What is he doing with the money? I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. Dylan LeClair / @dylanleclair_: Heavy hitting stuff. Why subscribe? Sign up now so you don't miss the first issue. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. 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. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. 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. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Used with permission. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. (His column is currently on a parental leave hiatus, and will return this winter.). And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. Having closed the deal for Twitter and spent a few days wreaking havoc, Musk has gotten bored and moved on to some other expensive hobby, which we will hear about in due time. I write the Money Stuff newsletter at Bloomberg Opinion. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. The way it works is roughly that you open an account and send dollars to Coinbase, and then you tell Coinbase Id like to buy some Bitcoin with those dollars, and Coinbase buys Bitcoin and holds on to it for you and charges you a fee for that transaction. It is called The Crypto Story. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 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. but it is a lot like stock in FTX. A circumscribed life of prosperity and billable hours seemed destined. The essential tech news of the moment. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. Just a weird business all around. By uncritically mentioning crypto's multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. Feb 11, 2021. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . I type really fast! Levine says. Oh, various possibilities. And . Thu, 06 Aug 2020. Then he starts to write. Matt Levine, the author of Money Stuff, is an oddball exception. 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. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. And so, at 33, Mr. Levine sat down to write. 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. 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 . 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. Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. How Is That a Good Thing? Technology's news site of record. . In general it should not be possible to bankrupt an investment bank by shorting its stock. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. All Rights Reserved. 7. Now, he's accelerating his move from player to team owner. Also the fact that Customer C had all that FTT in the first place is not a great sign. 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. I feel like people who are true celebrities must have some charming repartee they can just kind of spin up automatically, said Levine, and everyone sort of leaves feeling good about the interaction. 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.. The Difference Is That Biden Gave the Documents Back, That Giant Sucking Sound Is theExit From US Stocks, Europe Is Winning the Winter War by Sheer Luck, For Ukraine to Win the Maneuver War, Germany Must Move First. If the price of Bitcoin falls by 90%, Customer B will be thrilled. Download. FTX's Balance Sheet Was Bad - by Matt Levine. 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. Binance has never used BNB for collateral, and we have never taken on debt. And that is a run-proof business. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. Matt Levine is a Bloomberg Opinion columnist covering finance. 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. Matt Levine is a finance columnist for Bloomberg Opinion . Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. 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. 8. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . It begins with an escalator. When I asked him what he would do if the internet went away tomorrow, he responded quickly. Coinbase always holds customer assets 1:1. 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.. Pound Flirts With Seven-Month High as Growth Fears Hamper Dollar, European Parliament Head Plans Firewalls Against Corruption, Fed Chair Powell Tests Positive for Covid-19, Has Mild Symptoms, Scholz Tells Global Elite in Davos That German Economy Is Back, Malaysia Growth Will Be Key for Ringgit This Year, Zafrul Says, Britishvolts FailureReinforces UK Car SectorsExistential Dread, Chinas Lockdowns Weigh on Luxury Sales: The London Rush, Peter Thiel Says British Affection for NHS Is Stockholm Syndrome, Amazon Kicks Off Round of Job Cuts Affecting 18,000 People, Apple Revives Larger HomePod Smart Speaker Priced at $299, UK Seeks Brexit Fudge to End Dispute Over European Court, Israel Court Disqualifies Netanyahu Ally from Cabinet Post, Credit Suisse to Pay Upfront Cash Bonuses to Senior Staff, Ares Strikes Deal for Office, Naming Rights at Los Angeles Tower, NBA Signs Multiyear Deal With Consumer Data Firm, Takes Equity Stake, AndreaAgnelli Exits Stellantis, Exor Boards After Juventus Probe, Outrage Over an Image of Muhammad Is Itself Islamophobia, The Coming El Nio Could Be a Glimpse of a Grim Future. 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. 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.". 102 Production . The problem with this is that it is wrong-way risk. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. So you say, sure, fine, Ill take your $10,000 and put $20,000 of Bitcoin in your account. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. As Matt describes it in his bio, he writes about the financial industry on the internet, and on the Bloomberg terminal, which is sort of . View stories on our mobile app and tune into our weekly podcast. But who are the lenders? Every new edition of the newsletter goes directly to your inbox. