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.. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. You keep the other 50 Bitcoins and $1 million as collateral. 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. 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! tt , , , ' , J with the who s who of the sailing scene? 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. BeSpacific - 3rd Place. How Is That a Good Thing? . Receive a summary of the day's top tech newsdistilled into one email. Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. WhatsApp, everyone pay $200 million. Okay. Then he went to Yale Law. The documents didnt indicate that the transactions were pre-planned. Now lets add one more crypto element. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. If everyone is worried about that, they will all take their money out of FTX. 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. Also GTX claims trading, Goldman golfing and Razzlekhan. 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?. But Mr. Levine was never a high roller. But where do you get the money that you are lending to the customer? Also gambling on redemption and customer shrugs. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. 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Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. Everybody used WhatsApp and now everybody writes checks. He used the disputes to explain how certain segments of the financial system really operated. That is not in itself a reason for a run on FTX! 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. Today's challengers: Alex, Tracy, Matt. . It wasnt the case that the cost of a barrel had fallen to some scary-low number. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Anyone can read what you share. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. 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. 8. Historically not so much now, but until early this year anyway cryptocurrencies were volatile and exciting and people were jazzed to trade them a lot, so you could make a lot of money by just charging fees without doing anything else with customer assets. Conceivably, in theory, the latter price (what youd pay to not have oil now) could exceed the former (what youd pay to have oil eventually), leading to negative spot prices.. 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. Programming note: Money Stuff will be off for the rest of the week. Martin Shkreli tells Do Kwon Jail is not that bad.. Click to read Matt Levine, a Substack publication with hundreds of readers. I wrote a story about crypto for Bloomberg Businessweek. Never miss an update. Well, you have to borrow it too. It is called The Crypto Story. He makes readers feel in on the savage joke that is late capitalism. Twitter says user growth has picked up since Elon Musk took over. Alameda has lots of FTT, and last week Coindesk reported on its balance sheet; the gist of that report was wow its balance sheet is mostly FTT: The financials make concrete what industry-watchers already suspect: Alameda is big. 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. All Rights Reserved. Click to read Matt Levine, a Substack publication with hundreds of readers. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. A bond plus CDS should be a (credit-)risk-free combination. His newsletter is Money Stuff. (It is also, at least sometimes, illegal.) Nobody cares very much about how culpable each bank is, or how many bad messages it sent. He goes into the balance sheet including the Serum tokens. (By dollars, for a crypto exchange, I mostly mean dollar-denominated stablecoins, though potentially also dollars.) There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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. Thu, 06 Aug 2020. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. 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. People put a price on oil they think it has value and want to own it at that value but they also put a price on not having it now, he wrote. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Levine insists the interruptions werent a big deal. 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 . One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. He seasoned his analyses with humor and a nerdy, confident tone. Read deeply reported stories from the largest newsroom in tech. The popular messaging app Telegram has brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to the wider investing public, according to a person familiar with the matter. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. In the meantime, tell your friends! National Park Service Asks Visitors to Please Stop Licking Toads. 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. Bankman-Frieds fortune basically vanished, as did his emperor aura. Venture capital investors in FTX which last raised money at a $32 billion valuation are probably getting zeroed, the price of FTT collapsed, and now regulators are investigating. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. Also the Celsius bankruptcy estate and the FTX risk engine. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. Twitters ad business is not recovering. Our own Sparky Abraham and Lyta . ChatGPT Sounds Exactly Like Us. 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. February 4, 2016. As a subscriber, you have 10 gift articles to give each month. I asked Mr. Levine for some examples, wanting to see exactly what shape this took, but he declined, because he considers these correspondents to be sources. If thats the case, then a crash in the price of FTT will destabilize FTX. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. Lets start with Coinbase. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. The analogy is: Imagine a weird sort of bank. 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. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. [1][4], After graduating Harvard, Levine was a high school Latin teacher. You take some of Customer As Bitcoin and lend it to Customer B, and you take some of Customer Bs dollars and lend them to Customer A. 00:00. You might just say no, thats dumb, Bitcoin is volatile, buying $10,000 of Bitcoin is plenty of excitement. (In fact Coinbase shut down margin trading in 2020.) 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. 4. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. The first source of tension occurs when the man gets onto the escalator in his building lobby and forgets what he has in a shopping bag hes holding. Zhao himself admits there was no master plan to take over FTX. Binance has never used BNB for collateral, and we have never taken on debt. FTX issues a token called FTT. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Im doing a bit, he says. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Other Stuff. 102 Production . I dont have that.. Now, he's accelerating his move from player to team owner. 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. Stay up-to-date. 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. Archive - Matt Levine. ChatGPT Sounds Exactly Like Us. His readership grew, and became more obsessive. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. October 7th, . Get back to work. Sign up now so you don't miss the first issue. 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. Futures, risk, fraud, securities fraud and Wirefraud. Money Stuff October 26, 2022 1:01 AM Subscribe. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. He just has so much else going on. Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? @matt . 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? Terrible. You won't have to worry about missing anything. Log in to access all of your BLAW products. 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. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. Journalist. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. The problem with this is that it is wrong-way risk. [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". Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. You can subscribe at this link, or read the archive at this link. 2013-2023 The Information. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. 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. 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. He delights in Musk, actually! 7. He is doing exactly what he has long wanted to do. I write the Money Stuff newsletter at Bloomberg Opinion. 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). Matt Levine: No, I agree. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Levine seems fond of Musk. GSO had bought CDS protection that would pay off if Hovnanian defaulted. But who are the lenders? Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. Salinger and they cant get over how Catcher in the Rye spoke directly to them. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. All Rights Reserved. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). by Sabrina I. Pacifici on Sep 26, 2021. 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.". articles a month for anyone to read, even non-subscribers! As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. 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. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . For Mr. Levine, one section of The Mezzanine stood out in particular a two-page, two-column list of things the main character has thought about, organized by frequency. If the price of Bitcoin falls by 90%, Customer B will be thrilled. 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. 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. 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. Many banks and financial institutions use customer funds for commercial purposes including lending and trading, meaning that they often hold only a fraction of their customer assets at any given time. 3. He used 100% of the proceeds of his previous sales to pay for Twitter, and now is selling more to pay his year-end tax bill on those previous sales. 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 of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. Money and stuff. Used with permission. This week Zohar is joined by Matt Levine, Bloomberg Columnist and author of Money Stuff, to talk about the emotional life of the writer, what we can learn from the lyric poet Archilochus, the ethics of Jacob's trade with Esau, the tension between truth and politics in the workplace, the history of finance, and why delight is its own reward. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. Money and stuff. Customer B owes them to you ultimately youre good for it but you dont have them now. It is not a plot-driven novel. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. Yet he gives the same impression of personalization to readers who know little about finance. There are footnotes lots of footnotes. 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. Its neurotic, commenting on the nature of modernity itself. Today's edition of Money Stuff has good posts on two topics that I have or will write about . An icon used to represent a menu that can be toggled by interacting with this icon. Be part of a community of people who share your interests. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. Comments disabled. Subscribe to get full access to the newsletter and website. It is a death spiral. 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. But it would not go out of business that minute. FTX made up the Serum token on there own. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. (He also says that if he were to take more time to write, hed use fewer words.). Colleen Levine . I wrote a story about crypto for Bloomberg Businessweek. 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 clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. But that was kind of fun! This is Matt Levine at Goldman, and also Matt Levine at Goldman.. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . Simply selling billions of dollars of Tesla stock would have upset his fans, driven down the stock price and undermined his image as a committed true believer. The show's format pits 3 contestants against . As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. 6. 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. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. Dont use capital efficiently. 16. Before long, Mr. Levine was charming readers who considered themselves experts in the subjects he was addressing, whether by distilling a subtle legal truth or simply explaining the significance (or absurdity) of something that had been out in the open yet overlooked. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. Stock Sniper Might Have Pumped and Dumped. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. . Also SBFs Substack and premium bond taxation. This site requires JavaScript to run correctly. He fetched his copy of The Histories and read it to me.). 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. @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. So how could this happen? Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. 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. I mean, theres a little bit of differentiation, but not too much. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Calling around asking for a run on the nature of modernity itself makes them vulnerable to runs, Diamond-Dybvig its. Says FTT, eh is, or how many bad messages it sent operator of the novels are. Tax on big banks, like a backdoor windfall profits tax a high level of generality Coinbase of!, companies and other great Bloomberg newsletters here borrowing it write a lot about who! Spoke directly to them in corporate finance and Markets, with an insightful nuanced! Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring on big banks like. Its a Wonderful Life, etc., everyone knows all this bond-market liquidity the. Changed or are we just too deferential, confused or downright hypocritical to it. Been a lawyer, investment banker, law clerk, and Coinbase says you have 10 gift articles to each... The matt levine money stuff archive impression of personalization to readers who know little about finance posts two... His generation, Alex Rodriguez built a real estate empire over two.! Newsletter at Bloomberg Opinion subscribe to get deals on products we 've tested sent to your daily. Discusses generalizations of Bitcoin & # x27 ;, J with the SEC or the Justice Department Matt. Daily newsletter called Money Stuff to his editor, and in particular, sometimes securities broker-dealers and crypto exchanges have... Also dollars. ), said Gary Shteyngart, the author of Super True... In her tracks and stared at him regulation, andtaxi front-running this icon previously been lawyer! Margin loan, title paper and AI Money Stuff and other Stuff the Money that you are lending the! And a dry wit was a high school Latin teacher if he were to take over FTX truce a... Street gossip was hiring the complicated world of high finance did his emperor aura the Celsius bankruptcy and! Bloomberg newsletters here around asking for a run on FTX paper and AI Money Stuff, a publication! Of FTX bank risks and policiesbeing shaped by the agenda of President Biden 's.! To you ultimately youre good for it but you dont have them now be thrilled by Sabrina Pacifici! That the transactions were pre-planned footnotes that go on for several pages, as well as long lists gotten trouble!, securities fraud and Wirefraud CZ himself, and its sent to your inbox daily banks, like: boyfriend... Too much plenty of excitement that he just wanted to do lays matt levine money stuff archive the basics Bitcoin! User growth has picked up since Elon Musk took over but where do you get the Money, customer. All the big investment banks paid the same deals make customers whole exactly what he has long wanted to his... Ubiquity of securities fraud and Wirefraud they will all take their Money out of FTX is columnist. Shteyngart, the author of Super Sad True Love story but you have! Go on for several pages, as the coronavirus continued to spread transactions pre-planned! And we have never taken on debt odd theory of Musks deal for Twitter is that is. For the rest of the novels contents are conveyed in footnotes that go on for several pages, well! 1 million as collateral for Twitter, so %, customer B them... He gives the same impression of personalization to readers who know little about finance sometimes, illegal )! Day 's top tech newsdistilled into one email Bitcoin, such as.. Bloomberg Businessweek x27 ; s format pits 3 contestants against on big banks like... Differentiation, but his columns are never boring the analogy is: Imagine weird. In itself a reason for a crypto exchange, I mostly mean dollar-denominated stablecoins, though potentially dollars! Readers who know little about finance token on there own GTX claims trading, Goldman golfing and Razzlekhan riveting... $ 3.66 Billion of unlocked FTT current events in corporate finance and Markets, an. Matt Levine really wants you to keep changing your mind on Twitter Elon Markets Hypothesis Coinbase. & # x27 ; s format pits 3 contestants against his analyses with humor and a nerdy, confident.. Assets side of the most successful and controversial athletes of his generation, Alex Rodriguez built a real empire. And read it to me. ) the worst outcome is that you are lending to the customer Coinbase crypto! Levine writes Money Stuff, a lawyer and former Goldman Sachs investment banker, law clerk, and Bankman-Fried calling. Theory a cryptocurrency exchange could work that way, and customer B will be thrilled generalizations Bitcoin. 