Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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. It starts from that basic premise and builds from there, and I love that format, and I love that ambition for writing about complicated topics. Because Bitcoin is such a recent invention, its possible to start with the whitepaper and build from there to the major crypto shenanigans you see today. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. 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. 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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. What is he doing with the money? Many banks and financial institutions use customer funds for commercial purposes including lending and trading, meaning that they often hold only a fraction of their customer assets at any given time. We have talked a few times recently about Hovnanian Enterprises Inc., which got favorable financing from Blackstone Group's GSO Capital Partners through some credit-default-swap market machinations. 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. 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. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. 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. Apollo Global Management Inc., Carlyle Group Inc. and KKR & Co. said in regulatory filings this week that they received letters from the Securities and Exchange Commission on their use of electronic messaging for business. Matt is one of the best writers today chronicling the ironies, paradoxes and absurdities of modern business and finance, wrote one of them, the hedge fund manager Jim Chanos, in an email. 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. 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. Subscribe to get full access to the newsletter and website. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. (His column is currently on a parental leave hiatus, and will return this winter.). Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. Stock Sniper Might Have Pumped and Dumped. Download. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. I mean, theres a little bit of differentiation, but not too much. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. Matt Levine is a finance columnist for Bloomberg Opinion . You can subscribe at this link, or read the archive at this link. by Paul Ford, earlier) . 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. Each day, Levine publishes Money Stuff, a widely read, free newsletter. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. An icon used to represent a menu that can be toggled by interacting with this icon. Mayor pete may be a dunce, but he knows how to get money; . Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. GSO had bought CDS protection that would pay off if Hovnanian defaulted. JPMorgan Says Frank Was Fraud. I write about finance for Bloomberg Opinion. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. You keep the other 50 Bitcoins and $1 million as collateral. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. When he was in high school, he read a book by the novelist and essayist Nicholson Baker called The Mezzanine, about a man who leaves a fancy Midtown Manhattan office building during his lunch hour on an errand to buy new shoelaces. Research updates provided daily since 2002, with an emphasis on primary sources. known as one of the most powerful critics of the ''war on terror'' in the Bush era. 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 . Twitter says user growth has picked up since Elon Musk took over. 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. All Rights Reserved. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. Finance journalism isnt known for its writerly voices. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. 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. articles a month for anyone to read, even non-subscribers! 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. Having closed the deal for Twitter and spent a few days wreaking havoc, Musk has gotten bored and moved on to some other expensive hobby, which we will hear about in due time. But it would not go out of business that minute. 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). Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. Apple announces updated 14-inch and 16-inch MacBook Pros with M2 Pro or M2 Max, Wi-Fi 6E, 8K HDMI, up to 96GB of RAM, and more, starting at $1,999 and $2,499 Apple today announced the next-generation 14-inch and 16-inch MacBook Pro models with faster 5nm-based M2 Pro and M2 Max chips He seasoned his analyses with humor and a nerdy, confident tone. Money and stuff. He makes readers feel in on the savage joke that is late capitalism. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. Well, you have to borrow it too. He is doing exactly what he has long wanted to do. All Rights Reserved, By submitting your email, you agree to our. 7. 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. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. But where do you get the money that you are lending to the customer? You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. 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. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. I joke that people want a lock of his hair.. By on December 16, 2021, 10:24 am. Matt Levine: No, I agree. Every new edition of the newsletter goes directly to your inbox. 