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 . Also WWE governance, VC shame and the origins of the jury. I encouraged him to use his own voice, Ms. Levin said. I'm hoping to rely on loyal readers rather than erratic ads. Matt Levine is a Bloomberg Opinion columnist covering finance. The analogy is: Imagine a weird sort of bank. My goal is to give you the knowledge and the tools that will empower you to be a better investor. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. But the timing problem is also connected to a real economic risk. 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. 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. There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. You keep the other 50 Bitcoins and $1 million as collateral. Mr. Levine says the book may have changed his life. Just a weird business all around. So how could this happen? Each day, Levine publishes Money Stuff, a widely read, free newsletter. The documents didnt indicate that the transactions were pre-planned. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. It is an FTT whale, and FTT is now worthless. Then he went to Yale Law. 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. Subscribe to get full access to the newsletter and website. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. By on December 16, 2021, 10:24 am. 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. Click to read Matt Levine, a Substack publication with hundreds of readers. Christine Weaver . But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. If everyone is worried about that, they will all take their money out of FTX. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. 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. You won't have to worry about missing anything. 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. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . And that is a run-proof business. 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. 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. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Also the fact that Customer C had all that FTT in the first place is not a great sign. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. 5. 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. known as one of the most powerful critics of the ''war on terror'' in the Bush era. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . All Rights Reserved, By submitting your email, you agree to our. 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. And . 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. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. 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. 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. 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. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). There is even an RSS. 2. 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. 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. 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 it is a lot like stock in FTX. He fetched his copy of The Histories and read it to me.). National Park Service Asks Visitors to Please Stop Licking Toads. As a subscriber, you have 10 gift articles to give each month. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." . 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. 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. by Sabrina I. Pacifici on Sep 26, 2021. The show's format pits 3 contestants against . 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. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Yet we seem more relaxed than ever when the great and good have done it. Googles cloud computing unit on Thursday made sweeping changes to its leadership, including replacing its top U.S. Three years ago, as Microsoft sought to overtake Amazon and Google in cloud computing and artificial intelligence, the company made a major move. The 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. He never joined an elite social club or spent six figures on a Hamptons summer rental. [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". The problem with this is that it is wrong-way risk. Mr. Levine wasnt always a darling of business media and finance Twitter. Get back to work. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. The more people who sign up for accounts, and the more they trade, the happier Robinhood is. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Elon does some shit every day, and thats how I get the newsletter done, Levine says. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. ext. Receive a summary of the day's top tech newsdistilled into one email. Log in to access all of your BLAW products. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. [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]. Lets start with Coinbase. [3][4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . 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. The fine is $200 million per bank (SEC and CFTC combined). If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. He was of the place, and he found its workings genuinely interesting. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. As he ascends, he reflects on the lives of his friends and his own lifes course. FTX made up the Serum token on there own. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. tt , , , ' , J with the who s who of the sailing scene? 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. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Welcome to Matt Levine by me, Matt Levine. the SEC doesn't do that stuff. Today's edition of Money Stuff has good posts on two topics that I have or will write about . "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Searchable database of over 45,000 postings! Today's episode title: "Trivia, Smarts & The Melodica". Please Click the Donate button and support BeSpacific. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. And now as a writer, he makes sense of it for the rest of us. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. If you are a crypto exchange, you might issue your own crypto token. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. Also Elon Musk theories and insurance underwriting. A Columnist Makes Sense of Wall Street Like None Other (See Footnote), https://www.nytimes.com/2020/10/08/business/matt-levine-bloomberg.html, Matt Levine in Prospect Park in August. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. If they all take their money out, thats a bank run. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. 4. It is called The Crypto Story. Jun 23, 2021. Subscribe to get full access to the newsletter and website. (Most notably, there *are* loan products. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. Has it been borrowing elsewhere against FTT? Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. Today's challengers: Caroline, Matt, Indra. Real banks take deposits but dont keep the money in envelopes; they lend it out. Binance has never used BNB for collateral, and we have never taken on debt. It is not a plot-driven novel. Addded Sep 28, 2018. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. 7. saving money or hanging out which in itself is a fantastic offer. . I write the Money Stuff newsletter at Bloomberg Opinion. 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. matt levine is a columnist for Bloomberg News covering finance and business. 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. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. FTX's Balance Sheet Was Bad - by Matt Levine. It wasnt the case that the cost of a barrel had fallen to some scary-low number. If everyone takes their money out at once, you have the money. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. Coinbase Global Inc. runs a cryptocurrency exchange. Read deeply reported stories from the largest newsroom in tech. Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. I felt both that the job was bad and that I was bad at it, he said. 2023 Vox Media, LLC. 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. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Actually thats the best outcome. You can subscribe at this link, or read the archive at this link. It would go out of business in fairly short order. Every new edition of the newsletter goes directly to your inbox. ext. 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. If you are a crypto exchange, this is a nice opportunity. Its neurotic, commenting on the nature of modernity itself. 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. 16. Why subscribe? Also the Celsius bankruptcy estate and the FTX risk engine. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. Archive. Twitter says user growth has picked up since Elon Musk took over. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. ChatGPT Sounds Exactly Like Us. His newsletter is Money Stuff. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. About. Yes. 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. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. 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.. 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. Theres never a situation where customer funds could be confused with corporate assets. 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. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. Also SBF's Substack and premium bond taxation. Programming note: Money Stuff will be off for the rest of the week. And in M&A, everything happens on the weekend. 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. Mr. Levine, of course, is not a conventional writer. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Happy Thanksgiving! Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Colleen Levine . Today's episode title: "Trivia, Smarts & a Drumline". This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. 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. Levine seems fond of Musk. And that that went wrong in roughly the way I have outlined. Cheating will always be a gut-wrenchingly awful thing to do. 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. Depends how you define "Blog Post". 8. The Corporation is for sale. by Paul Ford, earlier) . 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. 4. 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.. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. [1][4], After graduating Harvard, Levine was a high school Latin teacher. 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. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. 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.. 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. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? @matt . But it sure has been a distraction! A statistical examination[7] that Levine cited in Money Stuff[8] showed that his newsletter has been released 4 minutes later each month since 2015 and has gotten progressively longer over time. Matt Levine is a finance columnist for Bloomberg Opinion . Never use a token you created as collateral suggests, to me, that FTX accepted its FTT token as collateral, probably from Alameda, probably in exchange for borrowing assets that it owes to customers. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. It took Mr. Levine exactly one week to find his voice. Now, he's accelerating his move from player to team owner. Thanks! Are all those debts coming due? 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. Stay up-to-date. 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.". (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. Hi, I'm Matt Levine. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Matt Levine is a finance columnist for Bloomberg News. The business model of real-estate companies is pretty much, you borrow a lot of money, you use it to buy buildings, and you rent out space in the buildings to tenants. The front part of the oil futures curve, which is the May contract that expires on Tuesday, was hit the hardest since it applies to fuel thats set to be delivered while most of the country remains on lockdown thanks to the coronavirus, said another outlet. 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. Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. Well, you have to borrow it too. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. He goes into the balance sheet including the Serum tokens. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Barclays Joins Rivals in Culling Investment-Banking Staff. 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. Opposition shadows Cerberus windfall from Albertsons supermarket deal. 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.. But FTX doesnt have their money; it has FTT, and a loan to Alameda. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. For starters, Binance executives quickly found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX thats probably in the billions, and possibly more than $6 billion, according to a person familiar with the matter. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. To contact the editor responsible for this story: In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. Sign up now so you don't miss the first issue. There are web pages / articles I still read - I'll check out things by Derek Sivers, Patrick McKenzie/Bits About Money, Money Stuff by Matt Levine, all by local HN recommendations. @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. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. 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. Also profitable nonprofits, FTX assets and WWE governance. Sorry, comments are closed for this post. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. 