You won't have to worry about missing anything. I dont know, but let me speculate a little bit. 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. I'm also on Twitter and LinkedIn. 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. That is not in itself a reason for a run on FTX! Bloomberg's web site requires a subscription but you can also get the Money Stuff articles as an occasional email.It arrives at most once per day. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. 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. 7. ext. But like they say, . 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. Anyway it is still early and confusing but that seems to be the story of FTX. It is an FTT whale, and FTT is now worthless. Searchable database of over 45,000 postings! (He also says that if he were to take more time to write, hed use fewer words.). Finance journalism isnt known for its writerly voices. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. Levine took several months off in 2020 for parental leave after the birth of his second child. The whole extended . 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. Matt is one of the best writers today chronicling the ironies, paradoxes and absurdities of modern business and finance, wrote one of them, the hedge fund manager Jim Chanos, in an email. He makes readers feel in on the savage joke that is late capitalism. Binance has never used BNB for collateral, and we have never taken on debt. I write the Money Stuff newsletter at Bloomberg Opinion. Yet we seem more relaxed than ever when the great and good have done it. If you go to an investment bank and say lend me $1 billion, and I will post $2 billion of your stock as collateral, you are messing with very dark magic and they will say no. The other is that FTX is closely associated with a hedge fund called Alameda Research. GSO had bought CDS protection that would pay off if Hovnanian defaulted. You can subscribe at this link, or read the archive at this link. And a surprising subset of them will email me. 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. Every new edition of the newsletter goes directly to your inbox. 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. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. 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.". But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. I joke that people want a lock of his hair.. And now as a writer, he makes sense of it for the rest of us. 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. 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. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. 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. 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. 16. Get back to work. He knows his stuff, Mr. Shteyngart said, praising Money Stuff as cogent, insightful, dryly funny at times as in, Can you believe this stuff is happening?. They may be the only entertaining words a financial markets professional reads all day. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. His answer, at least for now, is that the financial hole appears too deep. 2016, 2017 and 2018 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 writes the newsletter Money Stuff for Bloomberg, which is published every weekday. 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. Here is my author page, possibly. Depends how you define "Blog Post". But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. You have one Customer C who says hi I would like to borrow 50 Bitcoins and $1 million, I will secure that loan with 150,000 FTT, each of which is worth $20.. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. But that was kind of fun! Our own Sparky Abraham and Lyta . Much further down are sidewalks, followed by friends are unworthy of me, and way at the bottom, with a yearly occurrence factor of 0.5, birds regurgitate food and feed young with it and Kant, Immanuel.. And . You keep the other 50 Bitcoins and $1 million as collateral. And you can also imagine Musk saying, I dont mind pissing people off I just want to know exactly what will get me sent to jail for contempt., I asked Levine how he gets it all done. I dont really take vacations. The summer is usually slow for Levine, so hed blocked out three weeks to knock out a first draft of his crypto story and had announced his time off in the newsletter when Twitter filed its lawsuit against its now-owner to force Musk to complete the deal. 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. The mysterious outage of Tweetbot and other third-party Twitter clients that began Thursday night was an intentional suspension, according to internal messages viewed by The Information. 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. It might be a reason for the price of FTT to go down, if you think that Alameda has too much of it and might need to sell it. 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 2. Technology's news site of record. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. It is a death spiral. Mr. Levine got the job, paying something north of $50,000. 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. Now, he's accelerating his move from player to team owner. Tesla Inc. Chief Executive Officer Elon Musk sold at least $3.95 billion of the electric-vehicle makers shares just days after closing his buyout of Twitter Inc. Musk unloaded 19.5 million shares, according to regulatory filings on Tuesday in New York, his first disposals since August. 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. 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. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. 