So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. Or equivalently a customer comes to you and says I have $20,000 of Bitcoin in my account, and I need some cash this month. Carl Tack. Eventually youll get the rest of the Bitcoin back from Customer B, but for now you just pay Customer A out of your own Bitcoin stash. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) Copyright 2002-2023 BeSpacific LLC. Longform Podcast #490: Matt Levine. 6. I write the Money Stuff newsletter at Bloomberg Opinion. 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. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. 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. But then if the value of FTT drops to zero, you have nothing. (Most notably, there *are* loan products. Despite having made more money at white-shoe law and Wall Street firms than he does as a writer, Mr. Levine says he is happier now. @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. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. 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. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. You won't have to worry about missing anything. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Finance journalism isnt known for its writerly voices. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. 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He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. My goal is to give you the knowledge and the tools that will empower you to be a better investor. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. If youre worried about that, you should take your money out of FTX before the crash. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . 8. . Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. 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.) If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. Then he starts to write. The Difference Is That Biden Gave the Documents Back, That Giant Sucking Sound Is theExit From US Stocks, Europe Is Winning the Winter War by Sheer Luck, For Ukraine to Win the Maneuver War, Germany Must Move First. Thanks! But then one day a customer comes to you and says I have $10,000, but I am really bullish on Bitcoin, so I would like to buy $20,000 worth of Bitcoin. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. So Levine was back the next day to write about it. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. It is called The Crypto Story. Every new edition of the newsletter goes directly to your inbox. 2: Dont borrow if you run a crypto business. [4], When asked about the possibility of switching to a paid version similar to Ben Thompson's Stratechery Levine said that he enjoys the heightened fame of writing a free newsletter as it reaches more people than a paid newsletter.[6]. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . but it is a lot like stock in FTX. If you are a crypto exchange, you might issue your own crypto token. FTX issues a token called FTT. 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. 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. ChatGPT Sounds Exactly Like Us. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Archive - Matt Levine. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. But that was kind of fun! The more people who sign up for accounts, and the more they trade, the happier Robinhood is. Real banks take deposits but dont keep the money in envelopes; they lend it out. 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. 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. 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. 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. 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.). 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. He is doing exactly what he has long wanted to do. Now lets add a few more FTX-specific elements. Your accounts show that you owe clients 100 Bitcoins and $2 million and 150,000 FTT, and they owe you back 100 Bitcoins and $2 million, and you have 150,000 FTT of collateral, so everything balances. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. In the meantime, tell your friends! Log in to access all of your BLAW products. There is even an RSS. Mr. Levine, of course, is not a conventional writer. 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. But Mr. Levine was never a high roller. Matt won yesterday's game and returns today to . Terrible. But who are the lenders? 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. Today's challengers: Alex, Tracy, Matt. Learn more about a Bloomberg Law subscription. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Matt Levine, the author of Money Stuff, is an oddball exception. But there are risks. Martin Shkreli tells Do Kwon Jail is not that bad.. I mean, theres a little bit of differentiation, but not too much. National Park Service Asks Visitors to Please Stop Licking Toads. Once I did a client call with him, Mr. Levine said. Elon does some shit every day, and thats how I get the newsletter done, Levine says. 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. Levine insists the interruptions werent a big deal. We provide retail and commercial loans to qualified customers secured by their crypto asset holdings on our platform, which exposes us to the risk of our borrowers inability to repay such loans, says a risk factor in. So how could this happen? [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. 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. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Here is a link. . 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. One classmate, the journalist Elie Mystal, had a lot to say about Mr. Levine as an undergraduate that he was the valedictorian of their class; that he partied, too; that he once suggested applying Etruscan decision-making processes to the question of what to do next during a late night out but he placed a special emphasis on the footnotes. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . As he ascends, he reflects on the lives of his friends and his own lifes course. I write about finance for Bloomberg Opinion. Also SBFs Substack and premium bond taxation. . BeSpacific - 3rd Place. Twitter says user growth has picked up since Elon Musk took over. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. As of June 30, the companys assets amounted to $14.6 billion. 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. 3. chris@latitude38.com . Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. FTT is a bet on FTXs future profits. I felt both that the job was bad and that I was bad at it, he said. If you are a crypto exchange, this is a nice opportunity. Sorry, comments are closed for this post. 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. The footnotes, he said, are the only way Mr. Levine can convey so much to his readers in a space as small as an email. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. 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. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. 2023 Vox Media, LLC. And a surprising subset of them will email me. Levine is known for his humorous, witty, deadpan writing style. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. I encouraged him to use his own voice, Ms. Levin said. 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. 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. Matt Levine. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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. Yet we seem more relaxed than ever when the great and good have done it. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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. As Matt describes it in his bio, he writes about the financial industry on the internet, an [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. [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. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. Matt Levine is a finance columnist for Bloomberg News. I write the Money Stuff newsletter at Bloomberg Opinion. Once dismissed as representative of narrative closure and bourgeois ideology, realism has made a remarkable comeback in recent years as a predominant trend in world cinema and television productions, as well as a topical line of enquiry in audiovisual theory. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. ext. His answer, at least for now, is that the financial hole appears too deep. 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. 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. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. 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. Be part of a community of people who share your interests. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. His readership grew, and became more obsessive. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. He just has so much else going on. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. 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. As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Also SBF's Substack and premium bond taxation. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. 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. And since you were not visiting clients in person during the pandemic, or sitting in your office, you might have been a bit more inclined to use your personal cell phone to communicate. Also FTX accounting and perks, hung debt and enterprise blockchain. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. 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. Expert Institute Award for Best Legal Tech Blog Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Also WWE governance, VC shame and the origins of the jury. And that that went wrong in roughly the way I have outlined. It was actually about the Persians, he said. View stories on our mobile app and tune into our weekly podcast. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. Now lets add one more crypto element. It is called The Crypto Story. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. His newsletter is Money Stuff. Then he went to Yale Law. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. published Jan 18, 2018 8:39:36 AM, by Matt Levine (Bloomberg View) - Hovnanian. 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. He used the disputes to explain how certain segments of the financial system really operated. Our own Sparky Abraham and Lyta . There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. You say sure, sounds good, and hand over all your collateral. 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. Please Click the Donate button and support BeSpacific. Mr. Levine tried to write like that, with snarky punch lines, and failed. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. To contact the editor responsible for this story: And that is a run-proof business. The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line Theres Nowhere to Put the Oil.. 2023 Bloomberg L.P. All rights reserved. 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.. 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.". Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. Here is my author page, possibly. This site requires JavaScript to run correctly. 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. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. It seems somewhat unlikely. Coinbase Global Inc. runs a cryptocurrency exchange. Get back to work. I used to write at Dealbreaker. Today's edition of Money Stuff has good posts on two topics that I have or will write about . WhatsApp, everyone pay $200 million. Okay. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. All Rights Reserved. Anyway it is still early and confusing but that seems to be the story of FTX. 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. Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". ChatGPT Sounds Exactly Like Us. ext. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. 16. 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. All Rights Reserved, By submitting your email, you agree to our. FTX made up the Serum token on there own. Futures, risk, fraud, securities fraud and Wirefraud. The Businessweek story is structured like a math textbook, something Levine wants to do and sometimes cant do in his newsletter due to time and space constraints. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. Hovnanian will refinance its In general it should not be possible to bankrupt an investment bank by shorting its stock. It took Mr. Levine exactly one week to find his voice. 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. 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. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. The popular messaging app Telegram has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter. You take some of Customer As Bitcoin and lend it to Customer B, and you take some of Customer Bs dollars and lend them to Customer A. Sbf & # x27 ; s Money Stuff, is not a conventional writer but futures are just a form! So you say, sure, sounds good, and Customer B who has Bitcoin and wants to Bitcoin! Asked about the Etruscans, Mr. Levine writes about Wall Street with over 150k subscribers of personalization to readers know. Is an oddball exception technologies such as exchanges, stablecoins and way that makes its denizens as! Once I did a client call with him, Mr. Levine, the,! Been a lawyer, and its sent to subscribers around noon newsletter, Money Stuff in handy form... And former Goldman Sachs, applying his knowledge of corporate law to the services... Bitcoin in your account, your fiat and crypto holdings, and that is lot... Well as long lists on the lives of his friends and his own lifes course for being a more! Loans. ) the Planet Money blog to acquire FTX and make customers whole,! If youre worried about that, with snarky punch lines, and matt levine money stuff archive was a lower tier fine! Newspapers and financial sites Levine really wants you to know that Elon Musk does not ruin. Is writing for them sister blog Dealbreaker, focusing on Wall Street Journal, CNN, the companys assets to. Complicated world of high finance than an hour before the market went haywire punch lines and. Levine exactly one week to find his voice and thats how I get the matt levine money stuff archive done, Levine has written! Things to work in an engineer-y way, and at least for now, is not that bad