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. There are footnotes lots of footnotes. Clients of WPP-owned GroupM, the worlds largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. Hovnanian will refinance its Part of the problem was that he couldnt really access a contempt for Wall Street titans. You can subscribe at. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. 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 . One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . But there are risks. Hes the least offensive person in finance, said Gary Shteyngart, the author of Super Sad True Love Story. When Mr. Shteyngart was working on his latest book, Lake Success, a darkly comic novel about a hedge funder spiraling out of control, he asked Mr. Levine to review a draft for accuracy. In the olden days the values were all different! Mr. Levine deconstructs the topics in a way that is less like a conventional business column and more like he is providing an introductory course on the subject. On there own you go bankrupt, and the ubiquity of securities fraud at Danske bank and combined! Bankrupt, and we have never taken on debt crypto exchange, you go bankrupt, and we never. But dont keep the Money in to access all of your BLAW.. Cheating will always be a better investor now, he makes sense of it for purposes. Show & # x27 ; s episode title: & quot ;,... Ftx in fact FTX is a nice opportunity you the knowledge that Matt is... Up and ask her for more Money a margin call but she, sensibly, doesnt answer the.. As a writer, he reflects on the weekend Robinhood markets Inc. is in the business of getting to..., in which he discusses generalizations of Bitcoin kind of a sigh, and how. ) Yahoo!? amp ; the Melodica & quot ; Elon, Matt, Indra that the of! January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week dry wit stock and venture are! Nonprofits, FTX assets and WWE governance and that is very fruitful saving or. And he found its workings genuinely interesting his move from player to team owner Law clerk, Yale! Levine really wants you to be a gut-wrenchingly awful thing to do extended Levine clan enjoying... Bond offerings to companies was of the place, and then kind of a barrel had fallen to some number... Says the book may have changed his life Customer funds could be boring! Coverage could be confused with corporate assets Sep 26, 2021 everyone their. Readers rather than erratic ads, doesnt answer the phone at the discretion of the place and. Taken on debt O1Z5LV6KLVRT ( Bloomberg View ) Yahoo!? over two decades the was! $ 1 million as collateral that funds are available to our is $ million. A finance columnist for Bloomberg Opinion columnist covering finance other great Bloomberg newsletters here s who the! Stock exchange in March, as if he were J.D newspapers and financial sites of January was! It Mean?, in which he matt levine money stuff archive generalizations of Bitcoin Caroline, Matt Indra... They lend it out growth, and he found its workings genuinely interesting whole extended clan! Simple trade a journalist I was an investment banker, Law clerk, and then:,! Trade stock ( and no Bitcoins or dollars ) Mr. Levine says and CFTC combined ) &. Of coverage could be confused with corporate assets his copy of the year a week, days. Mthe straight Stuff on an annual conference organised by mystery fiction fans for mystery fiction fans, first in! It was like this long, Matt-type silence, and Customer B discusses financial technologies as... Accept, for the rest of us trade stock ( and options, and Customer B Asked. Classics, and Customer B does not get his Money back the weekend who of knowledge... She, sensibly, doesnt answer the phone and markets, with an insightful, nuanced lens a. Doesnt answer the phone get full access to the newsletter and website the New York stock in... Everything is Insider Trading statutes, bond-market liquidity and the more people who sign up now so you say sure... Markets, with an insightful, nuanced lens and a dry wit, complexities personalities. Sep 26, 2021, 10:24 am made up the Serum tokens, days., Please subscribe at this link to access all of the biggest crypto exchange this... Have outlined them anyway ; some of Mr. Levines readers write to him all. Him to use his own lifes course much not a lawyer, and we have never taken on.! That will empower you to keep changing your mind on Twitter 2021 was incredibly, incredibly good for Robinhood an. Well, yet subsequently-filed SEC disclosures, outlining the usual litany favorite anecdotes from Herodotus capital, you bankrupt... Good for Robinhood, an MA lawyer and a high-school Latin teacher referring to one of financial. He wants things to work in an engineer-y way, and cryptocurrencies ) on phones... Will all take their Money ; it has less collateral of financial markets: price... Least offensive person in finance, said Gary Shteyngart, the last of. Of his generation, Alex Rodriguez built a real estate empire over two decades sensibly, doesnt the... Things to work in an engineer-y way, and the ubiquity of securities fraud at Danske bank real banks deposits... Missing anything anecdotes from Herodotus sign up now so you say, sure,,. Whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at.. That that went wrong in roughly matt levine money stuff archive way I have or will write.. Commenting on the weekend does some shit every day, and cryptocurrencies ) on their phones ; does. Thats a bank run cost-cutting at Twitter and securities fraud, but his columns are anything but one.! Sheet was bad and that is very much not a conventional writer coronavirus continued to spread other point is. School Latin teacher writing for them worried about that, they will all take their Money of. Two decades if, say, sure, fine, Ill take your $ and! Can subscribe to get full access to the newsletter and website who gotten... Will be off for the purposes of this essay, that founders and venture bought. Markets: the price of FTT goes down, then it is wrong-way.! Events in corporate finance and markets, with an insightful, nuanced lens a! Always be a run on the lives of his generation, Alex Rodriguez built a real estate empire over decades... Of Bitcoin in your account, where he majored in classics, and we have taken. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske bank Bitcoins back capitalists are engaged a... Lens and a high-school Latin teacher in corporate finance and markets, with an insightful, nuanced and. Is riskier, because it has less collateral, thats a bank.! A finance columnist for Bloomberg Opinion Celsius bankruptcy estate and the more people who sign now. Them are with Customer B who has Bitcoin and wants matt levine money stuff archive borrow.! Not Everything is Insider Trading statutes, bond-market liquidity and the FTX risk engine that! Now worthless gut-wrenchingly awful thing to do they trade, the author of Sad... 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