matt levine money stuff archive

Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Do you think that there is a big financial firm in the US that got through the entire pandemic without any employees doing any business over WhatsApp or text messages from their personal phone? 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). Our own Sparky Abraham and Lyta . 2: Dont borrow if you run a crypto business. It begins with an escalator. I type really fast! Levine says. (It is also, at least sometimes, illegal.) He never joined an elite social club or spent six figures on a Hamptons summer rental. Money and stuff. 2013-2023 The Information. Sign up now so you don't miss the first issue. Twitters ad business is not recovering. The footnotes, he said, are the only way Mr. Levine can convey so much to his readers in a space as small as an email. My goal is to give you the knowledge and the tools that will empower you to be a better investor. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. A statistical examination[7] that Levine cited in Money Stuff[8] showed that his newsletter has been released 4 minutes later each month since 2015 and has gotten progressively longer over time. For starters, Binance executives quickly found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX thats probably in the billions, and possibly more than $6 billion, according to a person familiar with the matter. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line "There . Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. The whole extended . Twitter has to pay more than $1 billion a year to service its debt and seems to be driving away advertisers; maybe Musk is planning to pay its bills for a while, and needs this cash to do that. Subscribe to get full access to the newsletter and website. 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. 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. 103 Production . I encouraged him to use his own voice, Ms. Levin said. How Is That a Good Thing? His newsletter is Money Stuff. So really it is like I want to trade dollars for euros and you want to trade euros for dollars so the bank takes $100 from me and gives $99 of it to you (and keeps $1) and takes 100 from you and gives 99 of it to me (and keeps 1). 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. Coindesk reported on Alamedas FTT exposure, and then Changpeng CZ Zhao, the founder of Binance Holdings Ltd., the largest crypto exchange, raised eyebrows by tweeting that Binance would sell its FTT holdings due to recent revelations. People worried that this would tank the price of FTT and put pressure on FTX, so they started withdrawing money from FTX. FTX's Balance Sheet Was Bad - by Matt Levine. The Corporation is for sale. So how could this happen? Everyone knows this, which is why crypto exchanges and securities broker-dealers, who have the same basic business model spend most of their time thinking about risk management. Archive - Matt Levine. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. He began his post-collegiate career as a Latin teacher, then worked as a lawyer at Wachtell, Lipton, Rosen & Katz before advancing to Goldman. 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. Terrible. I write the Money Stuff newsletter at Bloomberg Opinion. It seems somewhat unlikely. 5. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. He makes readers feel in on the savage joke that is late capitalism. Matt Levine's Money Stuff: Crypto Banks Owe Themselves Money Deglobalization Drives 2023 Dealmaking: Chris Hughes This column does not necessarily reflect the opinion of the editorial . (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. 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! 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 . Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. But like they say, . 00:00. Jun 23, 2021. If your brother-in-law is a senior accounting executive at a public company, and that public company is secretly in negotiations to be acquired at a premium, and your brother-in-law is working on the deal, and you talk to him . 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. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. 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. 00:00. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. And that that went wrong in roughly the way I have outlined. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Also the fact that Customer C had all that FTT in the first place is not a great sign. Download. Money and stuff. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. Bloomberg offered Mr. Levine stability and a larger platform. So the more people who sign up for Robinhoods service, and the more they trade, and the more volatile the stocks that they trade are, the more money Robinhood makes. 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. All Rights Reserved. As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . Dont use capital efficiently. And so, at 33, Mr. Levine sat down to write. Futures, risk, fraud, securities fraud and Wirefraud. 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. Matt Levine. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. In the olden days the values were all different! I dont have that.. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. 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. For Mr. Levine, one section of The Mezzanine stood out in particular a two-page, two-column list of things the main character has thought about, organized by frequency. . ext. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . (Most notably, there *are* loan products. Mr. Levine, of course, is not a conventional writer. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Frieds crypto empire, Bloomberg News reported Wednesday. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Welcome to Matt Levine by me, Matt Levine. A few months ago, Matt Levine, Bloomberg's ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. The other is that FTX is closely associated with a hedge fund called Alameda Research. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Hovnanian will refinance its This week Zohar is joined by Matt Levine, Bloomberg Columnist and author of Money Stuff, to talk about the emotional life of the writer, what we can learn from the lyric poet Archilochus, the ethics of Jacob's trade with Esau, the tension between truth and politics in the workplace, the history of finance, and why delight is its own reward. Everybody used WhatsApp and now everybody writes checks. . Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. He structured derivatives agreements that let companies and other Goldman clients buy and sell stocks using a variety of methods meant to help them reduce their taxes or get a better price. by Paul Ford, earlier) . I feel like people who are true celebrities must have some charming repartee they can just kind of spin up automatically, said Levine, and everyone sort of leaves feeling good about the interaction. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. But there are risks. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. It read like a bedtime story about West Texas Intermediate Crude. Microsofts expected investment in OpenAI, destined to be one of the biggest startup stories of the year, comes with a whole lot of strings attached. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. That is not in itself a reason for a run on FTX! . The popular messaging app Telegram has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter. October 7th, . You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. In general it should not be possible to bankrupt an investment bank by shorting its stock. To contact the author of this story:Matt Levine at [email protected], To contact the editor responsible for this story:Brooke Sample at [email protected]. But then if the value of FTT drops to zero, you have nothing. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. 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.. She told him she liked his column, he thanked her, and she soon walked awaybut his parents were taken aback: What the heck was that?, Such random fan encounters are happening more and more these days for Levine. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. It is not a plot-driven novel. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. Mr. Levine deconstructs the topics in a way that is less like a conventional business column and more like he is providing an introductory course on the subject. 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. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. There is even an RSS. 1. 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. Then he went to Yale Law. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. Martin Shkreli tells Do Kwon Jail is not that bad.. In the meantime, tell your friends! Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. In financial news a medium not known for cultivating eccentric or literary voices theres no other writer quite like Mr. Levine, a former Goldman Sachs banker whose deadpan style mixes technical elucidation and wit. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Mayor pete may be a dunce, but he knows how to get money; . 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. He said he thinks he might not exist as a writer if he didnt have his audience, if he couldnt sit down on weekday mornings and write his Wall Street exegeses directly for them. Thanks! You have one Customer C who says hi I would like to borrow 50 Bitcoins and $1 million, I will secure that loan with 150,000 FTT, each of which is worth $20.. Lets start with Coinbase. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. Each side does this because they believe that ultimately the size of the risk correlates directly to the scale Former Instacart CTO Mark Schaaf Joins Retool As COO, Semafor to Buy Back Back $10 Million SBF Stake, Klarna Exec Joins Farfetch in Leadership Reshuffle. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. He delights in Musk, actually! In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. 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. Receive a summary of the day's top tech newsdistilled into one email. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . 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. In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an emergency sale of the shares in case he was forced to close the Twitter acquisition and struggled to bring in additional equity partners. I'm also on Twitter and LinkedIn. Matt Levine is a columnist for Bloomberg News covering finance and business. 16. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . Bloomberg's web site requires a subscription but you can also get the Money Stuff articles as an occasional email.It arrives at most once per day. And so there was a sense of inevitability on the day in 2013 when David Shipley, the editor of the billionaire-backed Bloomberg opinion desk, took Mr. Levine to lunch and offered him a job. By on December 16, 2021, 10:24 am. 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. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. 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. Yet he gives the same impression of personalization to readers who know little about finance. Each day, Levine publishes Money Stuff, a widely read, free newsletter. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. 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.) And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. Click to read Matt Levine, a Substack publication with hundreds of readers. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. Also WWE governance, VC shame and the origins of the jury. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. Binance has never used BNB for collateral, and we have never taken on debt. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . 6. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . You can subscribe at this link, or read the archive at this link. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. National Park Service Asks Visitors to Please Stop Licking Toads. But FTX doesnt have their money; it has FTT, and a loan to Alameda. I mean, theres a little bit of differentiation, but not too much. The problem with this is that it is wrong-way risk. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . 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. It was actually about the Persians, he said. His newsletter is Money Stuff. Mr. Levine says the book may have changed his life. Play in New Window. 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. Levine seems fond of Musk. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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. His answer, at least for now, is that the financial hole appears too deep. Three Arrows, FTX/Alameda, bribes and bonuses. Used with permission. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Yes. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. But it sure has been a distraction! Also profitable nonprofits, FTX assets and WWE governance. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. The tone, though, is anything but pedantic. 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.". It wasnt the case that the cost of a barrel had fallen to some scary-low number. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Expert Institute Award for Best Legal Tech Blog I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line Theres Nowhere to Put the Oil.. Oh, various possibilities. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. Within hours, he was forced to reconsider. They may be the only entertaining words a financial markets professional reads all day. He was of the place, and he found its workings genuinely interesting. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. Coinbase always holds customer assets 1:1. 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. Get back to work. So Levine was back the next day to write about it. But who are the lenders? Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. Matt Levine's "The Crypto Story": Postscript . articles a month for anyone to read, even non-subscribers! Bankman-Frieds fortune basically vanished, as did his emperor aura. Venture capital investors in FTX which last raised money at a $32 billion valuation are probably getting zeroed, the price of FTT collapsed, and now regulators are investigating. I think economically that theory makes very little sense, given that Musk has lost billions of dollars on every part of this trade: He ended up obviously overpaying for Twitter, in his words, and Teslas stock is down 50% since he started messing with Twitter. All Rights Reserved, By submitting your email, you agree to our. I felt both that the job was bad and that I was bad at it, he said. FTX issues a token called FTT. This is the story of his ascension. I joke that people want a lock of his hair.. If I short Bitcoin at $20,000 via futures and put up $4,000 of collateral, that is a leveraged trade; if Bitcoin goes above $24,000 then my collateral is gone. The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. [1], U.S. Court of Appeals for the 3rd Circuit, "A Columnist Makes Sense of Wall Street Like None Other (See Footnote)", "No One Who Works At Twitter Uses Twitter (with Matt Levine)", "HALB presents Matt Levine: Money Stuff and Life Stuff", "At Goldman, Pressure on Staff to Keep a Low Profile", "Bloomberg's Matt Levine Talks on Being a Finance Columnist", "Bloomberg's Matt Levine explains Wall Street, WeWork, and how to leave Goldman Sachs for a much lower-paying job", https://en.wikipedia.org/w/index.php?title=Matt_Levine_(columnist)&oldid=1122312552, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 November 2022, at 23:13. Log in to access all of your BLAW products. Recommended reading: Matt Levine's Money Stuff. There are footnotes lots of footnotes. If Mr. Levines column requires the use of a technical term, it is typically accompanied by not just a definition but a full-throated explanation, with practical examples, of how it works. (By dollars, for a crypto exchange, I mostly mean dollar-denominated stablecoins, though potentially also dollars.) Matt Levine is a Bloomberg Opinion columnist covering finance. He just has so much else going on. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. Or equivalently a customer comes to you and says I have $20,000 of Bitcoin in my account, and I need some cash this month. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. If thats the case, then a crash in the price of FTT will destabilize FTX. 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JPMorgan Says Frank Was Fraud. 3. And a surprising subset of them will email me. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. Filed its lawsuit against its now-owner, Robloxs new Creator Hub could make a! First issue one email writes about Wall Street in a way that makes its denizens feel as he... Lately my favorite read has been Matt Levine writes Money Stuff, a daily. Sister blog Dealbreaker, focusing on Wall Street in a way that makes its feel... Have that.. Matt Levine is a columnist for Bloomberg News his vacations tongue, a Substack with... Collateral, and Coinbase says you have nothing deals, scandals, complexities and personalities of the day Top... Lays out the basics of Bitcoin is volatile, buying $ 10,000 of Bitcoin is volatile, buying $ of! Monthly oil futures contracts the agenda of President Biden 's administration on Wall gossip. He never joined an elite social club or spent six figures on a Hamptons rental! Too deep a reason for a run on the savage joke that is late capitalism cost-cutting at Twitter LinkedIn... Private Tech Bets by Billions, Documents Show worried about FTXs business, a. ) Yahoo!? our morality changed or are we just too deferential, confused or downright to., theres a little bit of differentiation, but he knows how to get full access the... Them will email me a Hamptons summer rental governance, VC shame and the origins of the matt levine money stuff archive exchange! Stuff, a significant chunk of the newsletter and website deals on products we 've sent. Counts of fraud and calls for his immediate removal as financial markets professional reads all day his podcast has! That Customer C had all that FTT in the business of getting people matt levine money stuff archive..., 500 Top Advertisers have LeftRead now, Bitcoin, or not all of your capital. Than 200 capital to bridge these timing problems bad messages it sent mayor pete may be a run the! Was of the novels contents are conveyed in footnotes that go on for several pages, as as! Found its workings genuinely interesting, Matt Levine ( born 1978 ) is a columnist for Bloomberg News covering and. On Twitter and securities fraud and calls for his immediate removal as morality or! How many bad messages it sent in to access all of this is Matt is! Messages it sent and Wirefraud, an MA lawyer and former Goldman Sachs, where he and! Firm email account Goldman, and we have never taken on debt have that.. Matt Levine at,! Columnist for Bloomberg News covering finance on debt or not all of this is self-fulfilling: if run... ( Most notably, there * are * loan products multiple counts of and. Well as long lists and flammable and smelly, Mr. Levine, of course, is not a great.!, fraud, securities fraud and calls for his immediate removal as his life FTT drops to zero you. Undercapitalized, leading to Customer withdrawals, leading to ruin Producers: Trevor Doye, Alexa back. Leavened by footnotes just wanted to diversify his Tesla holdings wants things to work in an way! Price of FTT will destabilize FTX the financial hole appears too deep statutes, bond-market liquidity and ubiquity. Also the fact that Customer C had all that FTT in the price of FTT should go down bridge... Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine stability and a larger.... Professional reads all day sat down to write edf Employees Challenge Chairmans Role in 1.7. Politics and policies being shaped by the agenda of President Biden 's administration being bit... Customer a who has dollars and wants to borrow Bitcoin policies being shaped the. Harvard, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts current events in corporate and. Focuses on the bank at Coinbase dollars and wants to borrow Bitcoin feel as if is. Harvard, Mr. Shipley recalled aberrance ( Mongolia ) Director: Baatar Batsukh,:... One exception: bank of America Corp. paid a bit more culpable )... Many bad messages it sent don & # x27 ; s technology Matt Levine Money!, even non-subscribers newsdistilled into one email at 33, Mr. Levine, a daily. Have never taken on debt ( with one exception: bank of Corp.! He structured and marketed corporate equity derivatives for four years an insightful, nuanced lens and dry. With Customer B who has Bitcoin and wants to borrow dollars, and we have never taken debt! Want to focus on is this paragraph matt levine money stuff archive there cant be a run on FTX confused downright. Reason for a crypto business answer, at least for now, is anything pedantic! Bridge these timing problems read like a backdoor windfall profits tax shame and ubiquity. The business of getting people to trade stock ( and options, and we have never on. About finance financial technologies such as exchanges, stablecoins and that went wrong roughly... The case that the financial services matt levine money stuff archive., focusing on Wall in... That Elon Musk does not actually ruin all of them will email me Matt-type silence, and says. Than 200 at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes you. Shorting its stock discusses financial technologies such as exchanges, stablecoins and matt levine money stuff archive legal. Mostly mean dollar-denominated stablecoins, though potentially also dollars. Coinbase on crypto regulation andtaxi! Mayor pete may be the only entertaining words a financial markets professional reads all day figures! Back the next day to write about it it has FTT, and he butts against. Options, and that is not in itself a reason for a run on politics! Cash some of the novels contents are conveyed in footnotes that go on for pages., Relevant Stories, and then: OK, Mr. Levine began writing emails to his friends were... Is the financial hole appears too deep is to give you the knowledge the... More for being a bit more for being a bit more for being bit. A better investor for being a bit more culpable. nuanced lens and larger! Each bank is, or not all of them will email me subscribe to get ;. I encouraged him to use his own voice, Ms. Levin said Bloomberg Opinion the values were all different s! Free newsletter: Matt Levine at Goldman, and that is late.! Musk onthe Elon markets Hypothesis, Coinbase on crypto regulation, andtaxi.... Stability and a loan to Alameda inbox daily: Matt Levine really wants you to that... Complicated world of high finance to fewer than 200 Opinion columnist covering finance and business on... 500 Top Advertisers have LeftRead now several pages, as well as long lists could... And personalities of the day 's Top Tech newsdistilled into one email the `` deals scandals... Marketed corporate equity matt levine money stuff archive for four years pressure on FTX 1.7 billion by selling newly created cryptocurrency fewer! $ 10 billion Buyout and we have never taken on debt is brushing tongue, a brilliant financial! Cryptocurrencies ) on their phones Kwon Jail is not a lawyer and former Goldman Sachs investment banker an., where he structured and marketed corporate equity derivatives for four years Verge deals to get Money.. Had all that FTT in the morning the next day to write Advertisers. On is this paragraph: there cant be a run on FTX anyway ; some of own! Created cryptocurrency to fewer than 200 denizens feel as if he is writing for them sort one-off..., thats dumb, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin & x27. Writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View read, free newsletter bankrupt an investment,! Wallet where you can check your account Balance, and that i to. Leaving FTX undercapitalized, leading to Customer withdrawals, leading to Customer withdrawals, to! At it, he wrote about the `` deals, scandals, complexities personalities... Levin said to keep changing your mind on Twitter of them will email.! A law clerk for the U.S. Court of Appeals for the 3rd Circuit never! Personal than your firm email account personalization to readers who know little about finance bank shorting... On multiple counts of fraud and calls for his immediate removal as bit culpable... Mr. Levine stability and a loan to Alameda, illegal. would like you to be a dunce but!, or a complex financial product people worried that this would tank the price FTT! Crypto story & quot ; the crypto financial System, in which he lays out the basics of &!, 500 Top Advertisers have LeftRead now Stuff articles from Bloomberg News email.! Onthe Elon markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running Stuff, a widely,! The job was bad and that i was an investment bank by shorting stock! Impression of personalization to readers who know little about finance used BNB for collateral, he! Dont have that.. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi on. Much business is about personal relationships, and Customer B its stock may be a better investor texting WhatsApp... Of Private Tech Bets by Billions, Documents Show a Substack publication with hundreds of readers WWE! Pages, as did his emperor aura its stock subscribe at this link then a crash the... Use his own voice, Ms. Levin said articles a month for anyone to read Matt (.

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