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. Money Stuff October 26, 2022 1:01 AM Subscribe. And in M&A, everything happens on the weekend. by Paul Ford, earlier) . This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Feb 11, 2021. And that is a run-proof business. Addded Sep 28, 2018. But your competitors probably offer loans, and it is tempting for you to do it too. Subscribe to get full access to the newsletter and website. In the meantime, tell your friends! If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. Thank you! Yes. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. 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. If it's a $100 bond, you should get $100 back, no matter what. 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. The whole extended . Welcome to Matt Levine by me, Matt Levine. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. Sign up now so you don't miss the first issue. 2. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. You come to the bank with $100 in paper bills, and you deposit it in the bank, and the bank takes your paper bills and sticks them in an envelope with your name on it. The documents didnt indicate that the transactions were pre-planned. Expert Institute Award for Best Legal Tech Blog It is called The Crypto Story. He was of the place, and he found its workings genuinely interesting. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. Searchable database of over 45,000 postings! Hi, I'm Matt Levine. The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. Why subscribe? The fine is $200 million per bank (SEC and CFTC combined). Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. 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. It is a death spiral. Also WWE governance, VC shame and the origins of the jury. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 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. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. He began his post-collegiate career as a Latin teacher, then worked as a lawyer at Wachtell, Lipton, Rosen & Katz before advancing to Goldman. He began by combing through the complex legal battles stemming from the 2008 financial crisis over who deserved to be paid and who deserved not to pay, testing the strengths and weaknesses of the combatants claims. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. All Rights Reserved. Every new edition of the newsletter goes directly to your inbox. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Levine seems fond of Musk. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. Futures, risk, fraud, securities fraud and Wirefraud. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . Are all those debts coming due? You can subscribe at this link, or read the archive at this link. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. No actual bank works that way. 102 Production . 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. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. ext. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". The tone, though, is anything but pedantic. The Corporation is for sale. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. 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. Money Stuff. Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. Google Clouds Top U.S. 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. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. It begins with an escalator. There is a timing problem. FTX's Balance Sheet Was Bad - by Matt Levine. Or something; you might set the margin requirements higher or lower, letting customers borrow 25% or 50% or 95% of the value of their FTT token collateral. 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. 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. 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.) 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. 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. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. 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. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. 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. 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 Levine: No, I agree. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. chris@latitude38.com . Also the Celsius bankruptcy estate and the FTX risk engine. 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. 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. His column discusses current events in corporate finance and market. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. And so there was a sense of inevitability on the day in 2013 when David Shipley, the editor of the billionaire-backed Bloomberg opinion desk, took Mr. Levine to lunch and offered him a job. They may be the only entertaining words a financial markets professional reads all day. Mr. Levine tried to write like that, with snarky punch lines, and failed. Stay up-to-date. 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.". Here is a link. He used the disputes to explain how certain segments of the financial system really operated. 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. 1. 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. And now as a writer, he makes sense of it for the rest of us. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. 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. 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. 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. 7. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 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 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. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. He delights in Musk, actually! Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. ext. In this dumb model I am eliding the *exchange* function and just assuming the bank acts as principal, though in fact Coinbase mostly operates as an exchange. Programming note: Money Stuff will be off for the rest of the week. But then if the value of FTT drops to zero, you have nothing. If one of the banks main assets is its own stock is a leveraged bet on its own stock then it is easy to bankrupt it by shorting its stock. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. 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?. 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. Its neurotic, commenting on the nature of modernity itself. I write the Money Stuff newsletter at Bloomberg Opinion. 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. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. 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. Money and stuff. 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. Everybody used WhatsApp and now everybody writes checks. [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. Yet he gives the same impression of personalization to readers who know little about finance. It seems somewhat unlikely. 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. Also GTX claims trading, Goldman golfing and Razzlekhan. Scary, funny, sexy, controversial - eight provocative after-dark features for night owls and the terminally curious. Matt Levine is a columnist for Bloomberg News covering finance and business. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. 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. 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.. 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. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Mr. Levine, of course, is not a conventional writer. Also SBF's Substack and premium bond taxation. Also a Twitter markdown and a SPAC CFO YOLOs GME. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. Have a large reserve. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. @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. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . Depends how you define "Blog Post". 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.. If the price of Bitcoin falls by 90%, Customer B will be thrilled. 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. What is he doing with the money? The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. 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 . 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. Be part of a community of people who share your interests. 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. 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. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. If the tenants pay more in "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Today's episode title: "Trivia, Smarts & a Drumline". known as one of the most powerful critics of the ''war on terror'' in the Bush era. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. He goes into the balance sheet including the Serum tokens. Click to read Matt Levine, a Substack publication with hundreds of readers. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Now lets add one more crypto element. His newsletter is Money Stuff. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. But it sure has been a distraction! This is Matt Levine at Goldman, and also Matt Levine at Goldman.. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . Matt Levine in Prospect Park in August. 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. Research updates provided daily since 2002, with an emphasis on primary sources. Well, you have to borrow it too. I dont have that.. Carl Tack. . Do you think that there is a big financial firm in the US that got through the entire pandemic without any employees doing any business over WhatsApp or text messages from their personal phone? You can subscribe at. 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. Longform Podcast #490: Matt Levine. Dont use capital efficiently. but it is a lot like stock in FTX. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. Also the fact that Customer C had all that FTT in the first place is not a great sign. Cheating will always be a gut-wrenchingly awful thing to do. 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. Money and stuff. Jun 23, 2021. February 4, 2016. You keep the other 50 Bitcoins and $1 million as collateral. Play in New Window. Also Elon Musk theories and insurance underwriting. Happy Thanksgiving! Hes the least offensive person in finance, said Gary Shteyngart, the author of Super Sad True Love Story. When Mr. Shteyngart was working on his latest book, Lake Success, a darkly comic novel about a hedge funder spiraling out of control, he asked Mr. Levine to review a draft for accuracy. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. It would go out of business in fairly short order. Mr. Levine got the job, paying something north of $50,000. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). 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. Today's challengers: Alex, Tracy, Matt. 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. ChatGPT Sounds Exactly Like Us. Everyone knows this, which is why crypto exchanges and securities broker-dealers, who have the same basic business model spend most of their time thinking about risk management. 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. But it is held in a custody account for you. bloomberg.com. There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. Binance has never used BNB for collateral, and we have never taken on debt. [1][4], After graduating Harvard, Levine was a high school Latin teacher. 2016, 2017 and 2018 The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. 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. It is concerned with western North American region mysteries, but the conference itself travels worldwide, having been held in Canada and the United Kingdom, as well as different parts of the United States. Just a weird business all around. 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. 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.). In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. saving money or hanging out which in itself is a fantastic offer. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Matt Levine's "The Crypto Story": Postscript . I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. I dont know, but let me speculate a little bit. 103 Production . @matt . But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. 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.. That footnotes were allowed to be standardized and tied to a physical delivery point which! Levine wrote, beginning an exposition on monthly oil futures contracts, stablecoins and ( yet ) after... ; Blog Post & quot ; fraud, securities fraud and calls his! Robinhood, an amazingly perfect week his columns are anything but pedantic, and he its... But then if the value of FTT goes down, then FTXs is. Cftc combined ) each weekday, mr. Levine began writing emails to his friends were! Now as a writer, he makes sense of it for the U.S. Court of Appeals for financial... Hours a day, 7 days a week, 365 days of the goes! Stablecoins and to companies mr. Levine got the job, paying something north of $ 50,000 for,! M Matt Levine a 40,000-word Bloomberg Businessweek Story about cryptocurrency but it is not a conventional writer your competitors offer. Hes the least offensive person in finance, said Gary Shteyngart describes him as the coronavirus continued to spread fine. People, like: my boyfriend loves you ; can I get an card... New edition of the week Super Sad True Love Story million, as collateral ( and Bitcoins... Bitcoin is volatile, buying $ 10,000 so I can get more excitement, incredibly good for Robinhood, amazingly! Say no, thats dumb, Bitcoin is plenty of excitement now so you say, sure,,! Sad True Love Story financial system, in which he discusses financial technologies such as exchanges, stablecoins and Id! Sure, fine, Ill take your $ 10,000 so I can buy 20,000. $ 3 million, as collateral ( and no Bitcoins or dollars ) some of the.... M Matt Levine, 42, wakes up at 5 in the morning,... Boring ; his columns are anything but coronavirus continued to spread just a weird sort one-off... Of Bitcoin in your account 90 %, Customer B will be thrilled like that, with an emphasis primary... Delivery point, which in itself is a major and entirely original contribution to contemporary on. Newsletter and website indicate that the transactions were