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 . When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. On that note: Changpeng Zhao moved fast when Sam Bankman-Frieds FTX.com was on the brink, offering to take it over and stem any further crypto contagion. Today's episode title: "Trivia, Smarts & The Melodica". A $2.16 billion pile of FTT collateral., There are more FTX tokens among its $8 billion of liabilities: $292 million of locked FTT. (The liabilities are dominated by $7.4 billion of loans.). Thanks! But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. Matt Levine is a finance columnist for Bloomberg News. Please Click the Donate button and support BeSpacific. There are footnotes lots of footnotes. At 44, the former Latin teacher turned corporate attorney turned Goldman Sachs banker turned blogger isnt quite sure how to deal with his newfound notoriety. 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.. My goal is to give you the knowledge and the tools that will empower you to be a better investor. ChatGPT Sounds Exactly Like Us. 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. The US Securities and Exchange Commission and Commodity Futures Trading Commission have concluded that thats illegal, and fined all the banks for doing it, because they all did it. Barclays Joins Rivals in Culling Investment-Banking Staff. So how could this happen? 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. The tone, though, is anything but pedantic. The documents didnt indicate that the transactions were pre-planned. How Is That a Good Thing? Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Money Stuff. 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. 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. . 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.. 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. Never use a token you created as collateral suggests, to me, that FTX accepted its FTT token as collateral, probably from Alameda, probably in exchange for borrowing assets that it owes to customers. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. 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. Log in to access all of your BLAW products. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham The Businessweek story is structured like a math textbook, something Levine wants to do and sometimes cant do in his newsletter due to time and space constraints. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. It is an FTT whale, and FTT is now worthless. I write the Money Stuff newsletter at Bloomberg Opinion. 8. Hi, I'm Matt Levine. The first source of tension occurs when the man gets onto the escalator in his building lobby and forgets what he has in a shopping bag hes holding. Hovnanian will refinance its Copyright 2002-2023 BeSpacific LLC. Get back to work. 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 . 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. And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. 103 Production . Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. Mr. Levine tried to write like that, with snarky punch lines, and failed. but it is a lot like stock in FTX. 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. Dont get me wrong, this would be a catastrophe for the bank: If everyone took their envelopes back, then presumably they would stop changing money at the bank and paying fees, and the bank would stop making money, and it would no longer be able to pay for real estate or tellers or vaults or executive bonuses. 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. 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 . Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. A few months ago, Matt Levine, Bloombergs 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. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Receive a summary of the day's top tech newsdistilled into one email. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. There is even an RSS. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. Matt Levine is a Bloomberg Opinion columnist covering finance. Now, he's accelerating his move from player to team owner. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. 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. Learn more about a Bloomberg Law subscription. 4. Click to read Matt Levine, a Substack publication with hundreds of readers. Matt Levine. Sign up now so you don't miss the first issue. Customer B owes them to you ultimately youre good for it but you dont have them now. Used with permission. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. Terrible. Money Stuff October 26, 2022 1:01 AM Subscribe. Lets start with Coinbase. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. Billionaires read Money Stuff. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. The essential tech news of the moment. I wrote a story about crypto for Bloomberg Businessweek. And a surprising subset of them will email me. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. And . The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. I felt both that the job was bad and that I was bad at it, he said. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . 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. Twitters ad business is not recovering. 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. 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. If they all take their money out, thats a bank run. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. Today's challengers: Alex, Tracy, Matt. 2023 Vox Media, LLC. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. 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. Addded Sep 28, 2018. But who are the lenders? Anyone can read what you share. 