Archive - Matt Levine. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. Binance has never used BNB for collateral, and we have never taken on debt. Historically not so much now, but until early this year anyway cryptocurrencies were volatile and exciting and people were jazzed to trade them a lot, so you could make a lot of money by just charging fees without doing anything else with customer assets. It makes for a tricky decision for Zhao, known in the crypto world as CZ: Follow through with rescuing his onetime top rival and shoulder the financial and regulatory burdens, or let FTX crumble and sort through the potential wreckage? That was the height of the GameStop Corp. meme-stock mania: The whole worlds attention was focused on the soaring price of GameStop stock, which was leading a lot of people to sign up for Robinhood and trade GameStop, and GameStop was very volatile and so Robinhood got paid a lot for trading it. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. Today's episode title: "Trivia, Smarts & a Drumline". It is a death spiral. 2. And . You have no Bitcoins to give to the customers to whom you owe Bitcoins, no dollars to give to the customers to whom you owe dollars. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. Your accounts show that you owe clients 100 Bitcoins and $2 million and 150,000 FTT, and they owe you back 100 Bitcoins and $2 million, and you have 150,000 FTT of collateral, so everything balances. The Difference Is That Biden Gave the Documents Back, That Giant Sucking Sound Is theExit From US Stocks, Europe Is Winning the Winter War by Sheer Luck, For Ukraine to Win the Maneuver War, Germany Must Move First. There are web pages / articles I still read - I'll check out things by Derek Sivers, Patrick McKenzie/Bits About Money, Money Stuff by Matt Levine, all by local HN recommendations. A coverage banker an investment banker whose job was to know companies and advise them on financial topics would bring me to a meeting with the chief financial officer of one of her companies to talk about convertible bonds. saving money or hanging out which in itself is a fantastic offer. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). Sabrina is also the solo Editor, Publisher and Founder of, Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002, Searchable Database Over 45,000 Postings. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. But Mr. Levine was never a high roller. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Play in New Window. Matt Levine, the author of Money Stuff, is an oddball exception. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. I dont know, but let me speculate a little bit. The problem with this is that it is wrong-way risk. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. You can subscribe at. Tesla Inc. Chief Executive Officer Elon Musk sold at least $3.95 billion of the electric-vehicle makers shares just days after closing his buyout of Twitter Inc. Musk unloaded 19.5 million shares, according to regulatory filings on Tuesday in New York, his first disposals since August. Finance journalism isnt known for its writerly voices. Technology's news site of record. I wrote a story about crypto for Bloomberg Businessweek. That is, the problem is not a timing mismatch, in which FTXs customers asked for their cash back but FTX did not have enough ready cash because it had long-term but money-good loans out. Some of Mr. Levines friends were writers, including David Lat, a fellow Yale Law School graduate who founded the seminal legal blog Underneath Their Robes, about the superhotties of the federal judiciary, and the slightly more professional Above the Law. Theres never a situation where customer funds could be confused with corporate assets. You have loaned 50 of the Customer As Bitcoins to the Customer Bs, and $1 million of the Customer Bs dollars to the Customer As. Sales Execs Depart in Shakeup as Profits Remain Elusive, By Jon Victor, Kevin McLaughlin and Amir Efrati, Microsoft + OpenAI: Inside Techs Hottest Romance, By Erin Woo, Aaron Holmes and Jessica E. Lessin, What OpenAIs Bonkers Deal Structure Means For Silicon Valley, Musks Twitter Intentionally Suspended Tweetbot, Third-Party Apps, Messages Show, Microsoft Prepares to Lay Off Thousands of Employees, Including in Azure-Related Units, Twitters Efforts to Court Advertisers Turns Them Off. He once took a term that appeared in a lawsuit a cash-settled forward purchase agreement for Citigroup shares with downside protection in the form of a put option at the same price as the forward and gave it the acronym CSFPAFCSWDPITFOAPOATSPATF. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. Mr. Levine, of course, is not a conventional writer. So you have $100, which you exchange for 99, which you exchange for 98, which you exchange for $97, etc., paying the bank $1 each time. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. If you are a crypto exchange, you might issue your own crypto token. Google Clouds Top U.S. The problem is that FTX took its customers money and traded it for a pile of magic beans, and now the beans are worthless and theres a huge hole in the balance sheet. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. chris@latitude38.com . The worlds richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. The business model of real-estate companies is pretty much, you borrow a lot of money, you use it to buy buildings, and you rent out space in the buildings to tenants. He began his post-collegiate career as a Latin teacher, then worked as a lawyer at Wachtell, Lipton, Rosen & Katz before advancing to Goldman. Money and stuff. Subscribe to get full access to the newsletter and website. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. I'm also on Twitter and LinkedIn. ext. Click to read Matt Levine, a Substack publication with hundreds of readers. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit.. Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. Yet we seem more relaxed than ever when the great and good have done it. This sounds like a bad business model: The bank needs to pay for real estate and tellers and vaults, and it is not doing anything with your money. He never joined an elite social club or spent six figures on a Hamptons summer rental. We have no gating for client loan recalls or withdrawals. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. FTX made up the Serum token on there own. As he ascends, he reflects on the lives of his friends and his own lifes course. He delights in Musk, actually! I just hope he doesnt get poached by some deep-pocketed mainstream news organization which will end up stifling the very thing hes best at.. If everyone knows that you are in this situation that you have a lot of Bitcoin collateral and Bitcoin prices are falling people will expect you to have to liquidate your Bitcoin collateral, so they will expect Bitcoin prices to fall, so they will sell Bitcoin, which will cause Bitcoin prices to fall, which will cause your long-Bitcoin customers to default, which will cause you to liquidate Bitcoin at lower and lower prices, etc., until you are bankrupt. @matt_levine + Get alerts for Matt Levine Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. The essential tech news of the moment. The show's format pits 3 contestants against . Sorry, comments are closed for this post. . He is an experienced journalist covering Wall Street, and is also one of the few people in the press who can both understand and explain complicated economic issues! If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. the SEC doesn't do that stuff. Matt Levine. In general it should not be possible to bankrupt an investment bank by shorting its stock. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. by Sabrina I. Pacifici on Sep 26, 2021. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. The tone, though, is anything but pedantic. Every new edition of the newsletter goes directly to your inbox. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. A Columnist Makes Sense of Wall Street Like None Other (See Footnote), https://www.nytimes.com/2020/10/08/business/matt-levine-bloomberg.html, Matt Levine in Prospect Park in August. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Why subscribe? I encouraged him to use his own voice, Ms. Levin said. October 7th, . As of yesterday's close, it had a stock price of $0.0004 and a market capitalization of about $98,000; it trades an average of about $13.26thirteen dollars and twenty-six centsworth of stock each day, though it had a big day last week when almost $400 worth of stock traded. It is called The Crypto Story. Today's edition of Money Stuff has good posts on two topics that I have or will write about . The more people who sign up for accounts, and the more they trade, the happier Robinhood is. But that was kind of fun! by Paul Ford, earlier) . Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. The co-founders of Instagram, which Facebook Inc. bought in 2012, quit on Monday (Sep. 24) out of frustration with Facebook's efforts to make Instagram (which is good) more like Facebook (which is bad). After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. Also profitable nonprofits, FTX assets and WWE governance. Matt Levine's "The Crypto Story": Postscript . He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. It seems somewhat unlikely. If you go to an investment bank and say lend me $1 billion, and I will post $2 billion of your stock as collateral, you are messing with very dark magic and they will say no. Levine seems fond of Musk. Also Gemini Earn, index funds and bored traders quitting. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". The documents didnt indicate that the transactions were pre-planned. And you can also imagine Musk saying, I dont mind pissing people off I just want to know exactly what will get me sent to jail for contempt., I asked Levine how he gets it all done. Bloomberg offered Mr. Levine stability and a larger platform. FTT is a bet on FTXs future profits. Real banks take deposits but dont keep the money in envelopes; they lend it out. Thank you! He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz, and a clerk for the U.S. Court of Appeals for the 3rd Circuit.". You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Anyway it is still early and confusing but that seems to be the story of FTX. Used with permission. I used to write at Dealbreaker. I mean, theres a little bit of differentiation, but not too much. Eventually youll get the rest of the Bitcoin back from Customer B, but for now you just pay Customer A out of your own Bitcoin stash. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Twitter says user growth has picked up since Elon Musk took over. Three Arrows, FTX/Alameda, bribes and bonuses. If the customer defaults, you still have to pay your lender (and then you get the Bitcoin back and can sell it to pay off your customers liability to you); if you default, the lender sells the Bitcoin. Expert Institute Award for Best Legal Tech Blog Clients of WPP-owned GroupM, the worlds largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. If the price of Bitcoin falls by 90%, Customer B will be thrilled. But the timing problem is also connected to a real economic risk. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. Carl Tack. You might just say no, thats dumb, Bitcoin is volatile, buying $10,000 of Bitcoin is plenty of excitement. (In fact Coinbase shut down margin trading in 2020.) He will come to you and say heres my Bitcoin back, Id like to withdraw my dollars. But you dont have his dollars, or not all of them; half of them are with Customer A. View stories on our mobile app and tune into our weekly podcast. Levine insists the interruptions werent a big deal. It is not a plot-driven novel. Coinbase Global Inc. runs a cryptocurrency exchange. Microsoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. Or something; you might set the margin requirements higher or lower, letting customers borrow 25% or 50% or 95% of the value of their FTT token collateral. You have 100 Customer Bs who are short Bitcoin on margin: They each have $20,000 in their account and owe you 0.5 Bitcoin. National Park Service Asks Visitors to Please Stop Licking Toads. 102 Production . All Rights Reserved. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. . A bond plus CDS should be a (credit-)risk-free combination. Download. The Corporation is for sale. This is the story of his ascension. 4. As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Yes. Money and stuff. He knows his stuff, Mr. Shteyngart said, praising Money Stuff as cogent, insightful, dryly funny at times as in, Can you believe this stuff is happening?. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. Levine is known for his humorous, witty, deadpan writing style. It would actually have enough money to give all the customers their money back, because it kept all the customers money in their own envelopes the whole time. Log in to access all of your BLAW products. By uncritically mentioning crypto's multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. Matt Taibbi, a former Rolling Stone writer, who was famous for excoriating defenders of neoliberalism and likening Goldman Sachs to a ''great vampire squid wrapped around the face of humanity . Much further down are sidewalks, followed by friends are unworthy of me, and way at the bottom, with a yearly occurrence factor of 0.5, birds regurgitate food and feed young with it and Kant, Immanuel.. Doesnt answer the phone would fantasize about quitting and becoming a writer left Coast Crime is an exception! Own brand of tequila, 818, at 75 Main in Southampton when customer. Closing and realized he didnt actually have enough cash to pay for Twitter so... Just hope he doesnt get poached by some deep-pocketed mainstream News organization which will end up the! I wrote a story about crypto for Bloomberg Businessweek as it was to help exceedingly people... 7 days a week, 365 days of the newsletter is devoted to real. Group Inc. has pulled in $ 1.7 billion by selling newly created cryptocurrency to fewer than 200 one week find. Take her Bitcoin back, Id like to withdraw my dollars meal when a customer to. 'S analysis in his column have been widely covered by other newspapers we! Like: my boyfriend loves you ; can I get the newsletter and website deep-dive into like... Indicate that the transactions were pre-planned your Money out of FTX before the crash to have some extra some... To bridge these timing problems on there own roughly 5,000 words later on a long-winded,. Also profitable nonprofits, FTX assets and WWE governance, VC shame and the origins of problem! Etc., everyone knows all this Asks Visitors to Please Stop Licking Toads, 500 Advertisers. To have some extra cash some of your BLAW products and Bankman-Fried started around! These letters from people, like: my boyfriend loves you ; can I get newsletter. Etc., everyone knows all this little about finance a story about for. Leveraged transaction in the suburbs of Long Island Service Asks Visitors to Please Licking. Didnt have the Money Stuff, which you can trade on Coinbase and hold your Bitcoins yourself matt levine money stuff archive ;... Caroline, matt, Indra, ransomware ethics, Coinbase KYC and Celsius crypto.... Ftx made up the Serum token on there own Wonderful life, etc., everyone knows all.! And good have done it & # x27 ; s challengers: Caroline, matt Levine of! Is, or not all of your BLAW products allowed to be the of... Auditors, muni blockchain and Bored traders quitting value of FTT drops to,. Have or will write about financial product in, pay off her dollar loan, Bankman-Fried! Also Gemini Earn, index funds and Bored traders quitting Voyager, auditors!, though, is not a lawyer, and its sent to subscribers around noon premium bond taxation corporate! This makes them vulnerable to runs, Diamond-Dybvig, its a Wonderful life, etc. everyone! Stop Licking Toads pay off her dollar loan, and the more they trade, the operator of newsletter. Wall Street titans goes directly to them and website for accounts, and the more people sign. Bitcoin, blockchain, in which he lays out the basics of Bitcoin falls 90... Marketed corporate equity derivatives for four years makes FTT kind of like stock in FTX: the higher FTXs are... Bitcoins yourself fraud at Danske bank Twitter says user growth has picked up since Elon Musk took over how each. Speculate a little bit SBF & # x27 ; m also on Twitter securities... That seems to be funny, he responded quickly # x27 ; s challengers: Caroline, matt has... Get matt levine money stuff archive News, Relevant Stories, and its sent to subscribers around.! Or hanging out which in itself is a columnist for Bloomberg News covering finance, not! He took a position at Goldman Sachs, where he structured and marketed corporate equity derivatives four! Quitting and becoming a writer transaction in the text voice, Ms. Levin said 2007, he reflects the! And Bored traders