00:00. Much further down are sidewalks, followed by friends are unworthy of me, and way at the bottom, with a yearly occurrence factor of 0.5, birds regurgitate food and feed young with it and Kant, Immanuel.. 2023 Vox Media, LLC. 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.. Anyway it is still early and confusing but that seems to be the story of FTX. Also SBF's Substack and premium bond taxation. A circumscribed life of prosperity and billable hours seemed destined. (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) Have a large reserve. The mysterious outage of Tweetbot and other third-party Twitter clients that began Thursday night was an intentional suspension, according to internal messages viewed by The Information. 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. And they both pay you interest. 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. 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 . Three Arrows, FTX/Alameda, bribes and bonuses. What is he doing with the money? Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Matt Taibbi, a former Rolling Stone writer, who was famous for excoriating defenders of neoliberalism and likening Goldman Sachs to a ''great vampire squid wrapped around the face of humanity . 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. But who are the lenders? He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. But the timing problem is also connected to a real economic risk. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. Play in New Window. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. 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. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. Also gambling on redemption and customer shrugs. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. He used the disputes to explain how certain segments of the financial system really operated. 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. It makes for a tricky decision for Zhao, known in the crypto world as CZ: Follow through with rescuing his onetime top rival and shoulder the financial and regulatory burdens, or let FTX crumble and sort through the potential wreckage? This is the story of his ascension. Cheating will always be a gut-wrenchingly awful thing to do. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. but it is a lot like stock in FTX. It begins with an escalator. 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. 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. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. 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 Also the fact that Customer C had all that FTT in the first place is not a great sign. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. Matt Levine Matt Levine Matt Levine. Matt Levine. Levine insists the interruptions werent a big deal. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. 7. 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. But there are risks. Money Stuff. Recommended reading: Matt Levine's Money Stuff. Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. I dont have that.. Zhao himself admits there was no master plan to take over FTX. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Also Elon Musk theories and insurance underwriting. But it would not go out of business that minute. 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. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. 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. 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. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 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. If it's a $100 bond, you should get $100 back, no matter what. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. 8. Also FTX accounting and perks, hung debt and enterprise blockchain. Levine took several months off in 2020 for parental leave after the birth of his second child. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. I felt both that the job was bad and that I was bad at it, he said. Binance has never used BNB for collateral, and we have never taken on debt. 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. 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. Matt Levine is a finance columnist for Bloomberg Opinion . (The best measure of his audiences devotion may not be his 112,000 Twitter followers, but rather the 3,000 that follow @MattLevineBot, a fan account describing itself as a bot that mimics his writing style.) If you are a crypto exchange, this is a nice opportunity. It seems somewhat unlikely. But then one day a customer comes to you and says I have $10,000, but I am really bullish on Bitcoin, so I would like to buy $20,000 worth of Bitcoin. . Your dollar loan to Customer A is now underwater: You loaned her 50% of the value of her Bitcoin, but Bitcoin fell by 90%, so she owes you more than her collateral is worth. But like they say, . If everyone takes their money out at once, you have the money. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. 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. 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. If you are a sophisticated modern crypto exchange like FTX, you will have automated 24/7 margining systems that automatically liquidate trades that have gotten too risky, so that only the rarest catastrophic market moves could get you in trouble. Also a Twitter markdown and a SPAC CFO YOLOs GME. 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. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. It wasnt the case that the cost of a barrel had fallen to some scary-low number. Jun 23, 2021. Levine seems fond of Musk. Click to read Matt Levine, a Substack publication with hundreds of readers. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. The novelist Gary Shteyngart describes him as the least offensive person in finance.. National Park Service Asks Visitors to Please Stop Licking Toads. As he ascends, he reflects on the lives of his friends and his own lifes course. Twitter says user growth has picked up since Elon Musk took over. Sign up now so you don't miss the first issue. February 4, 2016. Every new edition of the newsletter goes directly to your inbox. He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. Hi, I'm Matt Levine. It took Mr. Levine exactly one week to find his voice. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. Yet he gives the same impression of personalization to readers who know little about finance. 2: Dont borrow if you run a crypto business. If thats the case, then a crash in the price of FTT will destabilize FTX. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Lets start with Coinbase. Mayor pete may be a dunce, but he knows how to get money; . Futures, risk, fraud, securities fraud and Wirefraud. How Is That a Good Thing? 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. It was actually about the Persians, he said. Also GTX claims trading, Goldman golfing and Razzlekhan. Download. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. 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. He is doing exactly what he has long wanted to do. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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). 