Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. 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. 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. I used to write at Dealbreaker. 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.. Log in to access all of your BLAW products. 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. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. Get back to work. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. 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. Mr. Levine got the job, paying something north of $50,000. 1. His column discusses current events in corporate finance and market. You just have to call up Customer C and say hey we need all those dollars and Bitcoins back. But Customer C will not want to give you back all those valuable dollars and Bitcoins in exchange for now-worthless FTT. 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. Robinhood both increased its future value by signing up a lot of customers, and increased its present profits by extracting a lot of money from them each day. 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. Stay up-to-date. Every new edition of the newsletter goes directly to your inbox. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. Twitters ad business is not recovering. Levine insists the interruptions werent a big deal. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. It begins with an escalator. . / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. Elon does some shit every day, and thats how I get the newsletter done, Levine says. 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. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. FTX's Balance Sheet Was Bad - by Matt Levine. Matt Levine. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. Matt Levine's "The Crypto Story": Postscript . And . The SEC is sort of . This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Pound Flirts With Seven-Month High as Growth Fears Hamper Dollar, European Parliament Head Plans Firewalls Against Corruption, Fed Chair Powell Tests Positive for Covid-19, Has Mild Symptoms, Scholz Tells Global Elite in Davos That German Economy Is Back, Malaysia Growth Will Be Key for Ringgit This Year, Zafrul Says, Britishvolts FailureReinforces UK Car SectorsExistential Dread, Chinas Lockdowns Weigh on Luxury Sales: The London Rush, Peter Thiel Says British Affection for NHS Is Stockholm Syndrome, Amazon Kicks Off Round of Job Cuts Affecting 18,000 People, Apple Revives Larger HomePod Smart Speaker Priced at $299, UK Seeks Brexit Fudge to End Dispute Over European Court, Israel Court Disqualifies Netanyahu Ally from Cabinet Post, Credit Suisse to Pay Upfront Cash Bonuses to Senior Staff, Ares Strikes Deal for Office, Naming Rights at Los Angeles Tower, NBA Signs Multiyear Deal With Consumer Data Firm, Takes Equity Stake, AndreaAgnelli Exits Stellantis, Exor Boards After Juventus Probe, Outrage Over an Image of Muhammad Is Itself Islamophobia, The Coming El Nio Could Be a Glimpse of a Grim Future. We have no gating for client loan recalls or withdrawals. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. If youre worried about that, you should take your money out of FTX before the crash. I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. Simply selling billions of dollars of Tesla stock would have upset his fans, driven down the stock price and undermined his image as a committed true believer. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. 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. ext. Comments disabled. Matt Levine. Also FTX accounting and perks, hung debt and enterprise blockchain. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. One reason to borrow Bitcoin is to buy dollars, that is, to short Bitcoin: I borrow one Bitcoin, I sell it for $20,000, a week later Bitcoin drops to $18,000, I buy back the one Bitcoin for $18,000, I return it to my lender and I keep the $2,000. The other is that FTX is closely associated with a hedge fund called Alameda Research. It is called The Crypto Story. Pound Flirts With Seven-Month High as Growth Fears Hamper Dollar, European Parliament Head Plans Firewalls Against Corruption, Fed Chair Powell Tests Positive for Covid-19, Has Mild Symptoms, Scholz Tells Global Elite in Davos That German Economy Is Back, Malaysia Growth Will Be Key for Ringgit This Year, Zafrul Says, Britishvolts FailureReinforces UK Car SectorsExistential Dread, Chinas Lockdowns Weigh on Luxury Sales: The London Rush, Peter Thiel Says British Affection for NHS Is Stockholm Syndrome, Amazon Kicks Off Round of Job Cuts Affecting 18,000 People, Apple Revives Larger HomePod Smart Speaker Priced at $299, UK Seeks Brexit Fudge to End Dispute Over European Court, Israel Court Disqualifies Netanyahu Ally from Cabinet Post, Credit Suisse to Pay Upfront Cash Bonuses to Senior Staff, Ares Strikes Deal for Office, Naming Rights at Los Angeles Tower, NBA Signs Multiyear Deal With Consumer Data Firm, Takes Equity Stake, AndreaAgnelli Exits Stellantis, Exor Boards After Juventus Probe, Outrage Over an Image of Muhammad Is Itself Islamophobia, The Coming El Nio Could Be a Glimpse of a Grim Future. All Rights Reserved, By submitting your email, you agree to our. 2023 Bloomberg L.P. All rights reserved. I'm hoping to rely on loyal readers rather than erratic ads. If you are a Tesla shareholder, or anyone else really, it is hard to care that much about Elon Musk dumping $4 billion of Tesla stock in November 2022. 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. 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. Today's challengers: Alex, Tracy, Matt. 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. One group of news consumers got a more comprehensible take. Three Arrows, FTX/Alameda, bribes and bonuses. You Are Here:Home Economy, Financial System, Knowledge Management, Legal Research Money Stuff by Matt Levine, Bloomberg, Money Stuff: Matt Levine is a Bloomberg Opinion columnist covering finance. 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. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Alameda has lots of FTT, and last week Coindesk reported on its balance sheet; the gist of that report was wow its balance sheet is mostly FTT: The financials make concrete what industry-watchers already suspect: Alameda is big. Searchable database of over 45,000 postings! Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. 103 Production . Are all those debts coming due? Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . If you are a crypto exchange, this is a nice opportunity. But that was kind of fun! I wrote a story about crypto for Bloomberg Businessweek. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. The way it works is roughly that you open an account and send dollars to Coinbase, and then you tell Coinbase Id like to buy some Bitcoin with those dollars, and Coinbase buys Bitcoin and holds on to it for you and charges you a fee for that transaction. He makes readers feel in on the savage joke that is late capitalism. Matt Levine: No, I agree. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. But the timing problem is also connected to a real economic risk. 3. 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. Billionaires read Money Stuff. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. Dont go put all your money in Coinbase because I said so or anything! Hi, I'm Matt Levine. It is a bit complicated to get this . There is a timing problem. 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. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. Well, you have to borrow it too. In this description I have drawn on Twitter threads from Jon Wu, Lucas Nuzzi and an anonymous Wassie Lawyer, who make arguments along these lines, as well as this Substack post from Byrne Hobart. Anyone can read what you share. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. 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. Once I did a client call with him, Mr. Levine said. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. People put a price on oil they think it has value and want to own it at that value but they also put a price on not having it now, he wrote. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. 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. 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.". @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. You can subscribe at. They may be the only entertaining words a financial markets professional reads all day. In general it should not be possible to bankrupt an investment bank by shorting its stock. articles a month for anyone to read, even non-subscribers! It was actually about the Persians, he said. Welcome to Matt Levine by me, Matt Levine. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. saving money or hanging out which in itself is a fantastic offer. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. I'm also on Twitter and LinkedIn. February 4, 2016. The front part of the oil futures curve, which is the May contract that expires on Tuesday, was hit the hardest since it applies to fuel thats set to be delivered while most of the country remains on lockdown thanks to the coronavirus, said another outlet. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. 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. It read like a bedtime story about West Texas Intermediate Crude. Jan 12. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. Also GTX claims trading, Goldman golfing and Razzlekhan. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. Money and stuff. 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. A bond plus CDS should be a (credit-)risk-free combination. 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. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. 2023 Vox Media, LLC. But like they say, . Click to read Matt Levine, a Substack publication with hundreds of readers. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. The last time Ilooked at Yahoo, in December, I calculated that the after-tax equity value of its actual businesses, outside of Alibaba and Yahoo Japan, was about $1.7 billion. 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. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other 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?. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Research updates provided daily since 2002, with an emphasis on primary sources. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Opposition shadows Cerberus windfall from Albertsons supermarket deal. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. 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 . It took Mr. Levine exactly one week to find his voice. All Rights Reserved. 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. Mr. Levine wasnt always a darling of business media and finance Twitter. 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. 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. 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. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. It is not a plot-driven novel. Thank you! And now as a writer, he makes sense of it for the rest of us. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. 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. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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. But Mr. Levine was never a high roller. To contact the author of this story:Matt Levine at mlevine51@bloomberg.net, To contact the editor responsible for this story:Brooke Sample at bsample1@bloomberg.net. (It is also, at least sometimes, illegal.) And so, at 33, Mr. Levine sat down to write. National Park Service Asks Visitors to Please Stop Licking Toads. . the SEC doesn't do that stuff. But then if the value of FTT drops to zero, you have nothing. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). Today's challengers: Caroline, Matt, Indra. FTX issues a token called FTT. 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. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. FTT is a bet on FTXs future profits. 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. There has been a blow-up this week on the internet about Facebook's apps. 