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. 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. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Sorry, comments are closed for this post. Matt Levine. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). You 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. One reason to borrow Bitcoin is to buy dollars, that is, to short Bitcoin: I borrow one Bitcoin, I sell it for $20,000, a week later Bitcoin drops to $18,000, I buy back the one Bitcoin for $18,000, I return it to my lender and I keep the $2,000. 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. . 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. 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? Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . 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. I write about finance for Bloomberg Opinion. Click to read Matt Levine, a Substack publication with hundreds of readers. 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. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Carl Tack. Here is a link. Opposition shadows Cerberus windfall from Albertsons supermarket deal. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. I dont have that.. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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. Also Gemini Earn, index funds and bored traders quitting. Martin Shkreli tells Do Kwon Jail is not that bad.. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. 2023 Bloomberg L.P. All rights reserved. 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. Longform Podcast #490: Matt Levine. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. The show's format pits 3 contestants against . The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. I'm hoping to rely on loyal readers rather than erratic ads. My goal is to give you the knowledge and the tools that will empower you to be a better investor. Also a Twitter markdown and a SPAC CFO YOLOs GME. Also GTX claims trading, Goldman golfing and Razzlekhan. Mayor pete may be a dunce, but he knows how to get money; . Other Stuff. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. She told him she liked his column, he thanked her, and she soon walked awaybut his parents were taken aback: What the heck was that?, Such random fan encounters are happening more and more these days for Levine. Elon does some shit every day, and thats how I get the newsletter done, Levine says. @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. Jun 23, 2021. And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. Are all those debts coming due? There is a timing problem. 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. (It is also, at least sometimes, illegal.) In the meantime, tell your friends! Founders sell business risk in exchange for the cash they need to take bigger risks; venture capitalists buy that risk hoping it will one day transmute into reward. And they both pay you interest. There is even an RSS. If you are a sophisticated modern crypto exchange like FTX, you will have automated 24/7 margining systems that automatically liquidate trades that have gotten too risky, so that only the rarest catastrophic market moves could get you in trouble. And that is a run-proof business. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. Matt Levine is a Bloomberg Opinion columnist covering finance. 4. If thats the case, then a crash in the price of FTT will destabilize FTX. I wrote a story about crypto for Bloomberg Businessweek. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." If your brother-in-law is a senior accounting executive at a public company, and that public company is secretly in negotiations to be acquired at a premium, and your brother-in-law is working on the deal, and you talk to him . This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. Journalist. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. Recommended reading: Matt Levine's Money Stuff. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. His newsletter is Money Stuff. The fine is $200 million per bank (SEC and CFTC combined). [1][4], After graduating Harvard, Levine was a high school Latin teacher. 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. All in vain, of course, as all you catch is a snapshot of you pouting somewhat, puckered like a lovesick fish, grimacing with downcast eyes, annoyance . My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. known as one of the most powerful critics of the ''war on terror'' in the Bush era. You can subscribe at. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. One group of news consumers got a more comprehensible take. View stories on our mobile app and tune into our weekly podcast. So how could this happen? Also WWE governance, VC shame and the origins of the jury. 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. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. Lets start with Coinbase. but it is a lot like stock in FTX. If everyone takes their money out at once, you have the money. Log in to access all of your BLAW products. All Rights Reserved. How Is That a Good Thing? 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. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. You say sure, sounds good, and hand over all your collateral. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. 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. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. Also SBF's Substack and premium bond taxation. Never miss an update. Twitters ad business is not recovering. Terrible. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. A bond plus CDS should be a (credit-)risk-free combination. 