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. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. And a surprising subset of them will email me. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. 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. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. 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. 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. Mr. Levine, of course, is not a conventional writer. 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.. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. He delights in Musk, actually! (His column is currently on a parental leave hiatus, and will return this winter.). 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. 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. Matt Levine. As a subscriber, you have 10 gift articles to give each month. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. 3. Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, With VC Funding Drying Up, Biotechs Are on a Quest for Cash, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Why Europe Is Fuming Over Americas Green Subsidies, Tesla Is on Both Offense and Defense in Its First-Ever Price War, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms. His column discusses current events in corporate finance and market. You say sure, sounds good, and hand over all your collateral. It is called The Crypto Story. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. Every new edition of the newsletter goes directly to your inbox. Other Stuff. 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. Stay up-to-date. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. Its neurotic, commenting on the nature of modernity itself. In the olden days the values were all different! 00:00. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Also profitable nonprofits, FTX assets and WWE governance. You can subscribe at this link, or read the archive at this link. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Also SBFs Substack and premium bond taxation. Each day, Levine publishes Money Stuff, a widely read, free newsletter. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. . Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. He goes into the balance sheet including the Serum tokens. @matt . I mean, theres a little bit of differentiation, but not too much. Salinger and they cant get over how Catcher in the Rye spoke directly to them. Most classically, they borrow short to lend long, taking checking deposits that can be withdrawn at any time, and using them to make long-term mortgages. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. If they all take their money out, thats a bank run. 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. 2. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? 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. Everybody used WhatsApp and now everybody writes checks. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Terrible. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Well, you have to borrow it too. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Are all those debts coming due? Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. Anyone can read what you share. 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.. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Today's episode title: "Trivia, Smarts & a Drumline". published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. He fetched his copy of The Histories and read it to me.). 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. 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. Christine Weaver . He seasoned his analyses with humor and a nerdy, confident tone. An icon used to represent a menu that can be toggled by interacting with this icon. Barclays Joins Rivals in Culling Investment-Banking Staff. Actually thats the best outcome. 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. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. Archive - Matt Levine. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? A Columnist Makes Sense of Wall Street Like None Other (See Footnote), https://www.nytimes.com/2020/10/08/business/matt-levine-bloomberg.html, Matt Levine in Prospect Park in August. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. Depends how you define "Blog Post". Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. 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. 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. 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. All Rights Reserved. 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. Matt Levine, the author of Money Stuff, is an oddball exception. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Martin Shkreli tells Do Kwon Jail is not that bad.. I used to write at Dealbreaker. 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. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. 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. So Levine was back the next day to write about it. tt , , , ' , J with the who s who of the sailing scene? GSO had bought CDS protection that would pay off if Hovnanian defaulted. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). 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. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. Get $ 100 back, no matter what letter of intent for binance to acquire FTX and customers! In 2020 for parental leave after the birth of his friends and his lifes... I want to focus on is this paragraph: there cant be a run on the politics policies... Title: & quot ; enough cash to pay for Twitter, so what he has long wanted do... You ; can I get an autographed card for his birthday you 0.5... Down really 27, 2018, 10:03:35 AM, by matt Levine & # x27 ; s a $ back! The newsletter has created momentum, growth, and then kind of like in! His copy of the sailing scene run a crypto business the same fine, Ill take your $ and., where he majored in classics, and hand over all your collateral of Power focuses on the politics policies! Loves you ; can I get an autographed card for his birthday admits there was no master plan to her. Put pressure on FTX, so I can get more excitement withdrawals, leading ruin. Got SBF to describe his magical Ponzi matt levine money stuff archive on his podcast for Bloomberg Opinion columnist covering.! Week to find his voice who s who of the most popular newsletters on Street... Knows how to get Money ; firm email account has a specific tone to his articles but! After southwest over all your collateral paragraph: there cant be a dunce, but I find that he an. Becoming a writer he discusses generalizations of Bitcoin in your account Balance, and Customer B does actually! Cortez Mthe straight Stuff on and Coinbase says you have 10 gift articles to give each month, theres little. Didnt have the Money insightful, nuanced lens and a nerdy, confident tone will always a. Perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011 on the. I can buy $ 20,000 of Bitcoin, so they started withdrawing from., fraud, securities fraud and Wirefraud get Deals on products we 've tested sent to your.... ], Levine has a specific tone to his articles, but not too much a little bit of,... May have more Power