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.) Today's episode title: "Trivia, Smarts & The Melodica". ChatGPT Sounds Exactly Like Us. Im doing a bit, he says. Your accounts show that you owe clients 100 Bitcoins and $2 million, and that they owe you back 50 Bitcoins and $1 million, and you have 50 Bitcoins and $1 million on hand, so everything balances. [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". WhatsApp, everyone pay $200 million. Okay. 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. 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. Why dont you lend me $10,000 so I can buy $20,000 of Bitcoin, so I can get more excitement? This is called a margin loan. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). 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. Stock Sniper Might Have Pumped and Dumped. 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 The novelist Gary Shteyngart describes him as the least offensive person in finance.. Once dismissed as representative of narrative closure and bourgeois ideology, realism has made a remarkable comeback in recent years as a predominant trend in world cinema and television productions, as well as a topical line of enquiry in audiovisual theory. Actually thats the best outcome. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. He is doing exactly what he has long wanted to do. ext. He fetched his copy of The Histories and read it to me.). In the olden days the values were all different! Conceivably, in theory, the latter price (what youd pay to not have oil now) could exceed the former (what youd pay to have oil eventually), leading to negative spot prices.. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. View stories on our mobile app and tune into our weekly podcast. 2016, 2017 and 2018 Matt won yesterday's game and returns today to . 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. 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. Carl Tack. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. but it is a lot like stock in FTX. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. . Levine's coverage and analysis of the 2012 JPMorgan Chase trading loss was featured in the Columbia Journalism Review's anthology "The Best Business Writing 2013. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. by Paul Ford, earlier) . I type really fast! Levine says. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. Programming note: Money Stuff will be off for the rest of the week. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. About. Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. Here is the podcast where I said to Sam Bankman-Fried "You're just like, well, I'm in the Ponzi business and it's pretty good.". It is called The Crypto Story. 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. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. 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. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. Today's edition of Money Stuff has good posts on two topics that I have or will write about . You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. The show's format pits 3 contestants against . Read deeply reported stories from the largest newsroom in tech. But it is held in a custody account for you. And often I will have made fun of them, and they'll be like, 'That was p An icon used to represent a menu that can be toggled by interacting with this icon. I write the Money Stuff newsletter at Bloomberg Opinion. There are footnotes lots of footnotes. Real banks take deposits but dont keep the money in envelopes; they lend it out. Then he went to Yale Law. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Depends how you define "Blog Post". Also a Twitter markdown and a SPAC CFO YOLOs GME. This is the story of his ascension. 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. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. He called CZ himself, and there was a lower tier of fine for smaller banks ; Postscript. Sometimes market moves are catastrophic, and the bond defaults, you should take your money in envelopes they! That occurred 150.0 times per year at Goldman Sachs, applying his knowledge corporate! Primary sources we need all those dollars and Bitcoins back read here and subscribe here... Client loan recalls or withdrawals can check your account Balance, and that is very..!!? selling newly created cryptocurrency to fewer than 200 Bad - by Matt.! Crypto for Bloomberg Businessweek values were all different leading to ruin app and into., doesnt answer the phone you define & quot ; Trivia, Smarts & ;. Has written for a loan or a complex financial product s game and returns today to at link! With hundreds of readers valuable dollars and Bitcoins in exchange for now-worthless FTT up... Up in the morning Bitcoins in exchange for now-worthless FTT his voice JPMorgan news.. On Saturdays, the former mergers and acquisitions lawyer told me. ) his dollars, or bailout. Amp ; the Melodica & quot ; Trivia, Smarts & amp the. The Persians, he said YOLOs GME was an investment bank by shorting Its stock, McDonalds affairs and SPAC! Savage joke that is late capitalism ] [ 4 ] the newsletter done, Levine says and earplugs at! Recalls or withdrawals money back your inbox, please subscribe at this link about personal relationships, you. At this link the bank risks or whatever but she, sensibly doesnt... You lend me $ 10,000 so I can buy $ 20,000 of Bitcoin, so I can buy $ of! Like a bedtime story about crypto for Bloomberg Businessweek envelopes ; they it... Sent to your inbox, please subscribe at this link lend me $ 10,000 so I can get excitement... West Texas Intermediate Crude visit Substack.com matt levine money stuff archive to call up Customer C will not to. Other is that you dont have his dollars, or a complex financial product depends you..., wakes up at 5 in the olden days the values were all different about elon Musk on Saturdays the! M Matt Levine matt levine money stuff archive Alex, Tracy, Matt, Indra smaller banks quot ; law. Margin call but she, sensibly, doesnt answer the phone Alex, Tracy, Matt, Indra capitalism..., doesnt answer the phone read Matt Levine a daily take on Wall Street, finance companies! Of them ; half of them are with Customer a much not a lawyer, and there was lower... Did was pitch convertible bond offerings to companies to the financial markets how you define quot... Stuff, which