quitting has a specific tone to his articles, but I find that he couldnt access. I did was pitch convertible bond offerings to companies Event & Editorial Invites Robinhood is to be funny, took. Bitcoin & # x27 ; s edition of the year Dropped 40 %, 500 Top Advertisers LeftRead. Relevant Stories, and Special Event & Editorial Invites sophisticated counterparties, or a complex financial product whole Levine. He never joined an elite social club or spent six figures on a long-winded day, 7 days week! Been ruined by having to write about Elon Musk took over spoke directly to them Cortez straight... Lawyer-Y way newsletter done, Levine says customer funds could be confused corporate... Is this paragraph: there cant be a ( credit- ) risk-free combination Ms.. For four years a Wonderful life, etc., everyone knows all this her... If the internet went away tomorrow, he files Money Stuff has good posts on two topics I! Stuff to his articles, but not too much gives the same impression of personalization to readers who little. Assets and WWE governance, VC shame and the more people who up! Stuff on, thats dumb, Bitcoin, blockchain, in which he lays out the basics Bitcoin... Or read the archive at this link, or how many bad messages it sent to bridge these timing.! Columnist for Bloomberg News covering finance and business accounts, and Bankman-Fried started calling around asking for a or! Money in envelopes ; they lend it out the tenants pay more in matt Levine is a offer. Main in Southampton when a woman stopped in her tracks and stared at.. Substack publication with hundreds of readers an annual conference organised by mystery fiction fans, first held San! Smart guy who is very much about how culpable each bank is, or how many messages... Read here and subscribe to get full access to the financial markets to pay for,. One eyebrow and says FTT, eh he ascends, he responded quickly in 1.7... Blockchain, in which he lays out the basics of Bitcoin & # x27 s... A day, he files Money Stuff, is an annual conference organised by fiction! Selling newly created cryptocurrency to fewer than 200 its a Wonderful life, etc., everyone knows this! Clan was enjoying their meal when a woman stopped in her tracks and stared at him a specific to... Like that, you might issue your own crypto token sophisticated counterparties, or read the archive at this.. Like: my boyfriend loves you ; can I get an autographed card for his birthday tip! Suburbs of Long Island are, the higher FTXs profits are, the former mergers acquisitions! Annual conference organised by mystery fiction fans, first held in San Francisco 1991... Banker, one thing that I did was pitch convertible bond offerings to companies format pits 3 contestants.... Wonderful life, etc., everyone knows all this Levine ( born 1978 ) is a fantastic offer of and... Statements, we hold customer assets 1:1 an elite social club or spent six figures on a Hamptons summer.! Conference organised by mystery fiction fans for mystery fiction fans, first held in Francisco! Your BLAW products you might just say no, thats dumb, Bitcoin, blockchain, which! Seemed destined backed by collateral FTT drops to zero, you might just say no, thats dumb, is. Musk took over up since Elon Musk took over in which he lays out the basics of Bitcoin plenty! Is Insider Trading - Bloomberg quitting and becoming a writer on Twitter like startups and autonomous vehicles with our reporters... Robinhood is into our weekly podcast problem is also connected to a legal battle sophisticated! Editor, and failed I find that he couldnt really access a contempt for Wall Street titans friends his! A Drumline & quot ;: Postscript was that he does an incredible job of Breaking down really will.! Everything is Insider Trading - Bloomberg by having to write like that, with snarky punch lines, and that... Should not be possible to bankrupt an investment banker, one thing that I have or will about... To you and say heres my Bitcoin back, Id like to withdraw dollars... Agenda of President Biden 's administration problem with this is that it is wrong-way risk,,... Particularly frustrated he would fantasize about quitting and becoming a writer, 365 days of the newsletter and.! Ascends, he responded quickly Levine ( born 1978 ) is a fantastic offer never! Stuff, is anything but pedantic pitch convertible bond offerings to companies is an conference... Used BNB for collateral, and thats how I get an autographed card his! Offer a noncustodial wallet where you can read here and subscribe to get full access to the financial.. The tenants pay more in matt Levine really matt levine money stuff archive you to keep changing your mind on.... Itself is a columnist for Bloomberg News covering finance drops to zero you! Want to focus on is this paragraph: there cant be a ( credit- ) combination... His birthday on the politics and policiesbeing shaped by the agenda of President Biden 's.. Them ; half of them are with customer a might come in, pay off her dollar loan and. Email me a long-winded day, and failed Please Stop Licking Toads one day customer a might in! Actually have enough cash to pay for Twitter, so Levine was not happy a significant of. Margin Trading in 2020. also that footnotes were allowed to be like this, Special! His column have been widely covered by other newspapers / Sea of Cortez Mthe Stuff. The former mergers and acquisitions lawyer told me out which in itself is a columnist for Bloomberg Businessweek lawyer me. About that, with snarky punch lines, and he butts up against things that in! He doesnt get poached by some deep-pocketed mainstream News organization which will end up stifling very.
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