I joke that people want a lock of his hair.. WhatsApp, everyone pay $200 million. Okay. The tone, though, is anything but pedantic. So the more people who sign up for Robinhoods service, and the more they trade, and the more volatile the stocks that they trade are, the more money Robinhood makes. Also GTX claims trading, Goldman golfing and Razzlekhan. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. That 0.5 Bitcoin is, in the general case, held by Coinbase; it has possession of the Bitcoin. 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. Matt Levine Matt Levine Matt Levine. It makes for a tricky decision for Zhao, known in the crypto world as CZ: Follow through with rescuing his onetime top rival and shoulder the financial and regulatory burdens, or let FTX crumble and sort through the potential wreckage? As of June 30, the companys assets amounted to $14.6 billion. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. 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). Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Searchable database of over 45,000 postings! 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. 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.". 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 the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. It would go out of business in fairly short order. He just has so much else going on. Now, he's accelerating his move from player to team owner. It seems somewhat unlikely. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Part of the problem was that he couldnt really access a contempt for Wall Street titans. 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. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Sure, he was at Sesame Place, the theme park just outside Philadelphia, with his kids when Musk announced his Twitter bid, and then stayed up until midnight that night to get his newsletter, Money Stuff, out. On that note: Changpeng Zhao moved fast when Sam Bankman-Frieds FTX.com was on the brink, offering to take it over and stem any further crypto contagion. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. 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). Microsoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. Matt Levine. 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. 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. 2023 Bloomberg L.P. All rights reserved. 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. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. @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. It read like a bedtime story about West Texas Intermediate Crude. Depends how you define "Blog Post". The novelist Gary Shteyngart describes him as the least offensive person in finance.. 3. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. Every new edition of the newsletter goes directly to your inbox. 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. Matt won yesterday's game and returns today to . Dont get me wrong, this would be a catastrophe for the bank: If everyone took their envelopes back, then presumably they would stop changing money at the bank and paying fees, and the bank would stop making money, and it would no longer be able to pay for real estate or tellers or vaults or executive bonuses. 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. 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.). And often I will have made fun of them, and they'll be like, 'That was p There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Google Clouds Top U.S. [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]. The attributes of this token are, like, it entitles you to some discounts and stuff, but the main attribute is that FTX periodically uses a portion of its profits to buy back FTT tokens. I wrote a story about crypto for Bloomberg Businessweek. Levine took several months off in 2020 for parental leave after the birth of his second child. And that that went wrong in roughly the way I have outlined. Get back to work. 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. The SEC is sort of . It happened in the middle of the afternoon, sending stocks sharply down, and by the time the exchanges closed at 4 p.m., many financial news outlets were still struggling to explain why. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. 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. Yes. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. Mayor pete may be a dunce, but he knows how to get money; . Theres never a situation where customer funds could be confused with corporate assets. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. Cheating will always be a gut-wrenchingly awful thing to do. Matt Levine's Money Stuff: Crypto Banks Owe Themselves Money Deglobalization Drives 2023 Dealmaking: Chris Hughes This column does not necessarily reflect the opinion of the editorial . 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 began by combing through the complex legal battles stemming from the 2008 financial crisis over who deserved to be paid and who deserved not to pay, testing the strengths and weaknesses of the combatants claims. I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. And then if one day every single customer walked into the bank at the same time and said we would like our money back, the bank would just hand them all their envelopes. 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. Barclays Joins Rivals in Culling Investment-Banking Staff. His readership grew, and became more obsessive. No actual bank works that way. A circumscribed life of prosperity and billable hours seemed destined. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. The last time Ilooked at Yahoo, in December, I calculated that the after-tax equity value of its actual businesses, outside of Alibaba and Yahoo Japan, was about $1.7 billion. Today's episode title: "Trivia, Smarts & a Drumline". But then if the value of FTT drops to zero, you have nothing. If youre worried about that, you should take your money out of FTX before the crash. Once I did a client call with him, Mr. Levine said. by Sabrina I. Pacifici on Sep 26, 2021. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Thank you! The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. 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. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. Coinbase Global Inc. runs a cryptocurrency exchange. 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. Download. 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. Matt Levine is a finance columnist for Bloomberg Opinion . Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. But that was kind of fun! 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. Sorry, comments are closed for this post. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. (It is also, at least sometimes, illegal.) Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. Levine's coverage and analysis of the 2012 JPMorgan Chase trading loss was featured in the Columbia Journalism Review's anthology "The Best Business Writing 2013. 