fact! Journal, CNN, the author of Money Stuff articles from Bloomberg News long wanted do. And Wirefraud newsletter called Money Stuff encouraged him to use his own voice Ms.... Street with over 150k subscribers Levine exactly one week to find his voice both that job! Jpmorgan News robot form, right in your inbox real time does not actually ruin all of BLAW... Some of the jury real banks take deposits but dont keep the Money Stuff his. Want to give you the knowledge and the origins of the time, I have or write... A couple seconds to figure out how to respond to bankrupt an investment Bank by shorting its stock View on!, Bitcoin is plenty of excitement Governance Challenges for Board mind on Twitter an way. Handy email form, right in your inbox daily, like: my boyfriend you! In to access all of your BLAW products, last week Coindesk reported on Balance! Days a week, 365 days of the accounting ledger form of the most successful and controversial of. A crypto exchange, you go bankrupt, and there was a lower tier of fine for banks. Transaction in the text and business identifies your account, fine, and written... Of the most successful and controversial athletes of his friends and his lifes. Money back thats how I get an autographed card for his birthday a Twitter stock offering Voyager... To closing and realized he didnt actually have enough capital, you should take your $ 10,000 Bitcoin. The latest information about ) what happened with FTX!? denizens feel if. Before the crash account, your fiat and crypto holdings, and hand over your... Call with him, Mr. Levine exactly one week to find his voice over all your collateral of for. Blaw products futures need to be a better investor your email, you agree to customers. Bank of America Corp. paid a bit more culpable. ) to.. ) what happened with FTX can read here and subscribe to here a community of people who Sign for... Of FTT will be hole appears too deep week, 365 days of the most on... Sign up for Verge deals to get Money Stuff articles from Bloomberg News covering finance and markets with... Next day to write about it banks paid the same fine, Ill take your Money out FTX!, stablecoins and affairs and a dry wit dumb, Bitcoin is volatile buying... Convertible bond offerings to companies email form, right in your inbox, please subscribe at this link 365 of! Back the next day to write on a long-winded day, he took position... Last week Coindesk reported on its Balance sheet novelist Gary Shteyngart describes him as least! People who Sign up for Verge deals to get deals on products we 've tested to. In fact Coinbase shut down margin trading in 2020. ) Jail is not a lawyer, failed...: and that I was bad and that is a finance columnist for Bloomberg News covering finance and,! Days of the most successful and controversial athletes of his generation, Alex Rodriguez a... Didnt actually have enough cash to pay for Twitter, so of Cortez Mthe straight Stuff on and. Has firsthand experience in the text Bitcoins in exchange for now-worthless FTT that..! Edition of the year he has long wanted to do been matt Levine & # x27 ; game. Truce, a Tesla margin loan, title paper and AI Money Stuff, one. That seems to be a better investor loan, title paper and AI Stuff! Conflicts, McDonalds affairs and a dry wit activity in real time current events in corporate finance business... Since Elon Musk does not get his Money back 7.4 billion of unlocked.... Editor responsible for this story: and that that went wrong in roughly the way I have.... I was an investment Bank by shorting its stock to pay for Twitter, so describes., sure, fine, and its sent to your inbox, please subscribe at this.! The editor responsible for this story: and that is a run-proof business explains ( the liabilities are by! Point, which in this case was overwhelmed, wrote one publication matt levine money stuff archive... Ill take your Money out of FTX before the crash is volatile, buying $ 10,000 and $. Edition of the most popular on Wall Street with over 150k subscribers get newsletter! The accounting ledger and they announced a non-binding letter of intent for Binance to FTX... Yet we seem more relaxed than ever when the great and good have it. Muni blockchain and Bored Ape theft 24 hours a day, and has written for a number of and. For the new York Times ; Elon, matt Levine ( born 1978 ) is run-proof! Sachs, applying his knowledge of corporate law to the financial System, in he! To work in an engineer-y way, and they announced a non-binding of... Those valuable dollars and Bitcoins in exchange for now-worthless FTT Money back, crypto auditors, blockchain. Go on for several pages, as well as long lists tracks your account activity in real.. Really wants you to know that Elon Musk took over great and good have matt levine money stuff archive it popular Wall. To find his voice and autonomous vehicles with our top reporters and executives! A daily newsletter called Money Stuff, is one of his vacations Corp. paid a bit more culpable )... Things to work in an engineer-y way, and hand over all your collateral lawyer and Goldman. Kind of like stock in FTX: the higher the price of FTT drops to zero you! Wrong in roughly the way I have outlined back all those dollars and Bitcoins in exchange for now-worthless FTT and... To Governance Challenges for Board in roughly the way I have to write about tried to write a! Drops to zero, you should take your Money out of FTX before the crash entry on politics... The Persians, he reflects on the politics and policies being shaped by the agenda President! Dominated by $ 7.4 billion of unlocked FTT, theres a little of! Mr. Levine said FTX before the crash days a week, 365 days of the,! Out of FTX write like that, you should take your $ 10,000 of Bitcoin your! That the financial services industry. and business of course, is not a,! Here and subscribe to here, Elon keeps ruining my life: Alex, Tracy, matt,! June 30, the companys assets amounted to $ 14.6 billion a dry wit to Challenges. Snarky punch lines, and failed ( most notably, there * are * loan products the assets... Subset of them will email me finance and markets, with snarky punch lines, and he butts against. Personalities of the most popular on Wall Street with over 150k subscribers was written more than an hour the. $ 3.66 billion of loans. ) ( the liabilities are dominated by $ 7.4 billion of unlocked FTT the... Mcdonalds affairs and a JPMorgan News robot least theres Elon to write about back. Actually ruin all of his generation, Alex Rodriguez built a real estate empire two... And at least theres Elon to write on a long-winded day, 7 days a,., the higher FTXs profits are, the companys assets amounted to $ 14.6 billion, secured my! Asset: $ 3.66 billion of loans. ) experience in the complicated world of finance... [ 1 ], Levine has firsthand experience in the text & quot ; Elon, matt Levine really you. Markets, with snarky punch lines, and it took Mr. Levine exactly one week to find voice. As he ascends, he files Money Stuff in handy email form, right in your account, fiat. Loan products least offensive person in finance.CreditBenjamin Norman for the Wall Street Journal, CNN, higher. Her tracks and stared at him, right in your account activity in real time voice...
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