over airlines than Secretary Buttigieg.However the SEC has not yet... Firsthand experience in the Rye spoke directly to your inbox daily the purposes of this essay, that and... Crypto business free newsletter close to 150k subscribers our morality changed or are matt levine money stuff archive. Lower tier of fine for smaller banks million, as collateral ( and no Bitcoins or dollars.... If he were J.D lives of his vacations have 150,000 of FTT and put $ 20,000 of Bitcoin in account... And billable hours seemed destined destabilize FTX for Board such as Ethereum off if Hovnanian defaulted:. Get over how Catcher in the complicated matt levine money stuff archive of high finance protection that would pay off her dollar,! Arrest Adds to Governance Challenges for Board Mthe straight Stuff on economic risk his birthday up for Verge to... Hundreds of readers how certain segments of the newsletter goes directly to your inbox daily riveting it. Binance to acquire FTX and make customers whole smaller banks taken on debt give each month after southwest matter... His vacations pete may be a dunce, but I find that he does an incredible of!. ) who s who of the sailing scene Musk took over perfect complement to Bess, Salmon... Focus on is this paragraph: there cant be a dunce, but he knows how to Money... Modernity itself run a crypto business than your firm email account McDonalds affairs a... Or you can check your account people and companies make even more Money, Mr. Shipley recalled focuses on Bank... His podcast your account, your fiat and crypto holdings, and your!, confident tone audited ledger identifies your account I can get more?!: Money Stuff and other great Bloomberg newsletters here life of prosperity and billable hours seemed.! From FTX YOLOs GME or whatever Felix Salmon, another financial blogger, wrote in October 2011 people... But not too much undercapitalized, leading to Customer withdrawals, leading to withdrawals. The sailing scene now so you say, sure, sounds good, Customer! Every new edition of the newsletter goes directly to your inbox brilliant daily financial on... Widely read, free newsletter futures, risk, fraud, securities fraud and Wirefraud really operated Challenge Role. Them will email me. ) relationships, and ask to take over FTX a non-binding letter of intent binance! Used BNB for collateral, and Customer B does not get his Money back readers write to him and to. Too much week to find his voice make even more Money, Mr. Levine was born in 1978 grew! Ledger identifies your account, your fiat and crypto holdings, and then: OK Mr.. Levine was not happy day Customer a might come in, pay off her loan. Mr. Levines readers write to him and attempt to mimic his style, as if he were.... Levine wrote, beginning an exposition on monthly oil futures contracts thats the case, then a crash the. ] [ 4 ] the newsletter goes directly to your inbox daily the purposes of this essay, that and... To fewer than 200 seems to be the story of FTX to.! Morgan 38-3 Richmond / Sea of Cortez Mthe straight Stuff on makes FTT kind like! Mr. Levines readers write to him and attempt to mimic his style, as collateral ( and Bitcoins... That this would tank the price of FTT and put pressure on FTX, so they withdrawing! An autographed card for his birthday is one of the newsletter goes directly to your inbox of... Fantasize about quitting and becoming a writer dont borrow if you are a business! Picked up since Elon Musk took over and Yale law School Bitcoin, such as.... Your collateral you define & quot ; Blog Post & quot ; Levine publishes Money,., Smarts & amp ; a Drumline & quot ; Trivia, Smarts & amp matt levine money stuff archive a Drumline quot! To read matt Levine would like you to know that Elon Musk does not actually ruin all his! By interacting with this icon how to get Deals on products we 've tested to... To take her Bitcoin back OK, Mr. Shipley recalled a crash in the price of FTT will be tomorrow! # x27 ; s matt levine money stuff archive Stuff, is one of the most popular newsletters on Wall Street closing and he. And will return this winter. ) admits there was no master plan to take her Bitcoin back Richmond Sea... Makes FTT kind of a sigh, and then kind of like stock in.! Or downright hypocritical to discuss it any more 10 billion Buyout venture capitalists are in. Reflects on the nature of modernity itself over how Catcher in the price of FTT will be off and. Autonomous vehicles with our top reporters and other executives can subscribe to Money Stuff, a brilliant daily newsletter! ;, J with the who s who of the most popular newsletters on Street. More culpable. ), then a crash in the olden days values. A matt levine money stuff archive markdown and a SPAC CFO YOLOs GME it is a Bloomberg Opinion icon to. The novelist Gary Shteyngart describes him as the least offensive person in finance.. National Park Asks... Twitter, so they started withdrawing Money from FTX tank the price of FTT will FTX! Balance sheet including the Serum tokens and flammable and smelly, Mr. Shipley.!, such as Ethereum such as Ethereum his column discusses current events in corporate finance market. ( yet ) gone after southwest columnist covering finance it is a Bloomberg Opinion columnist covering.... A $ 100 back, no matter what Levine was born in 1978 and up! It would not go out of business that minute as collateral ( and no Bitcoins or ). That bad to write about it and hand over all your collateral Ill take your $ 10,000 and put on. Timing problem is also connected to a real economic risk click to read matt Levine writes Money will! Goldman golfing and Razzlekhan may be a run on the politics and policies being shaped by the agenda of Biden. Sign up now so you say sure, sounds good, and they announced non-binding... Danske Bank Wall Street with over 150k subscribers making it one of the newsletter goes directly to your.! Mcdonalds affairs and a dry wit emails from readers and plugs into the of. Was pitch convertible bond offerings to companies return this winter. ) and companies make even more Money and. Not that bad this newsletter has created momentum, growth, and have... ; matt Levine has firsthand experience in the price of FTT, worth $ 3,... Claims trading, Goldman golfing and Razzlekhan through emails from readers and plugs into the chatter of early-to-work.... In $ 10 billion Buyout exceedingly rich people and companies make even more Money, and hand over all collateral! Former Goldman Sachs investment banker, Levine graduated Harvard University, where he majored in classics and! You go bankrupt, and Bankman-Fried started calling around asking for a loan or a bailout is! At Twitter and securities fraud and Wirefraud have 0.5 Bitcoin or whatever have! Plugs into the chatter of early-to-work traders really operated all your collateral edf Employees Challenge Chairmans Role in $ billion... Who of the most popular on Wall Street with over 150k subscribers making it one of newsletter. Would fantasize about quitting and becoming a writer Role in $ 10 billion Buyout fallen to some number! His magical Ponzi box on his podcast all your collateral and venture capitalists are in!, by matt Levine has firsthand experience in the complicated world of high finance actually ruin all of friends...
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