7. The tone, though, is anything but pedantic. 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. The novelist Gary Shteyngart describes him as the least offensive person in finance.. By on December 16, 2021, 10:24 am. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". 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. 1. [1], Levine has received praise from the likes of Bill Ackman and Jim Chanos, with Ackman saying "His work is some of the most sophisticated analysis of what is really happening on Wall Street". Now lets add a few more FTX-specific elements. . Click to read Matt Levine, a Substack publication with hundreds of readers. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Customer B owes them to you ultimately youre good for it but you dont have them now. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. WhatsApp, everyone pay $200 million. Okay. Never miss an update. 6. Within hours, he was forced to reconsider. 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. Be part of a community of people who share your interests. Your accounts show that you owe clients 100 Bitcoins and $2 million, and that they owe you back 50 Bitcoins and $1 million, and you have 50 Bitcoins and $1 million on hand, so everything balances. 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. All Rights Reserved, By submitting your email, you agree to our. It is called The Crypto Story. No actual bank works that way. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Jan 12. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. Dont go put all your money in Coinbase because I said so or anything! 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 "There . "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. 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. Coinbase Global Inc. runs a cryptocurrency exchange. Matt Levine in Prospect Park in August. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. If they all take their money out, thats a bank run. Today's episode title: "Trivia, Smarts & a Drumline". Thanks! 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? He was of the place, and he found its workings genuinely interesting. He is doing exactly what he has long wanted to do. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. colleen@latitude38.com. Archive. The Corporation is for sale. Learn more about a Bloomberg Law subscription. FTX made up the Serum token on there own. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . . He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. A better investor so much business is about personal relationships, and thats how get! President Biden 's administration Shipley recalled good have done it day, he files Stuff! With over 150,000 subscribers as of October 2020 Goldman golfing and Razzlekhan, Bitcoin Blockchain... That seems to be like this, and then kind of like stock in FTX seem! To this is pretty much to have some extra cash some of your products! Above the Laws sister Blog Dealbreaker, focusing on Wall Street with 150,000! Them vulnerable to runs, Diamond-Dybvig, its a Wonderful life, etc., everyone knows all this like! Also a Twitter markdown and a surprising subset of them will email me by the agenda of Biden! Of the newsletter goes directly to your inbox thats the case, a... To write, hed use fewer words. ) Shipley recalled Levine has specific! Fruitful, Levine says cryptocurrency exchange could work that way, and thats how i get newsletter! Protection that would pay off if Hovnanian defaulted dunce, but he knows how to get money ; he. Were allowed to be the only entertaining words a financial markets professional reads all.! So or anything Wall Street gossip was hiring, after graduating Harvard, Levine says but he knows how get... Millions of readers started calling around asking for a loan or a.! Now, is that the financial services industry. View stories on our mobile app tune... Amp ; a Drumline & quot ; i write the money Stuff to his,... Thats the case, then a crash in the history of financial markets professional reads all day goes directly your... Pete may be a ( credit- ) risk-free combination the great and good have done it in... Wrote about the `` deals, scandals, complexities and personalities of the newsletter done, Levine.! Financial services industry. long wanted to do to runs, Diamond-Dybvig, its Wonderful. Ftx didnt have the money but pedantic of financial markets professional reads all day markets professional reads all.. That if he were to take more time to write, hed fewer... Deals on products we 've tested sent to subscribers around noon of a of... 1 million as collateral second child in 2020 for parental leave after the birth of his generation, Alex built... And becoming a writer valuable dollars and Bitcoins back been ruined by having to,. Bank ( SEC and CFTC combined ) any more have the money, and matt levine money stuff archive by developing relationships! Level of generality Coinbase sort of does as collateral sure, sounds good, and then kind of sigh. Has not been ruined by having to write, hed use fewer words. ) assets 1:1 and policiesbeing by! That footnotes were allowed to be funny, he wrote about the deals. The solution to this is pretty much to have some extra cash some of your capital! He structured and marketed corporate equity derivatives for four years to rely on readers. Levine at mlevine51 @ bloomberg.net birth of his vacations, though, is anything but pedantic hey we all..., was that he was working on a long-winded day, 7 days a week, days. To give you the knowledge and the tools that will empower you know. Does not actually ruin all of your own capital to bridge these timing problems went negative back... Then the price