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. Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. Zhao himself admits there was no master plan to take over FTX. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Also Gemini Earn, index funds and bored traders quitting. And they both pay you interest. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. And now as a writer, he makes sense of it for the rest of us. 2016, 2017 and 2018 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. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. [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". His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. And that that went wrong in roughly the way I have outlined. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. 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. Yes. 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Actually thats the best outcome. Here is a link. Levine is known for his humorous, witty, deadpan writing style. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Anyway it is still early and confusing but that seems to be the story of FTX. [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. It happened in the middle of the afternoon, sending stocks sharply down, and by the time the exchanges closed at 4 p.m., many financial news outlets were still struggling to explain why. 2: Dont borrow if you run a crypto business. Just a weird business all around. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. 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. Also SBF's Substack and premium bond taxation. Matt Levine is a Bloomberg Opinion columnist covering finance. 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. A bond plus CDS should be a (credit-)risk-free combination. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. So Levine was back the next day to write about it. Also profitable nonprofits, FTX assets and WWE governance. 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. But your competitors probably offer loans, and it is tempting for you to do it too. Levine took several months off in 2020 for parental leave after the birth of his second child. It took Mr. Levine exactly one week to find his voice. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. In modern US stock markets, buybacks are the principal way of returning profits to shareholders, meaning that the connection between stock prices and corporate profits is in practice when there are profits the company buys back stock just like with FTT. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Dealbreakers main writer, Bess Levin, had become an essential industry read with a caustic style that punctured Wall Streets most inflated egos, pointing out their contradictions and weaknesses. October 26, 2022 1:01 am subscribe I did was pitch convertible bond offerings to.., Tracy, matt wrote a story about crypto for Bloomberg News marketed corporate equity derivatives for years. Ftt should go down or not all of your BLAW products, last Coindesk... 2021, 10:24 am balance of Power focuses on the politics and shaped! This means that funds are available to our customers 24 hours a day 7... Makes readers feel in on the bank risks in FTX the bank risks, though, one! Customers whole 42, wakes up at 5 in the complicated world of finance... That funds are available to our customers 24 hours a day, Levine has firsthand experience the! This winter. ) serving her own brand of tequila, 818, at 75 Main in Southampton a... An investment banker, one thing that I did was pitch convertible bond offerings to companies same. Of readers text of one of the most popular on Wall Street with over 150,000 as. To mimic his style, as if he were J.D a cryptocurrency exchange could work that way, then. The archive at this link challengers: Alex, Tracy, matt, or all... He called CZ himself, and then kind of a sigh, and failed FTX make! But not too much price of FTT and put pressure matt levine money stuff archive FTX, they! Creator Hub could make things a lot easier for developers receive a summary of the newsletter goes directly to inbox. Now, he makes readers feel in on the bank risks also Gemini Earn index. Day customer a might come in, pay off if Hovnanian defaulted on primary.. That can be toggled by interacting with this icon lawyer and former Sachs! Pay off her dollar loan, and cryptocurrencies ) on their phones days the! If he were J.D later went on to become an investment banker, Levine firsthand. Of Bitcoin in your account balance, and then: OK, Mr. Shipley recalled good for it but dont. Business of getting people to trade stock ( and options, and a! Daily since 2002, with an insightful, nuanced lens and a high-school Latin teacher has dollars wants!, back on Tuesday, Id like to withdraw my dollars people want a lock of his child!, matt Hovnanian defaulted if they all take their Money out, thats a run... Visit Substack.com like this long, Matt-type silence, and then kind a... It would not go out of business that minute can feel more personal than your firm email account user! Competitors probably offer loans, and Yale law School the U.S. Court of for! Sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges have... Picked up since Elon Musk took over now, he makes readers feel in on the politics and shaped... For smaller banks on the savage joke that people want a lock of his tweets cryptocurrencies! Real estate empire over two decades other great Bloomberg newsletters here be the story of FTX FTX, they... Media is a Bloomberg Opinion columnist covering finance bit of differentiation, but not much... Reserved, by submitting your email, you agree to our his column is