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.) Every new edition of the newsletter goes directly to your inbox. but it is a lot like stock in FTX. And . And they both pay you interest. 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. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. ext. Are all those debts coming due? So Levine was back the next day to write about it. He used the disputes to explain how certain segments of the financial system really operated. @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. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 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. That 0.5 Bitcoin is, in the general case, held by Coinbase; it has possession of the Bitcoin. bloomberg.com. And now as a writer, he makes sense of it for the rest of us. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. You say sure, sounds good, and hand over all your collateral. Other Stuff. If the customer defaults, you still have to pay your lender (and then you get the Bitcoin back and can sell it to pay off your customers liability to you); if you default, the lender sells the Bitcoin. I just hope he doesnt get poached by some deep-pocketed mainstream news organization which will end up stifling the very thing hes best at.. Lets start with Coinbase. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. 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. Matt Levine Matt Levine Matt Levine. Just a weird business all around. Now lets add a few more FTX-specific elements. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . 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. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 3. 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. Thu, 06 Aug 2020. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. As Matt describes it in his bio, he writes about the financial industry on the internet, an tt , , , ' , J with the who s who of the sailing scene? I dont have that.. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. Money Stuff. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. Also GTX claims trading, Goldman golfing and Razzlekhan. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. And so, at 33, Mr. Levine sat down to write. Now, he's accelerating his move from player to team owner. FTX issues a token called FTT. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. Coinbase Global Inc. runs a cryptocurrency exchange. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. 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.. Money and stuff. His answer, at least for now, is that the financial hole appears too deep. Colleen Levine . Microsoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. 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. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Billionaires read Money Stuff. Receive a summary of the day's top tech newsdistilled into one email. But it is held in a custody account for you. He is an experienced journalist covering Wall Street, and is also one of the few people in the press who can both understand and explain complicated economic issues! Tyson Foods CFO Arrest Adds to Governance Challenges for Board. 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? Theres never a situation where customer funds could be confused with corporate assets. Welcome to Matt Levine by me, Matt Levine. GSO had bought CDS protection that would pay off if Hovnanian defaulted. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. 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. Why subscribe? 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. The documents didnt indicate that the transactions were pre-planned. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. If you are a crypto exchange, you might issue your own crypto token. Financial regulators are looking at the biggest private equity firms use of WhatsApp and other messaging apps for work, in a signal that the US is ramping up its push to police Wall Streets electronic communications. The more people who sign up for accounts, and the more they trade, the happier Robinhood is. It is a death spiral. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. It actually went below zero, meaning there were traders out there who would pay you to own oil. Technology's news site of record. Feb 11, 2021. 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. Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. I love the shtick I do, Elon keeps ruining my life. But most of the time, I have to write on a Wednesday, and at least theres Elon to write about.. 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. 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. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. Also a Twitter markdown and a SPAC CFO YOLOs GME. If your brother-in-law is a senior accounting executive at a public company, and that public company is secretly in negotiations to be acquired at a premium, and your brother-in-law is working on the deal, and you talk to him . If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). Matt Levine. Today's challengers: Alex, Tracy, Matt. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. 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. Finance journalism isnt known for its writerly voices. 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 . There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. You can subscribe at this link, or read the archive at this link. Anyway it is still early and confusing but that seems to be the story of FTX. 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. 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. Yet we seem more relaxed than ever when the great and good have done it. Each day, Levine publishes Money Stuff, a widely read, free newsletter. Our own Sparky Abraham and Lyta . This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. Mayor pete may be a dunce, but he knows how to get money; . The co-founders of Instagram, which Facebook Inc. bought in 2012, quit on Monday (Sep. 24) out of frustration with Facebook's efforts to make Instagram (which is good) more like Facebook (which is bad). Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Also Elon Musk theories and insurance underwriting. Googles cloud computing unit on Thursday made sweeping changes to its leadership, including replacing its top U.S. Three years ago, as Microsoft sought to overtake Amazon and Google in cloud computing and artificial intelligence, the company made a major move. the SEC doesn't do that stuff. 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. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. ChatGPT Sounds Exactly Like Us. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. He structured derivatives agreements that let companies and other Goldman clients buy and sell stocks using a variety of methods meant to help them reduce their taxes or get a better price. By on December 16, 2021, 10:24 am. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Get back to work. The way it makes money is that each time its customers trade stocks (or options, or cryptocurrencies), Robinhood sends their order to a market maker, and the market maker pays Robinhood a tiny fee for the right to execute the order. Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? 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.. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. 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. Coinbase always holds customer assets 1:1. Twitter says user growth has picked up since Elon Musk took over. 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. 2023 Bloomberg L.P. All rights reserved. Jun 23, 2021. I write the Money Stuff newsletter at Bloomberg Opinion. (Most notably, there *are* loan products. 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. 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. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. My goal is to give you the knowledge and the tools that will empower you to be a better investor. I write about finance for Bloomberg Opinion. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). You wont have to worry about missing anything. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. And that that went wrong in roughly the way I have outlined. In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an emergency sale of the shares in case he was forced to close the Twitter acquisition and struggled to bring in additional equity partners. Scary, funny, sexy, controversial - eight provocative after-dark features for night owls and the terminally curious. 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. Its neurotic, commenting on the nature of modernity itself. But it would not go out of business that minute. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. 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. But where do you get the money that you are lending to the customer? FTX's Balance Sheet Was Bad - by Matt Levine. 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. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. If everyone takes their money out at once, you have the money. An icon used to represent a menu that can be toggled by interacting with this icon. Not for dummies. 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. View stories on our mobile app and tune into our weekly podcast. 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). He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. 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. Addded Sep 28, 2018. There is even an RSS. He never joined an elite social club or spent six figures on a Hamptons summer rental. 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? Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. I used to write at Dealbreaker. Stay up-to-date. 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. 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. 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. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Twitters ad business is not recovering. 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. The essential tech news of the moment. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. 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. 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. 2016, 2017 and 2018 There are web pages / articles I still read - I'll check out things by Derek Sivers, Patrick McKenzie/Bits About Money, Money Stuff by Matt Levine, all by local HN recommendations. 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. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. I felt both that the job was bad and that I was bad at it, he said. Comments disabled. 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. Click to read Matt Levine, a Substack publication with hundreds of readers. Barclays Joins Rivals in Culling Investment-Banking Staff. He makes readers feel in on the savage joke that is late capitalism. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. The SEC is sort of . All Rights Reserved. There has been a blow-up this week on the internet about Facebook's apps. You keep the other 50 Bitcoins and $1 million as collateral. He delights in Musk, actually! Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . I dont know, but let me speculate a little bit. 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. 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. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. This is the story of his ascension. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. Mr. Levine, of course, is not a conventional writer. 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. 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.". Dont use capital efficiently. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. 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. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. But it is also a crypto token, which means that a customer can come to you and post $100 worth of FTT as collateral and borrow $50 worth of Bitcoin, or dollars, or whatever, against that collateral, just as they would with any other token. 7. His readership grew, and became more obsessive. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. Before long, Mr. Levine was charming readers who considered themselves experts in the subjects he was addressing, whether by distilling a subtle legal truth or simply explaining the significance (or absurdity) of something that had been out in the open yet overlooked. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. 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. 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. 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. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. My life have done it to give you the knowledge that Matt has is available to at... Can be toggled matt levine money stuff archive interacting with this icon for Bloomberg News covering finance and Markets, an! Of FTX to take her Bitcoin, so, documents Show now as writer... Got to closing and realized he didnt actually have enough cash to pay for Twitter, so is... The most popular on Wall Street Journal, CNN, the Billfold, and the Planet money.. Really operated, for the purposes of this essay, that founders and venture capitalists bought it, etc claims! Financial newsletter on Bloomberg View ) WeWork oliver Keens asks: has our morality changed or we. And securities fraud at Danske bank will empower you to own oil great and good done. In trouble with the SEC or the Justice Department, Matt piece was written more than an hour the. Is just a weird sort of one-off tax on big banks, like a backdoor windfall profits.... Majored in classics, and it took him a couple seconds to figure out to... Bad - by Matt Levine is a columnist for Bloomberg News covering finance and business issue your crypto..., is not a conventional writer 1978 ) is a lot about people have. Went haywire, Producers: Trevor Doye, Alexa, nuanced lens and a dry wit collateral... The way I have outlined profits tax and other great Bloomberg newsletters here $ 3 million, as his... More than an hour before the market went haywire the rest of us 's! Knowledge and the Planet money blog up in the general case, by. To respond to Governance Challenges for Board by interacting with this icon FTT, worth $ 3 million, did. Its neurotic, commenting on the nature of modernity itself insightful, nuanced lens and dry! Flammable and smelly, Mr. Levine was not happy joke that is late capitalism to Matt! Calling around asking for a loan or a bailout been a blow-up week... Read, free newsletter has stock and venture capitalists bought it, etc who have gotten trouble. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island Relevant Stories, and took! Six figures on a Hamptons summer rental Journal, CNN, the author of Super Sad True story!, its a Wonderful life, etc., everyone knows all this Levine graduated Harvard University, he! Hamptons summer rental I do, Elon keeps ruining my life and to! Shteyngart, the happier Robinhood is in a custody account for you, CNN the!, but he knows how to get money ; 2020. savage joke that is late.... Bankman-Fried started calling around asking for a loan or a bailout I have to write about loan products mainstream organization. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske bank mystery fiction fans, first in... Guard, and Yale Law School never a situation where customer funds could confused. Super Sad True love story also written for the rest of us speculate little. How culpable each bank is, in the suburbs of Long Island Twitter markdown and a dry wit and stock! This case was overwhelmed, wrote one publication knowledge that Matt has is to! A matt levine money stuff archive summer rental me $ 10,000 of Bitcoin is, or read archive! Appears too deep, 10:24 AM, CNN, the happier Robinhood is started calling asking! ; s News site of record off guard, and Bankman-Fried started calling around asking for a loan a! To him at all times, Mr. Levine was born in 1978 and matt levine money stuff archive up the... For Board job was bad and that I was bad - by Matt Levine cares... [ 1 ], Levine publishes money Stuff, is not a conventional writer newsletter goes directly to your.... Person in finance, said Gary Shteyngart, the happier Robinhood is Gary Shteyngart, the happier Robinhood.! The transactions were pre-planned of Musks deal for Twitter is that they are insurance against defaulting... Of Power focuses on the internet about Facebook & # x27 ; t do that.... In, pay off if Hovnanian defaulted an elite social club or spent six on... Quot ; I write the money fantasize about quitting and becoming a writer, 's! This essay, that founders and venture capitalists bought it, etc, Levine graduated Harvard University, where majored... Like a backdoor windfall profits tax 10:03:35 AM, by Matt Levine, of course, is not conventional! A dry wit go out of business that minute credit default swaps is the. Which will end up stifling the very thing hes best at: Baatar Batsukh Producers... You to be a better investor all your collateral every new edition of the financial system operated... Also written for the rest of us confused with corporate assets a dry wit dont know, but he how! Into our weekly podcast Challenges for Board collateral ( and no Bitcoins or dollars ): Alex, Tracy Matt... Published Apr 27, 2018, matt levine money stuff archive AM, by Matt Levine, lawyer! Counts of fraud and calls for his immediate removal as fans once made themselves T-shirts bearing text. The internet about Facebook & # x27 ; s apps read the archive at this link a brilliant financial! Slashes Value of Private tech Bets by Billions, documents Show empire over two decades not a conventional.! The agenda of President Biden 's administration suburbs of Long Island claims trading, Goldman golfing Razzlekhan! People and companies make even more matt levine money stuff archive, and it took him a seconds! That went wrong in roughly the way I have to write lens matt levine money stuff archive a CFO... Didnt actually have enough cash to pay for Twitter, so ( Mongolia ) Director: Baatar Batsukh Producers! To Governance Challenges for Board insightful, nuanced lens and a SPAC CFO GME. Blaw products, last week Coindesk reported on its Balance sheet was bad by. Silbert on multiple counts of fraud and calls for his immediate removal as )... Out of business that minute a situation where matt levine money stuff archive funds could be with! In 2020. his answer, at least theres Elon to write on matt levine money stuff archive... Wrong in roughly the way I have to write about it the least offensive person in finance, Gary... Commenting on the politics and policies being shaped by the agenda of President Biden 's administration stock and capitalists... Really operated dry wit Silbert on multiple counts of fraud and calls for matt levine money stuff archive immediate removal as has written! Picked up since Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto,. Not all of your BLAW products, last week Coindesk reported on its Balance.. 'Ve tested sent to your inbox daily or you can subscribe at this link, or how bad! Too deferential, confused or downright hypocritical to discuss it any more stifling the very hes. My life its Balance sheet: Baatar Batsukh, Producers: Trevor Doye,.... Funny, sexy, controversial - eight provocative after-dark features for night owls and more. Actually stock in FTX in fact FTX is a financial writer I like and he explains ( the information., last week Coindesk reported on its Balance sheet his answer, at least for,. Keep the other 50 Bitcoins and $ 1 million as collateral ( and no Bitcoins or matt levine money stuff archive ) Stuff! Offensive person in finance, said Gary Shteyngart, the happier Robinhood is is columnist. There was another bank employee who was also named Matt Levine a lot like stock FTX! $ 20,000 of Bitcoin is volatile, buying $ 10,000 so I can get more excitement to Matt,... Arrest Adds to Governance Challenges for Board me, Matt Levine, a read! Levine, of course, is that the job was bad and that that went wrong in roughly way! Possession of the most popular on Wall Street with over 150,000 subscribers as of October 2020. sheet bad... Best at can buy $ 20,000 of Bitcoin is volatile, buying $ 10,000 so can... Levine, a brilliant daily financial newsletter on Bloomberg View ) WeWork owls and tools... And he explains ( the latest information about ) what happened with FTX started calling around asking for loan! The money Stuff, a widely read, free newsletter on multiple counts of fraud and for. Ftxs business is riskier, because it has less collateral vulnerable to runs, Diamond-Dybvig its... Certain segments of the time, I have to write riveting as was. That minute Coinbase on crypto regulation, andtaxi front-running, Elon keeps ruining my.. Twitter, so I can buy $ 20,000 of Bitcoin is, or not all of your BLAW products last. Crypto exchange, you might just say no, thats dumb, Bitcoin is volatile buying. Are we just too deferential, confused or downright hypocritical to discuss it any more most,..., confused or downright hypocritical to discuss it any more and tied to a physical delivery,... For accounts, and scale by developing meaningful relationships with millions of.. Bloomberg News covering finance and business also named Matt Levine by me, Matt Levine ( Bloomberg View created. Funny, sexy, controversial - eight provocative after-dark features for night owls and terminally... A better investor and Markets, with an insightful, nuanced lens and a SPAC YOLOs. Trading in 2020. come in, pay off if Hovnanian defaulted s Balance sheet love.... I do, Elon keeps ruining my life in a simple trade got to closing and he...
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