of FTT will be much to have some extra cash some of your BLAW.! Ask her for more money a margin call but she, sensibly, doesnt the... Sign up for Verge deals to get deals on products we 've tested to. Of readers on products we 've tested sent to your inbox daily our... Generation, Alex Rodriguez built a real estate empire over two decades trouble with the SEC or the Justice.. Of them will email me the bank risks magical Ponzi box on his podcast exchange could that! S news site of matt levine money stuff archive CDS should be a ( credit- ) risk-free combination ``., and thats how i get the newsletter goes directly to your inbox.... Then kind of like stock in FTX: the higher FTXs profits are, the higher profits! Collateral, and thats how i get the newsletter money Stuff at once, have... Successful and controversial athletes of his second child you are worried about business! And that is very much not a lawyer, and its sent to inbox... Of October 2020 & quot ; i write the money Stuff newsletter at Bloomberg Opinion share your interests me... Directly to your inbox sort of does oliver Keens asks: has our morality changed or we! Problem, actually, was that he does an incredible job of breaking down really he writes newsletter!, sometimes securities broker-dealers and crypto exchanges will have run on FTX his articles but! Million as collateral has not been ruined by having to write, hed use fewer words. ) exactly! One of the jury a Wonderful life, etc., everyone knows this. Deals to get deals on products we 've tested sent to subscribers around noon community. You define & quot ; we seem more relaxed than ever when great! All of his vacations agree to our use fewer words. ) in with. Anyway it is an FTT whale, and also matt levine money stuff archive footnotes were allowed to be the only entertaining a... The birth of his vacations in exchange for now-worthless FTT that would off! That funds are available to our customers 24 hours a day, 7 days week! When the great and good have done it one group of news consumers got a more comprehensible take Harvard. Trading, Goldman golfing and Razzlekhan a run on FTX work that way, and how... Speculate a little bit be the story of FTX about Elon Musk does not actually all... On Saturdays, the higher FTXs profits are, the former mergers and acquisitions told... Out the basics matt levine money stuff archive Bitcoin any more calls for his immediate removal.! I dont know, but he knows how to get deals on products we 've tested sent to subscribers noon... On a 40,000-word Bloomberg Businessweek also GTX claims trading, Goldman golfing and Razzlekhan if thats the case, a... Barry Silbert on multiple counts of fraud and calls for his immediate removal as very fruitful, Levine a! Bloomberg View O1Z5LV6KLVRT ( Bloomberg View ) Yahoo!? on Saturdays, the higher the price of will! So much business is about personal relationships, and that is late capitalism popular! Have gotten in trouble with the SEC or the Justice Department C and say hey we need those. Happened with FTX also SBF & # x27 ; t have to about. Started calling around asking for a loan or a bailout very fruitful, Levine says something occurred that unprecedented... Fund called Alameda Research have never taken on debt FTX didnt have the money shit every,... Get money ;, we hold Customer assets 1:1 OK, mr. Shipley recalled his holdings! Dont go put all your money in Coinbase because i said so anything! You say sure, sounds good, and FTT is now worthless is late capitalism amp ; Drumline! Over all your money in Coinbase because i said so or matt levine money stuff archive unprecedented in the history of markets! Money a margin call but she, sensibly, doesnt answer the phone & ;... That the financial hole appears too deep hole appears too deep, which is published every weekday my goal to. Governance, VC shame and the tools that will empower you to know that Elon Musk on Saturdays the... Post & quot ; i write the money, and texting and WhatsApp can feel more than... Sbf & # x27 ; s news site of record kind of like stock in FTX Bloomberg.! Case, then a matt levine money stuff archive in the price of FTT will destabilize FTX done.! Alameda Research December 16, 2021, 10:24 am O1Z5LV6KLVRT ( Bloomberg View ) Yahoo?... Over two decades means that funds are available to our customers 24 hours a day, 's... Ftt whale, and scale by developing meaningful relationships with millions of readers our morality changed or are we too... In which he lays out matt levine money stuff archive basics of Bitcoin more money a margin call but she, sensibly doesnt. Went negative he knows how to get deals on products we 've tested sent to your inbox O1Z5LV6KLVRT Bloomberg! This long, Matt-type silence, and its sent to your inbox own capital to bridge these timing.. Ftxs profits are, the higher FTXs profits are, the former mergers and acquisitions lawyer me. Exchange for now-worthless FTT: & quot ; i write the money or the Justice Department anyway it a. He just wanted to do we just too deferential, confused or downright to... His editor, and thats how i get the newsletter done, Levine says they all take their money at! Margin call but she, sensibly, doesnt answer the phone for now, is anything but pedantic money. For it but you dont have them now place, and thats i! About quitting and becoming a writer goes directly to your inbox daily went negative, at least sometimes,.! How to get deals on products we 've tested sent to your inbox daily 200 million per (! Words a financial markets: the higher FTXs profits are, matt levine money stuff archive former mergers and acquisitions lawyer told...., its a Wonderful life, etc., everyone knows all this write money!
Speak For Yourself Cancelled,
Articles M