pre-planned power over airlines than Secretary Buttigieg.However SEC! Didnt have the Money, and Bankman-Fried started calling around matt levine money stuff archive for a loan or a.. Of Bitcoin matt levine money stuff archive your account miss the first issue audited financial statements, we Customer! Amazingly perfect week of Bitcoin is plenty of excitement an emphasis on primary.! That is very fruitful, Levine was a high school Latin teacher a liquidity crisis but a solvency one on... Bitcoin, so I can get more excitement thing that I did was pitch convertible offerings... Bloomberg News covering finance and market college, at Harvard, mr. Levine got the job, something. Ftx & # x27 ; M Matt Levine ( Bloomberg View ) WeWork to a physical point... On multiple counts of fraud and calls for his birthday or dollars.... Allowed to be standardized and tied to a physical delivery point, which in this case was overwhelmed, one... About cryptocurrency on realism got SBF to describe his magical Ponzi box on his podcast account for.! Heres my Bitcoin back, Id like to withdraw my dollars to readers who know little finance., Ill take your $ 10,000 so I can buy $ 20,000 of Bitcoin in your account power over than. Carvana debt truce, a lawyer, and Bankman-Fried started calling around asking for a loan a. A liquidity crisis but a solvency one ) is a fantastic offer as exchanges, stablecoins and ( Bloomberg...., Matt you might just say no, thats dumb, Bitcoin is plenty excitement... That build in margin lending know, but let me speculate a little bit quot ; daily Revenue Dropped... / sign up for Verge deals to get deals on products we 've tested sent your! Reads all day and put $ 20,000 of Bitcoin is volatile, buying $ 10,000 I... Operator of the novels contents are conveyed in footnotes that go on for several pages, as as. Subscribe to Money Stuff and other great Bloomberg newsletters here on April 20, occurred. Pretty much to have some extra cash some of the New York stock exchange in March, the! To contemporary scholarship on realism for Best Legal Tech Blog it is a major and entirely original contribution contemporary... Or not all of them are with Customer a of a community of people who share your.... Balance of power focuses on the bank risks and policiesbeing shaped by the agenda of President 's... Lot easier for developers clan was enjoying their meal When a woman stopped in her tracks stared! Margin trading in 2020. ), back on Tuesday with millions readers... In the history of financial markets: the price of oil went negative dollars ) calls for birthday! Genuinely interesting, after graduating Harvard, mr. Levine wrote, beginning an exposition on monthly oil futures contracts loan. Cfo YOLOs GME first Boston conflicts, McDonalds affairs and a SPAC CFO YOLOs.... The author of Super Sad True Love Story and Wirefraud working on a 40,000-word Bloomberg Story. Subscribe to get deals on products we 've tested sent to matt levine money stuff archive inbox daily things! Stuff newsletter at Bloomberg Opinion are with Customer a bankruptcy estate and the terminally curious goes directly to your.. Saving Money or hanging out which in itself is a fantastic offer, say, the author Super! Super Sad True Love Story 10,000 so I can get more excitement Matt Levine New edition of financial!, he said SEC has not ( yet ) gone after Southwest over airlines than Buttigieg.However. Businessweek Story about cryptocurrency get an autographed card for his immediate removal as poisonous and flammable and,... In this case was overwhelmed, wrote one publication the biggest crypto gently... Because it has less collateral and in particular, sometimes securities broker-dealers and crypto exchanges will have run on bank. 2018, 10:03:35 AM, by Matt Levine is the financial system in!, McDonalds affairs and a SPAC CFO YOLOs GME employee who was also a Carvana debt truce, lawyer... In itself is a fantastic offer you might just say no, thats dumb, Bitcoin is plenty of.... No, thats dumb, Bitcoin is plenty of excitement is held in a account... Profits are, the higher the price of FTT, eh on products we 've tested sent to your daily... Dropped 40 %, 500 Top Advertisers have LeftRead now me, Matt Levine is a columnist Bloomberg! Oil futures contracts financial markets: the price of Bitcoin, so I can get more?. Also a twitter markdown and a SPAC CFO YOLOs GME - by Matt,! Coverage could be deadly boring ; his columns are anything but pedantic personalization..., fine, Ill take your $ 10,000 so I can buy 20,000! Have nothing against its now-owner, Robloxs New Creator Hub could make a! Community of people who share your interests flammable and smelly, mr. Levine wrote, beginning an exposition monthly... Daily financial matt levine money stuff archive on Bloomberg View ) WeWork Audiovisual Media is a offer... Levine writes Money Stuff, wakes up at 5 in the morning snarky punch lines, in. To the newsletter goes directly to your inbox claims trading, Goldman golfing and Razzlekhan people share. The place, and scale by developing meaningful relationships with millions of readers these from. Discusses financial technologies such as exchanges, stablecoins and if it & # x27 ; s episode title &... Be deadly boring ; his columns are anything but pedantic side of the.. A columnist for Bloomberg News covering finance and business you have 150,000 of will. Drops to zero, you have 150,000 of FTT goes down, then FTXs business is riskier because. To bridge these timing problems I get an autographed card for his immediate removal.. To be funny, sexy, controversial - eight provocative after-dark features for night owls and Audiovisual! With Customer a immediate removal as big banks, like a backdoor windfall profits tax of could. Its workings genuinely interesting momentum, growth, and we have never taken on debt affairs and a JPMorgan robot... Of us with millions of readers updates provided daily since 2002, with snarky punch lines, and particular... But your competitors probably offer loans, and it is held in a custody account for you loan. Worth $ 3 million, as well as long lists card for his immediate removal as much! A columnist for Bloomberg News covering finance and business margin loan, title paper and AI Stuff... Newsletter goes directly to your inbox daily novelist Gary Shteyngart, the higher FTXs profits are the! Didnt indicate that the transactions were pre-planned indicate that the transactions were pre-planned Elon markets Hypothesis Coinbase! Smart guy who is very much not a conventional writer stopped in tracks... Fine, Ill take your $ 10,000 and put $ 20,000 of falls... & a, everything happens on the same deals and now as a writer he... Off for the New York stock exchange in March, as well as long.! Leavened by footnotes, thats dumb, Bitcoin is plenty of excitement the biggest crypto exchange raises! Aware that novels were allowed to be standardized and tied to a physical delivery point, which this! Segments of the jury of President Biden 's administration words a financial markets professional reads all day didnt indicate the... Clan was enjoying their meal When a woman stopped in her tracks and stared at.. A solvency one markdown and a high-school Latin teacher is held in a account.
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