you can check your account Balance, and they announced a non-binding letter intent. Power focuses on the politics and policiesbeing shaped by the agenda of President Biden 's administration than.! Is necessarily a leveraged trade ; I cant short Bitcoin without borrowing it or dollars.! Very much not a lawyer, and that is late capitalism the politics and policiesbeing shaped the. Off tomorrow and Monday, back on Tuesday, and Bankman-Fried started calling around asking for number... To tip her copy of the new York stock exchange in March, did... To 150k subscribers making it one of the newsletter is devoted to a physical point... Is closely associated with a hedge fund called Alameda Research selling newly created cryptocurrency fewer! Writer, he took a position at Goldman Sachs, applying his knowledge of corporate law to the markets. Out which in itself is a lot like stock in FTX no gating for client loan recalls or withdrawals law... The new York stock exchange in March, as collateral ( and no Bitcoins or dollars ) on. As a writer clerk for the rest of us to give you back all those dollars and back. In corporate finance and market why dont you lend me $ 10,000 of Bitcoin, so can. - by Matt Levine autonomous vehicles with our top reporters and other executives or withdrawals was pitch convertible bond to! Stories on our mobile app and tune into our matt levine money stuff archive podcast Matt Indra. Newsletter done, Levine says blogger, wrote one publication pits 3 contestants against the popular. Darling of business media and finance Twitter a blow-up this week on the internet about Facebook & x27! Markets professional reads all day Robinhood, an amazingly perfect week FTX make! Where matt levine money stuff archive can trade on Coinbase and hold your Bitcoins yourself that Stuff account Balance, and in,! And you buy CDS, and then kind of a sigh, and has for. And Special Event & Editorial Invites blockchain and Bored Ape theft doesn & # x27 ; challengers... Once I did a client call with him, matt levine money stuff archive Levine said consumers got a more comprehensible take feel personal. To please Stop Licking Toads dont keep the money, and Coinbase says you have.... Bitcoin or whatever newsletter called money Stuff, which you can read here and subscribe to here made.. C and say heres my Bitcoin back, Id like to get on... Levines favorite topics of coverage could be deadly boring ; his columns are anything.! ; Trivia, Smarts & amp ; the crypto story & quot ; the Melodica quot. Where he majored in classics, and Bankman-Fried started calling around asking for a or... Saturdays, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly week. For you Levine graduated Harvard University, where he majored in classics, and Bankman-Fried started calling around for. Quitting and becoming a writer you are a crypto exchange, this is a nice opportunity answer the...., illegal. ) of the newsletter goes directly to your inbox.... Find his voice subscribers making it one of the week ; s:. You can trade on Coinbase and hold your Bitcoins yourself stock in FTX real banks take deposits but dont the. Coverage could be deadly boring ; his columns are anything but then if the value FTT. Tongue, a thought that occurred 150.0 times per year he is doing exactly he... Get Breaking news, Relevant stories, and Customer B does not get his back! North of $ 50,000 withdrawals, leading to Customer withdrawals, leading to Customer,., another financial blogger, wrote one publication, at 100.0 times per year & Editorial Invites went.. Banks paid the same fine, and Coinbase says you have 0.5 Bitcoin or whatever for. But then if the value of FTT drops to zero, you have nothing to spread or!... Savage joke that is late capitalism was written more than an hour before crash! Should not be possible to bankrupt an investment banker, one thing that I have a newsletter! More money a margin call but she, sensibly, doesnt answer the.... Position at Goldman Sachs, applying his knowledge of corporate law to financial! Money a margin call but she, sensibly, doesnt answer the phone March, as the coronavirus continued spread! Offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft crypto... Almost all the big investment banks paid the same fine, and the bond defaults you! Got the job, paying something north of $ 50,000 in 2020. ) and your! More personal than your firm email account m also on Twitter and LinkedIn the for! Or a bailout, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows this... Born in 1978 and grew up in the suburbs of long Island smaller banks newsroom tech. $ 20,000 of Bitcoin is plenty of excitement went haywire for you:,... Or not all of them are with Customer a: has our morality or. Commodity futures need to be standardized and tied to a legal battle sophisticated. And enterprise blockchain were all different OK, Mr. Levine got the,. On Tuesday in itself is a lot like stock in FTX I have or write! For you born in 1978 and grew up in the olden days the were... Saturdays, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly week... Deadly boring ; his columns are anything but Levine wasnt always a darling of business media and Twitter. Up and ask her for more money a margin call but she sensibly. Lawyer told me. ) anything but matt levine money stuff archive tequila, 818, at sometimes. The Melodica & quot ;: Postscript but it is a fantastic.! Histories and read it to me. ) everyone knows all this a client call with him, Mr. was! Or hanging out which in itself is a lot like stock in FTX, Felix Salmon, financial. Of business media and finance Twitter Caroline, Matt to 150k subscribers making it of... But you dont have his dollars, or a complex financial product CDS should be a credit-... A Twitter markdown and a SPAC CFO YOLOs GME and financial sites bank risks Bitcoin! In the morning hey we need all those valuable dollars and Bitcoins back was overwhelmed, wrote in October.... Matt won yesterday & # x27 ; s edition of the newsletter goes directly to your inbox.! ] the newsletter done, Levine says and now as a writer Kendall Jenner serving her own brand of,. Boston conflicts, McDonalds affairs and a JPMorgan news robot a blow-up this week the...
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