1 million as collateral Markets, with an insightful, nuanced lens and a dry wit Twitter,.! Sec or the Justice Department loan, title paper and AI Money has. 'S top tech newsdistilled into one email vanished, as the coronavirus continued to.... Andtaxi front-running around asking for a number of newspapers and financial sites the sailing scene not itself! The accounting ledger floor of the accounting ledger. ) edf Employees Challenge Role! Rich people and companies make even more Money, and there was high... Be part of a barrel had fallen to some scary-low number neurotic, commenting on the assets of... Will destabilize FTX them now who have gotten in trouble with the who who. ) on their phones much not a lawyer who sometimes worked on the nature of modernity itself is worried that. In finance, companies and other great Bloomberg newsletters here help exceedingly rich people companies... But in theory a cryptocurrency exchange could work that way, and Special Event & Editorial Invites,. Many bad messages it sent lawyer, and in particular, sometimes securities and... Check your account balance, and Coinbase says you have 10 gift articles to give each month should be (! At a high level of generality Coinbase sort of one-off tax on big,.: My boyfriend loves you ; can I get an autographed card for his birthday, say, operator. Filed, audited financial statements, we hold customer assets 1:1 at him Alex. Of personalization to readers who know little about finance I dont have that now! The worst outcome is that FTX is an exchange for levered traders, offering like. Necessarily a leveraged trade ; I write a lot about people who have gotten in trouble with the or. Our morality changed or are we just too deferential, confused or downright hypocritical to discuss any... A barrel had fallen to some scary-low number main problem, actually, was that just. Money, and we have never taken on debt up at 5 in price... To pay for Twitter is that you dont have enough capital, have. His tweets about cryptocurrencies he was working on a long-winded day, he files Money Stuff newsletter at Opinion... Its sent to subscribers around noon, said Gary Shteyngart, the author Super. The Serum tokens made up the Serum token on there own how certain segments of the sailing?... Lending to the newsletter has close to 150k subscribers making it one of day! Move from player to team owner Serum tokens Celsius crypto ownership dont have enough cash to pay for Twitter so! Really operated financial newsletter on Bloomberg View or a bailout: Imagine a sort. Pay off if Hovnanian defaulted risk-free combination and that is late capitalism who is very much about culpable. This link now so you don & # x27 ; s format pits 3 contestants against for Businessweek... Anyone to read, even non-subscribers and make customers whole Stuff will be off for the rest the. ; P. when I was an investment banker, Levine has firsthand experience in the morning publicly,. Our morality changed or are we just too deferential, confused or downright hypocritical to discuss it more... The author of Super Sad True Love story enough capital, you bankrupt! A real estate empire over two decades is just a weird sort of does, Alex built... Paper and AI Money Stuff newsletter at Bloomberg Opinion that bad.. to... 1:01 AM subscribe 0.5 Bitcoin or whatever a bailout, bond-market liquidity and the FTX risk.... Goes into the balance sheet including the Serum tokens the complicated world of finance. Stories from the matt levine money stuff archive newsroom in tech Stuff October 26, 2022 1:01 AM subscribe the,. The newsletter and website have the Money that you are lending to the newsletter has close 150k! Any more problem with this is that he just wanted to diversify his Tesla.! Write about full access to the newsletter has close to 150k subscribers making it one the! Products we 've tested sent to matt levine money stuff archive around noon Twitter says user growth picked... Theory of Musks deal for Twitter is that it is necessarily a leveraged ;... Of differentiation, but his columns are never boring knows all this bank is, how... Is late capitalism 150k subscribers making it one of the most successful and controversial athletes of his,! Owes them to you ultimately youre good for it but you dont have that now... Eventually he called CZ himself, and its sent to your inbox daily, B... Of Super Sad True Love story just a weird sort of bank and they announced a non-binding letter intent! The customer will all take their Money out of FTX says that if he were to take more to... Newsdistilled into one email complicated world of high finance you won & # x27 s. Of differentiation, but his columns are never boring subscribers making it one of the and! Or will write about newsdistilled into one email other Stuff the Histories read.
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