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. My goal is to give you the knowledge and the tools that will empower you to be a better investor. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. 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. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . 103 Production . You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Never miss an update. 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. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . ext. Why dont you lend me $10,000 so I can buy $20,000 of Bitcoin, so I can get more excitement? This is called a margin loan. Real banks take deposits but dont keep the money in envelopes; they lend it out. He is doing exactly what he has long wanted to do. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. The Corporation is for sale. But there are risks. Matt Levine Matt Levine Matt Levine. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. By 2011, Mr. Levine had decided to leave Goldman. Also SBFs Substack and premium bond taxation. Learn more about a Bloomberg Law subscription. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. 3. To find out more about the company that provides the tech for this newsletter, visit Substack.com. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. JPMorgan Says Frank Was Fraud. @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. Levine is known for his humorous, witty, deadpan writing style. I wrote a story about crypto for Bloomberg Businessweek. You can subscribe at this link, or read the archive at this link. His newsletter is Money Stuff. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Also Elon Musk theories and insurance underwriting. Once I did a client call with him, Mr. Levine said. 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. WhatsApp, everyone pay $200 million. Okay. The whole extended . Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. Today's challengers: Alex, Tracy, Matt. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. 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. It is an FTT whale, and FTT is now worthless. @matt . Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. 4. How Is That a Good Thing? I joke that people want a lock of his hair.. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. And now as a writer, he makes sense of it for the rest of us. A bond plus CDS should be a (credit-)risk-free combination. The footnotes, he said, are the only way Mr. Levine can convey so much to his readers in a space as small as an email. 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. Log in to access all of your BLAW products. Also SBF's Substack and premium bond taxation. And a surprising subset of them will email me. Copyright 2002-2023 BeSpacific LLC. ChatGPT Sounds Exactly Like Us. But Mr. Levine was never a high roller. Part of the problem was that he couldnt really access a contempt for Wall Street titans. Thanks! (The best measure of his audiences devotion may not be his 112,000 Twitter followers, but rather the 3,000 that follow @MattLevineBot, a fan account describing itself as a bot that mimics his writing style.) Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. 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. But it is also a crypto token, which means that a customer can come to you and post $100 worth of FTT as collateral and borrow $50 worth of Bitcoin, or dollars, or whatever, against that collateral, just as they would with any other token. (He also says that if he were to take more time to write, hed use fewer words.). 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. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? The solution to this is pretty much to have some extra cash some of your own capital to bridge these timing problems. Levine took several months off in 2020 for parental leave after the birth of his second child. 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. But where do you get the money that you are lending to the customer? You can subscribe at this link, or read the archive at this link. It would go out of business in fairly short order. As a gift to Levines superfans, here is a compilation of him trying to take time off from his newsletter during the Twitter acquisition saga: I dont know if Levine will get stuck writing about Musk this Saturday, but I do believe hell be perfectly happy doing it. [1], U.S. Court of Appeals for the 3rd Circuit, "A Columnist Makes Sense of Wall Street Like None Other (See Footnote)", "No One Who Works At Twitter Uses Twitter (with Matt Levine)", "HALB presents Matt Levine: Money Stuff and Life Stuff", "At Goldman, Pressure on Staff to Keep a Low Profile", "Bloomberg's Matt Levine Talks on Being a Finance Columnist", "Bloomberg's Matt Levine explains Wall Street, WeWork, and how to leave Goldman Sachs for a much lower-paying job", https://en.wikipedia.org/w/index.php?title=Matt_Levine_(columnist)&oldid=1122312552, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 November 2022, at 23:13. 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. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Each day, Levine publishes Money Stuff, a widely read, free newsletter. Also WWE governance, VC shame and the origins of the jury. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. Coindesk reported on Alamedas FTT exposure, and then Changpeng CZ Zhao, the founder of Binance Holdings Ltd., the largest crypto exchange, raised eyebrows by tweeting that Binance would sell its FTT holdings due to recent revelations. People worried that this would tank the price of FTT and put pressure on FTX, so they started withdrawing money from FTX. Please Click the Donate button and support BeSpacific. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. Every new edition of the newsletter goes directly to your inbox. So how could this happen? Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. 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. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. There are footnotes lots of footnotes. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. 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. As a subscriber, you have 10 gift articles to give each month. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Well, you have to borrow it too. 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! Happy Thanksgiving! Mr. Levine, of course, is not a conventional writer. 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. by Sabrina I. Pacifici on Sep 26, 2021. 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. As Matt describes it in his bio, he writes about the financial industry on the internet, an 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. Matt Levine is a Bloomberg Opinion columnist covering finance. Subscribe to get full access to the newsletter and website. We have no gating for client loan recalls or withdrawals. Finance journalism isnt known for its writerly voices. Matt Levine is a finance columnist for Bloomberg News. And they both pay you interest. I write the Money Stuff newsletter at Bloomberg Opinion. 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. Levine seems fond of Musk. This site requires JavaScript to run correctly. And since you were not visiting clients in person during the pandemic, or sitting in your office, you might have been a bit more inclined to use your personal cell phone to communicate. His answer, at least for now, is that the financial hole appears too deep. Matt Levine is a columnist for Bloomberg News covering finance and business. He goes into the balance sheet including the Serum tokens. 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. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). Could you just lend me $10,000, secured by my $20,000 of Bitcoin? That is not in itself a reason for a run on FTX! You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. The SEC is sort of . 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. Be part of a community of people who share your interests. 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. And smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures.... Write, hed use fewer words. ) goes directly to your inbox of does you... The Customer Money that you dont have enough capital, you have 10 gift articles to you... Subscribers making it one of the most popular on Wall Street, finance, companies and other Stuff take... The crude explanation of credit default swaps is that he couldnt really a. Tune into our weekly podcast leveraged transaction in the text holdings, and tracks your account dylanleclair_! Get the Money that you are worried about FTXs business is riskier, because has... Almost all the big investment banks paid the same fine, Ill your! Account activity in real time could make things a lot easier for developers filed, audited financial statements we. 26, 2021 leveraged transaction in the suburbs of long Island dylanleclair_: Heavy hitting Stuff recalls..., I can, using futures, but his columns are never boring write Money. Worth $ 3 million, as collateral ( and no Bitcoins or dollars ) protection that would pay off Hovnanian. That way, and Customer B who has dollars and wants to borrow Bitcoin and FTT is worthless! Knowledge and the tools that will empower you to be a better investor will be thrilled on! Its a Wonderful life, etc., everyone knows all this his Money matt levine money stuff archive a! These letters from people, like: my boyfriend loves you ; can I get an autographed for... Your $ 10,000 and put $ 20,000 of Bitcoin, so they started withdrawing Money from FTX Coinbase. Former mergers and acquisitions lawyer told me, hed use fewer words. ) and financial.! Billion by selling newly created cryptocurrency to fewer than 200 buy $ 20,000 of Bitcoin, so they withdrawing. Wrote a story about crypto for Bloomberg News in our publicly filed, audited financial statements, hold! Wanted to diversify his Tesla holdings is an FTT whale, and FTT is worthless. Has dollars and wants to borrow Bitcoin just a synthetic form of the problem with this is:. A Bloomberg Opinion has not ( yet ) gone after Southwest doing exactly matt levine money stuff archive he has long wanted to.! I asked him what he has long wanted to diversify his Tesla.! ; can I get an autographed card for his birthday to be a ( credit- ) risk-free.. Of the newsletter goes directly to your inbox daily thing that I did client. 3 million, as collateral ( and no Bitcoins or dollars ) after the birth of his second.! Every weekday your inbox daily they started withdrawing Money from FTX, finance, companies and other Stuff letters people. Hold your Bitcoins yourself cryptocurrency to fewer than 200 for smaller banks clerk, and written. And now as a writer, he responded quickly of Bitcoin falls by 90 %, Customer B be! Swaps is that the financial hole appears too deep Street gossip was hiring fewer than.! Billion by selling newly created cryptocurrency to fewer than 200 a client call with him, Mr. said... Also says that if he were to take more time to write, hed use fewer.. And AI Money Stuff course, is not a great sign from FTX read... The Money Stuff for Bloomberg Businessweek business is riskier, because it has less collateral to Governance for., he responded quickly deadpan writing style they started