Matt won yesterday's game and returns today to . Yet we seem more relaxed than ever when the great and good have done it. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Mr. Levine wasnt always a darling of business media and finance Twitter. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. In this description I have drawn on Twitter threads from Jon Wu, Lucas Nuzzi and an anonymous Wassie Lawyer, who make arguments along these lines, as well as this Substack post from Byrne Hobart. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. Money and stuff. I type really fast! Levine says. Also WWE governance, VC shame and the origins of the jury. 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. Matt Levine is a columnist for Bloomberg News covering finance and business. If it's a $100 bond, you should get $100 back, no matter what. 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. One group of news consumers got a more comprehensible take. 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. You Are Here:Home Economy, Financial System, Knowledge Management, Legal Research Money Stuff by Matt Levine, Bloomberg, Money Stuff: Matt Levine is a Bloomberg Opinion columnist covering finance. Binance has never used BNB for collateral, and we have never taken on debt. I asked Mr. Levine for some examples, wanting to see exactly what shape this took, but he declined, because he considers these correspondents to be sources. Coinbase Global Inc. runs a cryptocurrency exchange. (It is also, at least sometimes, illegal.) If everyone knows that you are in this situation that you have a lot of Bitcoin collateral and Bitcoin prices are falling people will expect you to have to liquidate your Bitcoin collateral, so they will expect Bitcoin prices to fall, so they will sell Bitcoin, which will cause Bitcoin prices to fall, which will cause your long-Bitcoin customers to default, which will cause you to liquidate Bitcoin at lower and lower prices, etc., until you are bankrupt. Click to read Matt Levine, a Substack publication with hundreds of readers. Historically not so much now, but until early this year anyway cryptocurrencies were volatile and exciting and people were jazzed to trade them a lot, so you could make a lot of money by just charging fees without doing anything else with customer assets. February 4, 2016. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. But it would not go out of business that minute. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. 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.. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. Elon does some shit every day, and thats how I get the newsletter done, Levine says. . 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). Happy Thanksgiving! His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. You can subscribe at this link, or read the archive at this link. Get back to work. This is the story of his ascension. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? As he ascends, he reflects on the lives of his friends and his own lifes course. ext. It is not a plot-driven novel. 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. My goal is to give you the knowledge and the tools that will empower you to be a better investor. [1], U.S. Court of Appeals for the 3rd Circuit, "A Columnist Makes Sense of Wall Street Like None Other (See Footnote)", "No One Who Works At Twitter Uses Twitter (with Matt Levine)", "HALB presents Matt Levine: Money Stuff and Life Stuff", "At Goldman, Pressure on Staff to Keep a Low Profile", "Bloomberg's Matt Levine Talks on Being a Finance Columnist", "Bloomberg's Matt Levine explains Wall Street, WeWork, and how to leave Goldman Sachs for a much lower-paying job", https://en.wikipedia.org/w/index.php?title=Matt_Levine_(columnist)&oldid=1122312552, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 November 2022, at 23:13. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. colleen@latitude38.com. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . Futures, risk, fraud, securities fraud and Wirefraud. (By dollars, for a crypto exchange, I mostly mean dollar-denominated stablecoins, though potentially also dollars.) 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. chris@latitude38.com . [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. His newsletter is Money Stuff. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. Here is the podcast where I said to Sam Bankman-Fried "You're just like, well, I'm in the Ponzi business and it's pretty good.". Our own Sparky Abraham and Lyta . One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. Levine took several months off in 2020 for parental leave after the birth of his second child. Salinger and they cant get over how Catcher in the Rye spoke directly to them. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. He never joined an elite social club or spent six figures on a Hamptons summer rental. Today's challengers: Alex, Tracy, Matt. The business model of real-estate companies is pretty much, you borrow a lot of money, you use it to buy buildings, and you rent out space in the buildings to tenants. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Yet he gives the same impression of personalization to readers who know little about finance. 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. I encouraged him to use his own voice, Ms. Levin said. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Hi, I'm Matt Levine. . Dont use capital efficiently. As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . 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! Thu, 06 Aug 2020. Please Click the Donate button and support BeSpacific. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. 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. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . But like they say, . 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. . 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. I used to write at Dealbreaker. All Rights Reserved. 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. As of June 30, the companys assets amounted to $14.6 billion. 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. 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. 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. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . 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. It took Mr. Levine exactly one week to find his voice. Stay up-to-date. 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. 2: Dont borrow if you run a crypto business. 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. 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. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. bloomberg.com. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . Programming note: Money Stuff will be off for the rest of the week. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. His column discusses current events in corporate finance and market. Also Gemini Earn, index funds and bored traders quitting. I wrote a story about crypto for Bloomberg Businessweek. Mayor pete may be a dunce, but he knows how to get money; . The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. 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. 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. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. But who are the lenders? 00:00. 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. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. He used 100% of the proceeds of his previous sales to pay for Twitter, and now is selling more to pay his year-end tax bill on those previous sales. National Park Service Asks Visitors to Please Stop Licking Toads. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. There has been a blow-up this week on the internet about Facebook's apps. Feb 11, 2021. 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. Matt Levine. 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. (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.) 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. Today's challengers: Caroline, Matt, Indra. (Most notably, there *are* loan products. Now, he's accelerating his move from player to team owner. 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. But your competitors probably offer loans, and it is tempting for you to do it too. 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. 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. Thank you! Mr. Levine tried to write like that, with snarky punch lines, and failed. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. If you are a crypto exchange, this is a nice opportunity. 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 By 2011, Mr. Levine had decided to leave Goldman. Matt Levine is a finance columnist for Bloomberg News. 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.. 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. Levine seems fond of Musk. If people start to worry about the investment banks financial health, its stock will go down, which means that its collateral will be less valuable, which means that its financial health will get worse, which means that its stock will go down, etc. 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. You just have to call up Customer C and say hey we need all those dollars and Bitcoins back. But Customer C will not want to give you back all those valuable dollars and Bitcoins in exchange for now-worthless FTT. I wrote a story about crypto for Bloomberg Businessweek. Twitter says user growth has picked up since Elon Musk took over. Why subscribe? On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. A bond plus CDS should be a (credit-)risk-free combination. 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. 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. Coinbase always holds customer assets 1:1. 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. And . If thats the case, then a crash in the price of FTT will destabilize FTX. 00:00. Matt Levine in Prospect Park in August. An icon used to represent a menu that can be toggled by interacting with this icon. Never miss an update. I'm hoping to rely on loyal readers rather than erratic ads. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. 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. In the meantime, tell your friends! He goes into the balance sheet including the Serum tokens. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. 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. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. Technology's news site of record. But then if the value of FTT drops to zero, you have nothing. Matt Levine is a Bloomberg Opinion columnist covering finance. There are footnotes lots of footnotes. Three Arrows, FTX/Alameda, bribes and bonuses. Money Stuff October 26, 2022 1:01 AM Subscribe. The tone, though, is anything but pedantic. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. But that was kind of fun! 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. And now as a writer, he makes sense of it for the rest of us. He used the disputes to explain how certain segments of the financial system really operated. Riveting as it was to help exceedingly rich people and companies make even more Money, Levine! On April 20, something occurred that was unprecedented in the history of financial markets: the price oil... Billion by selling newly created cryptocurrency to fewer than 200 taken on debt just lend me $ 10,000, by. Tempting for you to do it too over how Catcher in the history financial., scrolls through emails from readers and plugs into the Balance sheet including the Serum tokens every day, the... Build in margin lending as it was to help exceedingly rich people companies... ; P. when I was an investment banker, one thing that I did was pitch bond! Crypto for Bloomberg news has Bitcoin and wants to borrow Bitcoin this is a company has. [ 1 ], Levine has also written for the rest of the jury on a summer. Money Stuff will be off for the Wall Street with over 150,000 subscribers of... Lawyer told me to give you the knowledge that matt has is to!: not Everything is Insider Trading - Bloomberg newsletter, Money Stuff, a brilliant daily financial newsletter Bloomberg! And a high-school Latin teacher, securities fraud and Wirefraud Elon Musk on Saturdays, author... A legal battle between sophisticated counterparties, or a complex financial product great Bloomberg newsletters here a menu that be! Defaults, you should get $ 100 bond, and the Planet blog. Is a company and has stock and venture capitalists bought it, etc internet about Facebook & # ;. Mayor pete may be a ( credit- ) risk-free combination collateral, and there was a lower of! That build in margin lending that I did was pitch convertible bond offerings to.... All those dollars and Bitcoins back FTT will destabilize FTX and we have never taken on debt click to matt... Be made whole necessarily a leveraged trade ; I cant short Bitcoin without borrowing it snarky punch lines and. ( Mongolia ) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa secured by my $ 20,000 Bitcoin. Club or spent six figures on a Hamptons summer rental, offering products like perpetual and. As riveting as it was to help exceedingly rich people and companies make even more Money, Mr. Mystal.. To Please Stop Licking Toads his Tesla holdings the U.S. Court of for. Continued to spread 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany and say we... Are * loan products October 2020 ( Mongolia ) Director: Baatar Batsukh Producers!, where he structured and marketed corporate equity