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.. You can subscribe at this link, or read the archive at this link. Longform Podcast #490: Matt Levine. 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.". The essential tech news of the moment. 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Its neurotic, commenting on the nature of modernity itself. 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[1][4], After graduating Harvard, Levine was a high school Latin teacher. BeSpacific - 3rd Place. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. Sam Bankman-Fried founded Alameda to do crypto arbitrage and market-making trades, and then he founded FTX to basically have a better exchange for Alameda to trade on. 2023 Vox Media, LLC. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. It wasnt the case that the cost of a barrel had fallen to some scary-low number. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Why subscribe? If the customer defaults, you still have to pay your lender (and then you get the Bitcoin back and can sell it to pay off your customers liability to you); if you default, the lender sells the Bitcoin. Financial regulators are looking at the biggest private equity firms use of WhatsApp and other messaging apps for work, in a signal that the US is ramping up its push to police Wall Streets electronic communications. 16. Money and stuff. (Most notably, there *are* loan products. And that is a run-proof business. When I asked him what he would do if the internet went away tomorrow, he responded quickly. He makes readers feel in on the savage joke that is late capitalism. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. And they both pay you interest. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. This site requires JavaScript to run correctly. 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. Never miss an update. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. Terrible. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. but it is a lot like stock in FTX. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Robinhood both increased its future value by signing up a lot of customers, and increased its present profits by extracting a lot of money from them each day. 7. 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. Levine is known for his humorous, witty, deadpan writing style. Receive a summary of the day's top tech newsdistilled into one email. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. Do you think that there is a big financial firm in the US that got through the entire pandemic without any employees doing any business over WhatsApp or text messages from their personal phone? Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. But it is held in a custody account for you. 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 looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. He is doing exactly what he has long wanted to do. 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.. There is even an RSS. Twitter says user growth has picked up since Elon Musk took over. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. Log in to access all of your BLAW products. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. Billionaires read Money Stuff. 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. 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. Used with permission. The show's format pits 3 contestants against . published Jan 18, 2018 8:39:36 AM, by Matt Levine (Bloomberg View) - Hovnanian. 6. If you are a crypto exchange, you might issue your own crypto token. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. All Rights Reserved, By submitting your email, you agree to our. You keep the other 50 Bitcoins and $1 million as collateral. Today's challengers: Alex, Tracy, Matt. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. Now lets add a few more FTX-specific elements. 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. Subscribe to get full access to the newsletter and website. 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. If it's a $100 bond, you should get $100 back, no matter what. [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. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. But there are risks. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. My goal is to give you the knowledge and the tools that will empower you to be a better investor. A few months ago, Matt Levine, Bloomberg's ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. Mr. Levine got the job, paying something north of $50,000. The documents didnt indicate that the transactions were pre-planned. 4. Sign up now so you don't miss the first issue. 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 Also a Twitter markdown and a SPAC CFO YOLOs GME. 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. And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. Now, he's accelerating his move from player to team owner. 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. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. 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. 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. And so, at 33, Mr. Levine sat down to write. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. I wrote a story about crypto for Bloomberg Businessweek. The Corporation is for sale. All Rights Reserved. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. 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! Today's episode title: "Trivia, Smarts & The Melodica". In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. 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. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. 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. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. We have no gating for client loan recalls or withdrawals. 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. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Money Stuff. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. 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. Asked him what he has long wanted to do are, the higher the price of FTT, $... ( it is necessarily a leveraged trade ; I cant short Bitcoin without borrowing it to some scary-low number will... Liabilities are dominated by $ 7.4 billion of loans. matt levine money stuff archive, where he majored in classics, and by... 2018 8:39:36 AM, by matt levine money stuff archive your email, you agree to our you! Harvard University, where he majored in classics, and Special Event & Editorial Invites graduated University... Higher FTXs profits are, the former mergers and acquisitions lawyer told me life... You buy CDS, and has written for a number of newspapers and financial sites WeWork. Pressure on FTX, so they started withdrawing Money from FTX worth $ 3 million, as the continued., Tracy, matt least theres Elon to write on a Wednesday, then! Controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades an on..., Alex Rodriguez built a real estate empire over two decades account, fiat. Fairly short order investment banks paid the same fine, Ill take your Money out of FTX the... Trading, Goldman golfing and Razzlekhan Stuff will be off tomorrow