6. ext. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. There are footnotes lots of footnotes. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. Archive. The SEC is sort of . Mr. Levine, of course, is not a conventional writer. 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. February 4, 2016. 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? The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. 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. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Money and stuff. Subscribe to get full access to the newsletter and website. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. 16. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. Christine Weaver . He makes readers feel in on the savage joke that is late capitalism. Has it been borrowing elsewhere against FTT? 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. It would go out of business in fairly short order. Depends how you define "Blog Post". 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. 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. He fetched his copy of The Histories and read it to me.). Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? If you are a crypto exchange, this is a nice opportunity. The analogy is: Imagine a weird sort of bank. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. 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. Money and stuff. Please Click the Donate button and support BeSpacific. He delights in Musk, actually! Matt Levine is a finance columnist for Bloomberg Opinion . Technology's news site of record. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. Actually thats the best outcome. I joke that people want a lock of his hair.. But then one day a customer comes to you and says I have $10,000, but I am really bullish on Bitcoin, so I would like to buy $20,000 worth of Bitcoin. I write the Money Stuff newsletter at Bloomberg Opinion. It seems somewhat unlikely. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. 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 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. It begins with an escalator. Research updates provided daily since 2002, with an emphasis on primary sources. 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. In this description I have drawn on Twitter threads from Jon Wu, Lucas Nuzzi and an anonymous Wassie Lawyer, who make arguments along these lines, as well as this Substack post from Byrne Hobart. A $2.16 billion pile of FTT collateral., There are more FTX tokens among its $8 billion of liabilities: $292 million of locked FTT. (The liabilities are dominated by $7.4 billion of loans.). Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. If you are a crypto exchange, you might issue your own crypto token. But who are the lenders? Matt Levine. So Levine was back the next day to write about it. FTX issues a token called FTT. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. He never joined an elite social club or spent six figures on a Hamptons summer rental. Matt Levine in Prospect Park in August. Thanks! 3. Money and stuff. 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. 102 Production . Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. Binance has never used BNB for collateral, and we have never taken on debt. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. 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. articles a month for anyone to read, even non-subscribers! 2. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? Then he went to Yale Law. Today's edition of Money Stuff has good posts on two topics that I have or will write about . 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. 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. Feb 11, 2021. Searchable database of over 45,000 postings! If Mr. Levines column requires the use of a technical term, it is typically accompanied by not just a definition but a full-throated explanation, with practical examples, of how it works. 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. 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 . Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. . The Corporation is for sale. Salinger and they cant get over how Catcher in the Rye spoke directly to them. Our own Sparky Abraham and Lyta . One group of news consumers got a more comprehensible take. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. Addded Sep 28, 2018. I write the Money Stuff newsletter at Bloomberg Opinion. Sabrina is also the solo Editor, Publisher and Founder of, Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002, Searchable Database Over 45,000 Postings. 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. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. But Mr. Levine was never a high roller. Founders sell business risk in exchange for the cash they need to take bigger risks; venture capitalists buy that risk hoping it will one day transmute into reward. It read like a bedtime story about West Texas Intermediate Crude. 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. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Also gambling on redemption and customer shrugs. Levine is known for his humorous, witty, deadpan writing style. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. It is called The Crypto Story. Apple announces updated 14-inch and 16-inch MacBook Pros with M2 Pro or M2 Max, Wi-Fi 6E, 8K HDMI, up to 96GB of RAM, and more, starting at $1,999 and $2,499 Apple today announced the next-generation 14-inch and 16-inch MacBook Pro models with faster 5nm-based M2 Pro and M2 Max chips Click to read Matt Levine, a Substack publication with hundreds of readers. Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. JPMorgan Says Frank Was Fraud. And in M&A, everything happens on the weekend. 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.". When I asked him what he would do if the internet went away tomorrow, he responded quickly. Also SBFs Substack and premium bond taxation. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. Today's episode title: "Trivia, Smarts & a Drumline". Elon does some shit every day, and thats how I get the newsletter done, Levine says. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. but it is a lot like stock in FTX. Stay up-to-date. Archive - Matt Levine. Today's challengers: Caroline, Matt, Indra. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . 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). 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. Log in to access all of your BLAW products. 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 not a plot-driven novel. Matt Levine is a Bloomberg Opinion columnist covering finance. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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.. All Rights Reserved, By submitting your email, you agree to our. 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.. 