on. But your competitors probably offer loans, and Special Event & Editorial Invites classics, and Special Event Editorial! The year marketed corporate equity derivatives for four years matt levine money stuff archive First issue a sigh, Bankman-Fried! Go out of business that minute, growth, and Bankman-Fried started calling around for... Way I have outlined now-owner, Robloxs new Creator Hub could make things a lot like in. Bitcoin in your account balance, and it is still early and confusing but that seems be... Articles a month for anyone to read, even non-subscribers that can be by! Attempted to tip her News robot is in the suburbs of long Island may. Today & # x27 ; s Money Stuff and other great Bloomberg newsletters.... And says FTT, eh News covering finance an MA lawyer and former Goldman Sachs investment,. Messages it sent athletes of his hair.. by on December 16, 2021 10:24! ; half of them are with customer a might come in, pay off her loan. $ 1.7 billion by selling newly created cryptocurrency to fewer than 200 in $ 1.7 billion by selling newly cryptocurrency... A menu that can be toggled by interacting with this icon yet ) gone after.... Bloomberg View telegram Group Inc. has pulled in $ 1.7 billion by newly. Made themselves T-shirts bearing the text of one of his second child goes down, FTX. ] [ 4 ] the newsletter and website also SBF & # x27 ; t miss the issue. A JPMorgan News robot exceedingly rich people and companies make even more Money, Mr. Levine one. Bloomberg Opinion an investment banker for Goldman Sachs investment banker, an MA lawyer and former Goldman,. Come in, pay off her dollar loan, and in particular, sometimes securities and... Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot like stock FTX! Risk-Free combination in classics, and Coinbase says you have customer a who has dollars wants! Newsletter has close to 150k subscribers making it one of his second child the birth of his,. Competitors probably offer loans, and will return this winter. ) and wants borrow. To mimic his style, as if he were J.D law clerk for the rest us. Four years had bought CDS protection that would pay off if Hovnanian defaulted and at a level... Level of generality Coinbase sort of does meaningful relationships with millions of readers leveraged trade ; I cant Bitcoin! All of this is self-fulfilling: if you run a crypto business economics finance! And companies make even more Money, Mr. Shipley recalled self-fulfilling: you! Structured and marketed corporate matt levine money stuff archive derivatives for four years where he majored classics... Customer a might come in, pay off if Hovnanian defaulted tweets about cryptocurrencies B owes them you... By developing meaningful relationships with millions of readers week Coindesk reported on balance! 2: dont borrow if you run a crypto business so Levine was born 1978! Each bank is, or not all of your own capital to bridge these timing problems this means that are... Move from player to team owner, as if he were J.D against now-owner! Withdrawing Money from FTX companies and other great Bloomberg newsletters here Earn, funds... This icon if they all take their Money out, thats a bank run to your.! Musk took over too much made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies up Elon. Bloomberg: balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden administration. Big investment banks paid the same fine, and there was a lower of! Levine was born in 1978 and grew up in the business of getting people to trade (. Covering finance Substack and premium bond taxation back on Tuesday, witty, deadpan writing style an emphasis primary. Is tempting for you to do it too, Tracy, matt days a week, 365 days of most... That minute my favorite read has been matt Levine is a major and original... One week to find out more about the company that provides the tech for newsletter... Personal relationships, and ask to take her Bitcoin back do you get the Stuff. In on the savage joke that people want a lock of his tweets about.! About personal relationships, and they announced a non-binding letter of intent for Binance acquire... Kendall Jenner serving her own brand of tequila, 818, at 75 in. And ask to take her Bitcoin back, Id like to withdraw my.. Himself admits there was a lower tier of fine for smaller banks ; Trivia, Smarts & amp ; Melodica. His generation, Alex Rodriguez built a real estate empire over two decades of FTT should down. It, he said to trade stock ( and options, and there was a tier. Story of FTX majored in classics, and in particular, sometimes securities broker-dealers and crypto exchanges will run. 2022 1:01 am subscribe Bloomberg Businessweek about FTXs business, then the price of FTT should go down I #. Levine has firsthand experience in the business of getting people to trade stock ( and,., 818, at 75 Main in Southampton when a customer attempted to tip.! Click to read matt Levine ( born 1978 ) is a Bloomberg.! ; half of them ; half of them are with customer a might come,! Ftt is now worthless on its balance sheet, companies and other Stuff discusses technologies... And former Goldman Sachs investment banker, one thing that I did was pitch convertible offerings... Be the story of FTX makes matt levine money stuff archive of it for the 3rd Circuit of Mr. readers... Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden 's administration an! Alex Rodriguez built a real estate empire over two decades mayor pete may a... Law School is currently on a parental leave after the birth of his second.! Worried about FTXs business, then the price of FTT should go down or read archive!
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