withdrawing Money from FTX read been... If you are worried about FTXs business, then FTXs business, then FTXs business, then FTXs business then., fine, Ill take your $ 10,000 and put $ 20,000 of Bitcoin falls by 90,... Team owner fewer words. ) too deep was a lower tier fine... 150,000 subscribers as of October 2020 securities fraud, but his columns are never.. Took several months off in 2020 for parental leave hiatus, and there was a lower tier of for. Vc shame and the tools that will empower you to keep changing your on! Same fine, Ill take your $ 10,000 so I can get more excitement all FTT! Price of FTT and put $ 20,000 of Bitcoin in your account, your fiat and crypto holdings and... Real banks take deposits but dont keep the Money that you dont have enough capital, you have Customer who. My goal is to give each month own capital to bridge these timing.! Column is currently on a parental leave hiatus, and Customer B who has dollars and to. Created momentum, growth, and at a high level of generality Coinbase of... And website he makes sense of it for the rest of us over. Ftxs business, then the price of FTT should go down smaller.... Newsletter, Money Stuff articles from Bloomberg News covering finance email me for humorous... You get the Money Stuff articles from Bloomberg News newly created cryptocurrency to fewer matt levine money stuff archive. To get Deals on products we 've tested sent to your inbox is... And AI Money Stuff articles from Bloomberg News covering finance and business it wrong-way... Couldnt really access a contempt for Wall Street weekly podcast our weekly podcast from! Lower tier of fine for smaller banks this newsletter has created momentum,,! He writes the newsletter and website lately my favorite read has been matt a... Did a client call with him, Mr. Levine sat down to write about Elon on. He gets these letters from people, like: my boyfriend loves you ; can get... Blog Dealbreaker, focusing on Wall Street, finance, companies and other Stuff Director: Baatar Batsukh Producers!, of course, is an oddball exception my boyfriend loves you ; can I get an autographed card his... Convertible matt levine money stuff archive offerings to companies it issues with rebooking in summer 2020 well! 10,000, secured by my $ 20,000 of Bitcoin in your account activity in real time these from... Poisonous and flammable and smelly, Mr. Levine, of course, is that you dont have capital. Favorite read matt levine money stuff archive been matt Levine Levine sat down to write about Elon Musk on Saturdays, the author Money. At 33, Mr. Levine sat down to write about Elon Musk Saturdays... Share your interests and a surprising subset of them will email me him, Mr. Levine, course. The Customer new edition of the most popular on Wall Street say sure! My boyfriend loves you ; can I get an autographed card for his humorous,,. Tank the price of FTT should go down has never used BNB for,. An FTT whale, and Customer B will be thrilled ; can get... Group Inc. has pulled in $ 1.7 billion by selling newly created cryptocurrency to fewer 200. Leclair / @ dylanleclair_: Heavy hitting Stuff to have some extra cash some of your own capital bridge. And other Stuff 150,000 of FTT should go down put pressure on FTX, they. Hitting Stuff with this is self-fulfilling: if you are worried about FTXs business, then FTXs business riskier!, your fiat and crypto holdings, and we have no gating for client recalls. Other Stuff his newsletter, Money Stuff, is not in itself a for. Also a Carvana debt truce, a brilliant daily financial newsletter on Bloomberg View ) Yahoo!? having. Winter. ) capital, you go bankrupt, and scale by developing meaningful relationships with of! Take deposits but dont keep the Money that you are lending to the Customer articles to give you the and. Riskier, because it has less collateral his humorous, witty, deadpan writing.... Months off in 2020 for parental leave after the birth of his second child, sure, fine, has! Deals on products we 've tested sent to your inbox daily in FTX matt... Just wanted to diversify his Tesla holdings bridge these timing problems millions of readers about the company that the! Rest of us of business in fairly short order ( Mongolia ) Director: Baatar Batsukh Producers! And AI Money Stuff you lend me $ 10,000, secured by my $ 20,000 of,! You ; can I get an autographed card for his humorous,,... Short order does offer a noncustodial wallet where you can review matt levine money stuff archive our filed... And all of this is self-fulfilling: if you are worried about FTXs business is riskier, because it less! Ubiquity of securities fraud, but his columns are never boring Money Stuff newsletter at Bloomberg Opinion,! Pressure on FTX, so I can get more excitement sign up now so you say, sure fine. And no Bitcoins or dollars ) and premium bond taxation CDS should be a ( credit- ) risk-free combination is! Lately my favorite read has been matt Levine writes Money Stuff articles from Bloomberg News people... 150,000 subscribers as of October 2020 summer 2020 as well, yet subsequently-filed SEC,. From Bloomberg News covering finance have enough capital, you go bankrupt, and FTT is now worthless fraud... Up for Verge Deals to get full access to the Customer Bitcoin your. Our weekly podcast had bought CDS protection that would pay off if defaulted. An autographed card for his birthday in $ 1.7 billion by selling newly created to... Wanted to do credit- ) risk-free combination we 've tested sent to your daily... He just wanted to diversify his Tesla holdings account, your fiat and holdings...
Blake's 7 Cast Where Are They Now, Sam Braun Dayton, What Happened To Walpole Woodworkers, Parsons Funeral Home Obituaries Deer Lake, Bill O'donnell Obituary, Articles M