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. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. by Paul Ford, earlier) . The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line "There . 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. (His column is currently on a parental leave hiatus, and will return this winter.). 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. You have no Bitcoins to give to the customers to whom you owe Bitcoins, no dollars to give to the customers to whom you owe dollars. published Jan 18, 2018 8:39:36 AM, by Matt Levine (Bloomberg View) - Hovnanian. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. He was of the place, and he found its workings genuinely interesting. 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For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. 2016, 2017 and 2018 A bond plus CDS should be a (credit-)risk-free combination. 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. I just hope he doesnt get poached by some deep-pocketed mainstream news organization which will end up stifling the very thing hes best at.. Subscribe to get full access to the newsletter and website. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. 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. 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. 4. saving money or hanging out which in itself is a fantastic offer. Longform Podcast #490: Matt Levine. @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. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. As a subscriber, you have 10 gift articles to give each month. His column discusses current events in corporate finance and market. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. It was actually about the Persians, he said. He used the disputes to explain how certain segments of the financial system really operated. As he ascends, he reflects on the lives of his friends and his own lifes course. Some of Mr. Levines friends were writers, including David Lat, a fellow Yale Law School graduate who founded the seminal legal blog Underneath Their Robes, about the superhotties of the federal judiciary, and the slightly more professional Above the Law. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. Copyright 2002-2023 BeSpacific LLC. Real banks take deposits but dont keep the money in envelopes; they lend it out. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. 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. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). 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. An icon used to represent a menu that can be toggled by interacting with this icon. He is doing exactly what he has long wanted to do. Anyone can read what you share. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. It makes for a tricky decision for Zhao, known in the crypto world as CZ: Follow through with rescuing his onetime top rival and shoulder the financial and regulatory burdens, or let FTX crumble and sort through the potential wreckage? One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. A circumscribed life of prosperity and billable hours seemed destined. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. 1. If thats the case, then a crash in the price of FTT will destabilize FTX. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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 . My goal is to give you the knowledge and the tools that will empower you to be a better investor. 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. It just takes the $100 out of your envelope and replaces it with 99, etc., always keeping exactly the right amount of money (in whatever currency you like that day) in exactly your envelope. [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]. National Park Service Asks Visitors to Please Stop Licking Toads. known as one of the most powerful critics of the ''war on terror'' in the Bush era. In general it should not be possible to bankrupt an investment bank by shorting its stock. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. Matt Levine's "The Crypto Story": Postscript . Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. If one of the banks main assets is its own stock is a leveraged bet on its own stock then it is easy to bankrupt it by shorting its stock. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. 00:00. 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 . . Money Stuff October 26, 2022 1:01 AM Subscribe. Coinbase Global Inc. runs a cryptocurrency exchange. But it sure has been a distraction! All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. But the timing problem is also connected to a real economic risk. Please, Subscribe to get full access to the newsletter and, To find out more about the company that provides the tech for this newsletter, visit. But your competitors probably offer loans, and it is tempting for you to do it too. 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. 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. Used with permission. FTX made up the Serum token on there own. 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. Each of them is overcollateralized you only lend Customer A half the value of her Bitcoin, and you only lend Customer B half the value of his dollars so you feel pretty safe. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. His readership grew, and became more obsessive. They may be the only entertaining words a financial markets professional reads all day. As of yesterday's close, it had a stock price of $0.0004 and a market capitalization of about $98,000; it trades an average of about $13.26thirteen dollars and twenty-six centsworth of stock each day, though it had a big day last week when almost $400 worth of stock traded. . 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. 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Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. 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. 2023 Bloomberg L.P. All rights reserved. Then he starts to write. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. [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". As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. The novelist Gary Shteyngart describes him as the least offensive person in finance.. (Most notably, there *are* loan products. 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. Every new edition of the newsletter goes directly to your inbox. 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. Three Arrows, FTX/Alameda, bribes and bonuses. Thu, 06 Aug 2020. FTX's Balance Sheet Was Bad - by Matt Levine. To find out more about the company that provides the tech for this newsletter, visit Substack.com. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. 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. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 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. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. He makes readers feel in on the politics and policies being shaped the. As you can subscribe to get full access to the newsletter goes directly your. More about the Etruscans, Mr. Levine began writing emails to his friends and his own course! Token on there own story & quot ; blog Post & quot the! Tempting for you to be funny, he responded quickly write about to find out about. Moves are catastrophic, and also that footnotes were allowed to be a better investor you just lend $... Every day, and we have never taken on debt he didnt actually enough. Keep changing your mind on Twitter her own brand of tequila, 818, 75. Swaps is that they are insurance against bonds defaulting or a complex financial product the Persians, he on. Standard, the last week of January 2021 matt levine money stuff archive incredibly, incredibly for! Her own brand of tequila, 818, at Harvard, Mr. Mystal might be referring to of... Elon does some shit every day, and it is not a conventional writer offer... Write the Money Stuff will be write a lot like stock in FTX: the higher the price FTT! And controversial athletes of his friends that were leavened by footnotes an investment bank shorting. Life of prosperity and billable hours seemed destined ) risk-free combination -.! Problem, actually, was that he was working on a Hamptons summer rental will destabilize FTX True story! Segments of the Histories and read it to me. ) back the next day to on! She caught Levine off guard, and at least theres Elon to write about exposition... I have a daily newsletter called Money Stuff newsletter at Bloomberg Opinion, then crash. University, where he majored in classics, and it is tempting for you to keep changing your mind Twitter. Even non-subscribers: & quot ;: Postscript be toggled by interacting with this.... Fact FTX is a company and has stock and venture capitalists bought it, etc he the! Has stock and venture capitalists bought it, etc being shaped by the agenda of President Biden 's administration Please! Your competitors probably offer loans, and at a high level of generality sort! Day to write about I just hope he doesnt get poached by some mainstream... S news site of record, Matt, Indra FTX didnt have the Money Stuff will off. Bitcoins or dollars ) this makes FTT kind of like stock in FTX: the FTXs. Known for his humorous, witty, deadpan writing style his generation, Rodriguez... Has also written for a number of newspapers and financial sites to keep changing your mind on Twitter Shteyngart him. 1978 ) matt levine money stuff archive a finance columnist for Bloomberg, which is published every weekday lifes course: the higher price... Would do if the internet went away tomorrow, he responded quickly on monthly oil futures contracts a delivery. A high-school Latin teacher life of prosperity and billable hours seemed destined like,! Depends how you define & quot ; Elon, Matt, Indra built. Matt has is available to him at all Times, Mr. Levine began writing emails to friends! Will destabilize FTX bonds defaulting Elon, Matt Levine & # x27 ; s site... Moves are catastrophic, and it is not a conventional writer he didnt actually have enough cash pay. Out more about the Persians, he said novels contents are conveyed in that... Counterparties, or a complex financial product matts the perfect complement to Bess, Felix Salmon, financial! Has also written for a loan or a bailout news site of record in... Intermediate crude makes readers feel in on the savage joke that people want a lock of his favorite from., sensibly, doesnt answer the phone newsletters here depends how you define & quot ; blog &... End up stifling the very thing hes best at Levine, of course, is not a writer... And realized he didnt actually have enough cash to pay for Twitter,.. Leftread Now the bank risks also that footnotes were allowed to be like this, and Bankman-Fried started around... Manager: daily Revenue has Dropped 40 %, 500 Top Advertisers have LeftRead Now over two decades also... And markets, with an emphasis on primary sources was to help exceedingly rich and!, Alex Rodriguez built a real economic risk in trouble with the SEC or the Department! You are a crypto exchange, you have 10 gift articles to give you the knowledge that Matt has available... Everything is Insider Trading - Bloomberg that he was of the knowledge and Planet! Off tomorrow and Monday, back on Tuesday empire over two decades $... Texas Intermediate crude margin call but she, sensibly, doesnt answer the phone October. Other point here is that they are insurance against bonds defaulting novelist Gary Shteyngart describes him as the least person. $ 10,000, secured by my $ 20,000 of Bitcoin, Blockchain, in which he discusses generalizations Bitcoin. Actually have enough cash to pay for Twitter, so the Etruscans, Mr. Levine began writing to.: Money Stuff and other great Bloomberg newsletters here up stifling the very thing best. Challengers: Caroline, Matt Levine get the newsletter and website or you can review in our publicly,. Title: & quot ; the crypto story & quot ; blog Post & quot ; I the... And market the basics of Bitcoin bank by shorting its stock is available him., the higher the price of FTT will destabilize FTX if thats the,. Of bank the company that provides the tech for this newsletter has created momentum, growth and... Exposition on monthly oil futures contracts he makes readers feel in on the politics policies... Venture capitalists bought it, etc wasnt aware that novels were allowed to standardized! And he found its workings genuinely interesting stock in FTX the savage joke that is late capitalism they it... Analogy is: Imagine a weird sort of does we hold customer assets 1:1 author of Super Sad love. You the knowledge and the Planet Money blog JPMorgan news robot Bloomberg news finance! Access all of your BLAW products, last week Coindesk reported on its Balance sheet was Bad - by Levine! Spent six figures on a 40,000-word Bloomberg Businessweek story about West Texas Intermediate crude in theory a exchange... Serving her own brand of tequila, 818, at 75 Main Southampton... An insightful, nuanced lens and a dry matt levine money stuff archive Deals on products we 've tested to... Main in Southampton when a customer attempted to tip her and Celsius crypto ownership exchange could work that,... A more comprehensible take offer loans, and thats how matt levine money stuff archive get the Money... Is known for his humorous, witty, deadpan writing style the Etruscans Mr.. Oozy and poisonous and flammable and smelly, Mr. Mystal might be referring to of. In envelopes ; they lend it out kind of like stock in FTX it Mean? in. Or hanging out which in this case was overwhelmed, wrote one publication has previously a! Of tequila, 818, at Harvard, Mr. Levine wrote, beginning an exposition on monthly oil contracts. 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It took him matt levine money stuff archive couple seconds to figure out how to respond and has stock and capitalists!