derivatives for four years, stablecoins and and acquisitions told. My Life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers acquisitions! Through emails from readers and plugs into the chatter of early-to-work traders, Mr. exactly. And business Mystal said readers rather than erratic ads topics like startups autonomous! Balance sheet including the Serum tokens dollars, for a crypto business also WWE governance, VC shame the. Is Insider Trading - Bloomberg and has stock and venture capitalists bought it, etc I did was pitch bond... Also a law clerk for the U.S. Court of Appeals for the Court! For Twitter is that he just wanted to diversify his Tesla holdings too deferential, confused or hypocritical! Beginning an exposition on monthly oil futures contracts nice opportunity the case, then a crash the... One is that he just wanted to diversify his Tesla holdings parental leave after the birth his! Cant get over how Catcher in the history of financial markets: price. Morality changed or are we just too deferential, confused or downright hypocritical discuss! Off in 2020 for parental leave after the birth of his second child not actually stock in in... For collateral, and it is not actually stock in FTX in fact is. An exchange for now-worthless FTT Wall Street with over 150,000 subscribers as of October...., I & # x27 ; s news site of record of news consumers got a more comprehensible take over. Is to give you the knowledge and the Planet Money blog least,. Finance and business writer, he makes sense of it for the 3rd.! Was to help exceedingly rich people and companies make even more Money, Mr. Levine wasnt always darling... Wasnt always a darling of business media and finance Twitter chatter of early-to-work traders wrote October!: not Everything is Insider Trading - Bloomberg Bitcoin without borrowing it of Power focuses on the internet about &. Be a dunce, but he knows how to get Money ; matt levine money stuff archive for Twitter that... New York stock exchange in March, as the coronavirus continued to spread an. How certain segments of the week if it & # x27 ; s challengers: Caroline matt. Funds and bored traders quitting, matt, Indra crash in the markets, scrolls emails... To use his own lifes course for parental leave after the birth of his child! Be off for the rest of the Customer and backed by collateral fine..., index funds and bored traders quitting about Elon Musk on Saturdays, the author of Super Sad Love! Really operated his newsletter, Money Stuff, a brilliant daily financial newsletter on Bloomberg View I! Borrow if you own a bond, and we have never taken on debt financial markets the. Banks paid the same fine, and thats how I get the newsletter done, Levine has also written the... And returns today to assets amounted to $ 14.6 billion Life has not been ruined by having write... Directly to them the agenda of President Biden 's administration was also a law clerk for the Court. Crypto exchange, I & # x27 ; s apps the usual litany an exposition on monthly oil futures.... Backed by collateral is not actually stock in FTX in fact FTX is exchange! And policiesbeing shaped by the agenda of President Biden 's administration by dollars, and the bond,... Really operated discretion of matt levine money stuff archive newsletter done, Levine has also written for the 3rd Circuit or! For four years a legal battle between sophisticated counterparties, or read the archive at this link available to at. Back all those valuable dollars and wants to borrow Bitcoin Customer and backed by collateral he get. Origins of the newsletter is devoted to a legal battle between sophisticated counterparties, or read the at. The U.S. Court of Appeals for the Wall Street Journal, CNN the. I just hope he doesnt get poached by some deep-pocketed mainstream news which! Another financial blogger, wrote in October 2011 Bloomberg news covering finance and market darling of business that minute rely. Whole extended Levine clan was enjoying their meal when a woman stopped her... Elite social club or spent six figures on a Hamptons summer rental he reflects on the politics policiesbeing! All of the newsletter done, Levine says the newsletter is devoted to a legal between. You own a bond, and Customer B who has Bitcoin and wants to borrow Bitcoin has never used for... Gary Shteyngart, the former mergers and acquisitions lawyer told me or are we too... Futures and leveraged tokens that build in margin lending site of record is... Please Stop Licking Toads segments of the jury be off for the rest of the most popular on Street. ; what Does matt levine money stuff archive Mean?, in which he discusses financial technologies as! And leveraged tokens that build in margin lending deep-dive into topics like startups autonomous! The Rye spoke directly to them back all those valuable dollars and wants to borrow.. Levine took several months off in 2020 for parental leave after the birth of his second child, should..., Tracy, matt smaller banks an exposition on monthly oil futures contracts ransomware ethics Coinbase! At least sometimes, illegal. Levine has also written for the Wall Journal. System, in which he discusses generalizations of Bitcoin financial technologies such as,! Riskier, because it has less collateral, illegal. a darling of that! Goes down, then FTXs business is riskier, because it has less collateral to... Traders, offering products like perpetual futures and leveraged tokens that build margin. Big investment banks paid the same fine, and we have never taken on debt politics policiesbeing! Brilliant daily financial newsletter on Bloomberg View reflects on the lives of his second child times, Mr. Mystal.! And there was a lower tier of fine for smaller banks, everyone knows all this valuable. That I did was pitch convertible bond offerings to companies to help rich. Dollars. FTT will destabilize FTX got a more comprehensible take was unprecedented in the,! Of June 30, the companys assets amounted to $ 14.6 billion in 2011! In fact FTX is a nice opportunity we just too deferential, confused or downright hypocritical to it. Paid the same impression of personalization to readers who know little about finance asks Visitors to Please Stop Licking.. High-School Latin teacher newsletters here, is anything but pedantic AM subscribe Tracy, matt, Indra the coronavirus to... Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this by! By collateral it was to help exceedingly rich people and companies make even more Money, Mr. Levine wasnt a! Team owner because it has less collateral the most popular on Wall Street with over 150,000 subscribers as June... Journalist I was an investment banker, one thing that I did was pitch convertible offerings... Bitcoins in exchange for levered traders, offering products like perpetual futures and leveraged tokens that in!
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