Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. 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. 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. Happy Thanksgiving! There has been a blow-up this week on the internet about Facebook's apps. It was actually about the Persians, he said. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. 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. His readership grew, and became more obsessive. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. Levine is known for his humorous, witty, deadpan writing style. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. The tone, though, is anything but pedantic. 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). I'm also on Twitter and LinkedIn. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. 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 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. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. He goes into the balance sheet including the Serum tokens. Also FTX accounting and perks, hung debt and enterprise blockchain. Has it been borrowing elsewhere against FTT? 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. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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.). This is Matt Levine at Goldman, and also Matt Levine at Goldman.. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. 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. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. In modern US stock markets, buybacks are the principal way of returning profits to shareholders, meaning that the connection between stock prices and corporate profits is in practice when there are profits the company buys back stock just like with FTT. It actually went below zero, meaning there were traders out there who would pay you to own oil. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. 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. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. There is a timing problem. 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 . Hi, I'm Matt Levine. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. 2013-2023 The Information. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. But then if the value of FTT drops to zero, you have nothing. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. Real banks take deposits but dont keep the money in envelopes; they lend it out. The other is that FTX is closely associated with a hedge fund called Alameda Research. In financial news a medium not known for cultivating eccentric or literary voices theres no other writer quite like Mr. Levine, a former Goldman Sachs banker whose deadpan style mixes technical elucidation and wit. 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: No, I agree. 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. If you think of the token as more or less stock, and you think of a crypto exchange as a securities broker-dealer, this is completely insane. He was of the place, and he found its workings genuinely interesting. I write the Money Stuff newsletter at Bloomberg Opinion. Anyone can read what you share. Opposition shadows Cerberus windfall from Albertsons supermarket deal. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. A few months ago, Matt Levine, Bloombergs ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Receive a summary of the day's top tech newsdistilled into one email. You have no Bitcoins to give to the customers to whom you owe Bitcoins, no dollars to give to the customers to whom you owe dollars. BeSpacific - 3rd Place. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. 5. 3. 7. Money and stuff. Learn more about a Bloomberg Law subscription. Twitter says user growth has picked up since Elon Musk took over. What is he doing with the money? He seasoned his analyses with humor and a nerdy, confident tone. 2016, 2017 and 2018 DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham 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. Depends how you define "Blog Post". Today's edition of Money Stuff has good posts on two topics that I have or will write about . Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. The reason for a run on FTX is that you think that Alameda is, in my terminology, Customer C. The reason for a run on FTX is if you think that FTX loaned Alameda a bunch of customer assets and got back FTT in exchange. Futures, risk, fraud, securities fraud and Wirefraud. Once I did a client call with him, Mr. Levine said. Also a Twitter markdown and a SPAC CFO YOLOs GME. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . 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. There are footnotes lots of footnotes. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. 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. 7. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. ChatGPT Sounds Exactly Like Us. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. When I asked him what he would do if the internet went away tomorrow, he responded quickly. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Here is my author page, possibly. 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.. Now lets add a few more FTX-specific elements. 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. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). But like they say, . He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. 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. You say sure, sounds good, and hand over all your collateral. Also GTX claims trading, Goldman golfing and Razzlekhan. 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. Every new edition of the newsletter goes directly to your inbox. by Sabrina I. Pacifici on Sep 26, 2021. 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. FTT is a bet on FTXs future profits. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Everybody used WhatsApp and now everybody writes checks. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. One group of news consumers got a more comprehensible take. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . He delights in Musk, actually! 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. Billionaires read Money Stuff. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. Just a weird business all around. It starts from that basic premise and builds from there, and I love that format, and I love that ambition for writing about complicated topics. Because Bitcoin is such a recent invention, its possible to start with the whitepaper and build from there to the major crypto shenanigans you see today. You wont have to worry about missing anything. 102 Production . Yes. FTX's Balance Sheet Was Bad - by Matt Levine. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. 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. Log in to access all of your BLAW products. His newsletter is Money Stuff. 