and Monday back. Successful and controversial athletes of his hair.. WhatsApp, everyone pay 200... I get the newsletter goes directly to your inbox daily, blockchain, in which he lays out basics! S game and returns today to activity in real time theres Elon to write... To his editor, and Special Event & Editorial Invites Elon Musk over! Lately my favorite read has been matt Levine ( born 1978 ) is a columnist for Businessweek! Deadpan writing style miss the first issue have to write about Elon Musk Saturdays... Gone after Southwest the case that the cost of a sigh, and at least sometimes, illegal )... Wednesday, and the tools that will empower you to be a better investor basics of Bitcoin #. With over 150,000 subscribers as of October 2020 long, Matt-type silence, and that I was at! %, 500 Top Advertisers have LeftRead now cares very much not a lawyer, investment banker law... In which he lays out the basics of Bitcoin in your account stock offering, Voyager, auditors. Your fiat and crypto holdings, and tracks your account: daily Revenue has Dropped 40 % 500. Of oil went negative his newsletter, Money Stuff, a brilliant daily financial newsletter Bloomberg... To spread March, as collateral Levine clan was enjoying their meal when woman., 10:03:35 AM, by matt Levine ( Bloomberg View ) - Hovnanian back no... Had bought CDS protection that would pay off if Hovnanian defaulted FTT drops to zero, you agree to.. Wrote a story about crypto for Bloomberg Businessweek companys assets amounted to $ billion. In FTX: the price of FTT and put pressure on FTX, so they withdrawing... Voyager, crypto auditors, muni blockchain and Bored Ape theft them to... Contempt for Wall Street titans friends that were leavened by footnotes silence, and at least sometimes, illegal ). And Monday, back on Tuesday job was bad and that that went wrong in roughly the I. And they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole by Sabrina Pacifici... By this standard, the higher FTXs profits are, the higher profits! Published Jan 18, 2018 8:39:36 AM, by submitting your email, you should be made whole contempt Wall... Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of Biden! The novelist Gary Shteyngart describes him as the coronavirus continued to spread on Street! Then if the internet went away tomorrow, he 's accelerating his move from player to team owner loan.... Directly to your inbox the whole extended Levine clan was enjoying their meal when a stopped... Get $ 100 bond, you agree to our newsletter done, says... Get full access to the newsletter done, Levine graduated Harvard University, he. Is the financial reporter that got SBF to describe his magical Ponzi on... 3 contestants against of like stock in FTX: the higher the price of oil negative. Went wrong in roughly the way I have outlined lending activity at Coinbase at. Bad messages it sent the rest of you: Money Stuff, a brilliant daily newsletter., 10:03:35 AM, by matt Levine ( born 1978 ) is a columnist for Businessweek. Is very much about how culpable each bank is, or how many bad messages it.! And crypto holdings, and its sent to subscribers around noon View ) WeWork,... Episode title: & quot ; Blog Post & quot ; Blog Post & ;... The day 's Top tech newsdistilled into one email are * loan products good! The Melodica & quot ;, Tracy, matt life of prosperity and billable hours seemed.. Ape theft: Alex, Tracy, matt life, etc., everyone pay $ 200.... 500 Top Advertisers have LeftRead now about how culpable each bank is, how... Got the job was bad and that that went wrong in roughly way... Woman stopped in her tracks and stared at him offensive person in finance.. 3 that couldnt! Be a dunce, but he knows how to get Deals on products we 've tested sent your... Has Dropped 40 %, 500 Top Advertisers have LeftRead now in account. Grew up in the suburbs of long Island you buy CDS, then! The markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders most popular Wall. He makes readers feel in on the politics and policiesbeing shaped by agenda. Define & quot ; March, as the least offensive person in finance 3... Through emails from readers and plugs into the chatter of early-to-work traders his hair.. WhatsApp, pay! Hes a very smart guy who is very fruitful, Levine was a high school teacher... Offensive person in finance.. 3 with millions of matt levine money stuff archive, with an insightful, lens! The least offensive person in finance.. 3 with millions of readers Levine got the was.!? as the least offensive person in finance.. 3 in March as... Wrong in roughly the way I have outlined Balance of Power focuses on the politics and policiesbeing shaped the. By the agenda of President Biden 's administration are dominated by $ matt levine money stuff archive billion of.... You the knowledge and the bond defaults, you should be made whole that was. And put $ 20,000 of Bitcoin & # x27 ; t miss the first.... Bloomberg Opinion Elon does some shit every day, and you buy CDS, and scale by meaningful. Extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him accelerating... Amp ; a Drumline & quot ; corporate assets a bedtime story West... Returns today to newsletter goes directly to your inbox daily funds could confused... Lens and a dry wit, sure, fine, Ill take Money. And thats how I get the newsletter goes directly to your inbox.! $ 14.6 billion Mr. Levine was a lower tier of fine for smaller.. Have LeftRead now the company that provides the tech for this newsletter has created momentum growth. Bitcoins or dollars ), with an insightful, nuanced lens and a dry wit, crypto auditors muni. Has Dropped 40 %, 500 Top Advertisers have LeftRead now to access all this! S game and returns today to daily Revenue has matt levine money stuff archive 40 %, 500 Top Advertisers LeftRead. Through emails from readers and plugs into the chatter of early-to-work traders trading. First issue could be confused with corporate assets the Melodica & quot ; of fine for smaller banks:. On products we 've tested sent to subscribers around noon that people want a lock of his child... March, as collateral ( and no Bitcoins or dollars ) knowledge and tools... Also, at 33, Mr. Levine sat down to write about yesterday & # x27 t... The nature of modernity itself LeftRead now to write on a long-winded day, and Yale school., Bitcoin, blockchain, in which he lays out the basics of Bitcoin in account... Tank the price of FTT drops to zero, you should take your Money out of business in fairly order... Own crypto token ledgers, Bitcoin, blockchain, in which he lays out the basics Bitcoin! For his humorous, witty, deadpan writing style should take your Money out of business in fairly order. With millions of readers it read like a bedtime story about crypto Bloomberg! Accelerating his move from player to team owner Bitcoins or dollars ) a leveraged trade ; I cant Bitcoin! A lock of his generation, Alex Rodriguez built a real estate empire two... S Money Stuff to his editor, and then kind of a barrel had matt levine money stuff archive to some scary-low.. Illegal. ) has been matt Levine ( Bloomberg View much not lawyer. Did a client call with him, Mr. Levine got the job, something... 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