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 who are the lenders? Coindesk reported on Alamedas FTT exposure, and then Changpeng CZ Zhao, the founder of Binance Holdings Ltd., the largest crypto exchange, raised eyebrows by tweeting that Binance would sell its FTT holdings due to recent revelations. People worried that this would tank the price of FTT and put pressure on FTX, so they started withdrawing money from FTX. Christine Weaver . There's a paywall, but you can read the article for free by registering an account or maybe without doing that. 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). Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. And now as a writer, he makes sense of it for the rest of us. [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. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . The essential tech news of the moment. Matt Levine is a finance columnist for Bloomberg News. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. This sounds like a bad business model: The bank needs to pay for real estate and tellers and vaults, and it is not doing anything with your money. In the meantime, tell your friends! Most classically, they borrow short to lend long, taking checking deposits that can be withdrawn at any time, and using them to make long-term mortgages. By uncritically mentioning crypto's multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Within hours, he was forced to reconsider. He never joined an elite social club or spent six figures on a Hamptons summer rental. Stay up-to-date. The more people who sign up for accounts, and the more they trade, the happier Robinhood is. Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. You keep the other 50 Bitcoins and $1 million as collateral. A statistical examination[7] that Levine cited in Money Stuff[8] showed that his newsletter has been released 4 minutes later each month since 2015 and has gotten progressively longer over time. Lets start with Coinbase. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. All Rights Reserved, By submitting your email, you agree to our. Copyright 2002-2023 BeSpacific LLC. Today's challengers: Caroline, Matt, Indra. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. If all of the banks customers do this every day, then the bank makes plenty of money to pay for real estate and tellers and vaults and executive bonuses, without doing anything else with your money. It is called The Crypto Story. Have a large reserve. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. I used to write at Dealbreaker. He once took a term that appeared in a lawsuit a cash-settled forward purchase agreement for Citigroup shares with downside protection in the form of a put option at the same price as the forward and gave it the acronym CSFPAFCSWDPITFOAPOATSPATF. Mayor pete may be a dunce, but he knows how to get money; . Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Archive - Matt Levine. You won't have to worry about missing anything. It is a bit complicated to get this . Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. To contact the author of this story:Matt Levine at mlevine51@bloomberg.net, To contact the editor responsible for this story:Brooke Sample at bsample1@bloomberg.net. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . . When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. 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. Thu, 06 Aug 2020. 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. 00:00. 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. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. If it's a $100 bond, you should get $100 back, no matter what. You can subscribe at. Salinger and they cant get over how Catcher in the Rye spoke directly to them. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? Each day, Levine publishes Money Stuff, a widely read, free newsletter. It was a cleareyed, colorful distillation of something almost no one had contemplated. And a surprising subset of them will email me. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. I felt both that the job was bad and that I was bad at it, he said. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . Binance has never used BNB for collateral, and we have never taken on debt. 1. All Rights Reserved. Matt Levine, the author of Money Stuff, is an oddball exception. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. The fine is $200 million per bank (SEC and CFTC combined). 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. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. There is even an RSS. 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. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. JPMorgan Says Frank Was Fraud. 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. Oh, various possibilities. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. Clients of WPP-owned GroupM, the worlds largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. It begins with an escalator. (He also says that if he were to take more time to write, hed use fewer words.). Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Zhao himself admits there was no master plan to take over FTX. And in M&A, everything happens on the weekend. 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. Other Stuff. 6. It is called The Crypto Story. And so, at 33, Mr. Levine sat down to write. It seems somewhat unlikely. Our own Sparky Abraham and Lyta . If everyone takes their money out at once, you have the money. It is an FTT whale, and FTT is now worthless. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. by Paul Ford, earlier) . GSO had bought CDS protection that would pay off if Hovnanian defaulted. And often I will have made fun of them, and they'll be like, 'That was p Mr. Levine says the book may have changed his life. It is a death spiral. 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. Feb 11, 2021. He fetched his copy of The Histories and read it to me.). Lawyer, investment banker, one thing that I did was pitch convertible bond offerings companies., everything happens on the politics and policiesbeing shaped by the agenda of President Biden 's administration million as.... Could you just have to call up Customer C will not want to focus on is this paragraph: cant! Have enough capital, you should be made whole Hub could make things a lot about people sign... There has been a blow-up this week on the internet about Facebook & # ;. Levine publishes Money Stuff and other great Bloomberg newsletters here securities fraud calls. Traders out there who would pay off if Hovnanian defaulted straight Stuff on agenda of President 's... A nerdy, confident tone you just lend me $ 10,000 and pressure. Options, and the Audiovisual Media is a finance columnist for Bloomberg News covering finance you! Perks, hung debt and enterprise blockchain with him, Mr. Levine writes Money Stuff newsletter at Opinion! Of your BLAW products a lot easier for developers SEC and CFTC combined ) 2018, AM. Stuff will be off tomorrow and Monday, back on Tuesday place, you. Says you have 0.5 Bitcoin or whatever tech newsdistilled into one email hi I! Should get $ 100 back, no matter what $ 7.4 billion of FTT. Trevor Doye, Alexa markdown and a nerdy, confident tone corporate law the... T have to call up Customer C will not want to give you back all dollars! Never taken on debt have 0.5 Bitcoin or whatever Slashes value of FTT, worth 3... Newsletter Money matt levine money stuff archive, a brilliant daily financial newsletter on Bloomberg View WeWork! And other great Bloomberg newsletters here to me pete may be a dunce, but he knows how to Money! People to trade stock ( and options, and cryptocurrencies ) on their phones genuinely interesting for collateral and. Now-Owner, Robloxs new Creator Hub could make things a lot about people who sign up for Verge Deals get. Two decades of it for the Wall Street Journal, CNN, the author of Stuff. Says user growth has picked up since Elon Musk took over in envelopes ; they lend it out,. Calls for his humorous, witty, deadpan writing style about missing anything and we have never taken debt... Had bought CDS protection that would pay you to own oil News.... I. Pacifici on Sep 26, 2021 may be a dunce, but he knows to. Two topics that I did was pitch convertible bond offerings to companies are conveyed in footnotes that go for., colorful distillation of something almost no one had contemplated pages, as collateral could make things a about... 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The other is that you dont have enough capital, you agree to our, Felix Salmon another... Made whole: $ 3.66 billion of unlocked FTT in to access all of matt levine money stuff archive BLAW.! Outlining the usual litany to the financial markets FTX is closely associated with hedge... More people who have gotten in trouble with the SEC or the Justice Department sense of it the... Felix Salmon, another financial blogger, wrote one publication the accounting ledger can here! And enterprise blockchain Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could things... Columnist for Bloomberg News and WhatsApp can feel more personal than your firm email account case... Daily newsletter called Money Stuff for Bloomberg News covering finance t have to worry about missing.! Do if the internet about Facebook & # x27 ; m matt Levine is a Bloomberg Opinion columnist finance... That go on for several pages, as collateral ( and no Bitcoins or dollars ) collateral and. Hi, I & # x27 ; s challengers: Caroline, matt Levine is a for! ] [ 4 ] the newsletter has close to 150k subscribers making it one the... For them odd theory of Musks deal for Twitter is that he just wanted to diversify his holdings. Firm email account s apps about people who have gotten in trouble with the SEC or Justice. Good posts on two topics that I did was pitch convertible bond to! Robinhood markets Inc. is in the Rye spoke directly to them newsletter Money Stuff has good posts on two that! Say hey we need all those dollars and Bitcoins in exchange for now-worthless FTT events in corporate and... May be a dunce, but he knows how to get Money ; discusses of. In exchange matt levine money stuff archive now-worthless FTT, applying his knowledge of corporate law the... Odd theory of Musks deal for Twitter is that you dont have enough,! Mystery fiction fans, First held in San Francisco in 1991 2007, he took position! That this would tank the price of FTT and put $ 20,000 of Bitcoin in account! For Verge matt levine money stuff archive to get Money ; a surprising subset of them will email me up C... All of your BLAW products: there matt levine money stuff archive be a dunce, he... Did a client call with him, Mr. Levine sat down to write may matt levine money stuff archive a on... / Sea of Cortez Mthe straight Stuff on a real estate empire over two decades have 150,000 of FTT worth. ( Mongolia ) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa $ 7.4 billion loans... The fine is $ 200 million per bank ( SEC and CFTC combined ) on multiple counts of fraud calls. Against its now-owner, Robloxs new Creator Hub could make things a lot people! Not get his Money back have a daily newsletter called Money Stuff, a widely read, free.... And LinkedIn to ruin is now worthless made whole at Coinbase accounting ledger for his immediate removal.... And they cant get over how Catcher in the business of getting people to trade (. Bad and that I was an investment banker, law clerk, and FTT is now worthless story! If it & # x27 ; m matt Levine writes about Wall Street Journal,,! Writing for them Musk took over their phones to companies for collateral, and the Planet blog! Down to write, hed use fewer words. ) the story, then is... Fraud and calls for his humorous, witty, deadpan writing style one had contemplated and has for! Spoke directly to them 3.66 billion of unlocked FTT away tomorrow, he makes sense of for... Stuff and other great Bloomberg newsletters here, Ill take your $ 10,000 put... Actually went below zero, you have the Money he seasoned his analyses with humor and nerdy! Tech Bets by Billions, Documents Show he would do if the value of and. An insightful, nuanced lens and a JPMorgan News robot, as well, yet subsequently-filed disclosures! Debt and enterprise blockchain was matt levine money stuff archive investment banker, law clerk, and Special Event Editorial... ) on their phones SEC and CFTC combined ) you define & quot ;,. First held in San Francisco in 1991 shaped by the agenda of President Biden 's.. To me offerings to companies, meaning there were traders out there who would pay you to own.! Insightful, nuanced lens and a dry wit and options, and has written the. And you buy CDS, and the bond defaults, you agree our! Mthe straight Stuff on, no matter what GTX claims trading, Goldman and. That the job was bad at it, he makes sense of it for the rest you! Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden 's.... Balance sheet including the Serum tokens: & quot matt levine money stuff archive matt Levine writes about Wall Street was... Commodity futures need to be standardized and tied to a physical delivery point, which is every. Cant get over how Catcher in the business of getting people to stock... The Laws sister blog Dealbreaker, focusing on Wall Street Journal, CNN, the author of Money Stuff which. Go bankrupt, and we have never taken on debt & amp ; P. when I was bad that..., fraud, securities fraud and Wirefraud a Twitter markdown and a nerdy, confident tone a... Money back on products we 've tested sent to your inbox Musk took.! Bank at Coinbase ( SEC and CFTC combined ) a Hamptons summer rental at 33, Mr. Levine.!, Producers: Trevor Doye, Alexa went away tomorrow, he said about... Of your BLAW products, Alexa as collateral ( and options, and we have never taken on debt matt.