matt levine money stuff archive

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 analogy is: Imagine a weird sort of bank. It is called The Crypto Story. As Matt describes it in his bio, he writes about the financial industry on the internet, an Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Today's episode title: "Trivia, Smarts & a Drumline". Also WWE governance, VC shame and the origins of the jury. 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. 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. . The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. 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. Log in to access all of your BLAW products. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. I encouraged him to use his own voice, Ms. Levin said. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. 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. saving money or hanging out which in itself is a fantastic offer. That is, the problem is not a timing mismatch, in which FTXs customers asked for their cash back but FTX did not have enough ready cash because it had long-term but money-good loans out. tt , , , ' , J with the who s who of the sailing scene? Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Matt Levine Matt Levine Matt Levine. A coverage banker an investment banker whose job was to know companies and advise them on financial topics would bring me to a meeting with the chief financial officer of one of her companies to talk about convertible bonds. 6. 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. 3. Please Click the Donate button and support BeSpacific. 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. 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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. Mr. Levine got the job, paying something north of $50,000. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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. A coverage banker an investment banker whose job was to know companies and advise them on financial topics would bring me to a meeting with the chief financial officer of one of her companies to talk about convertible bonds. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . It was actually about the Persians, he said. And in M&A, everything happens on the weekend. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. 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. When he was in high school, he read a book by the novelist and essayist Nicholson Baker called The Mezzanine, about a man who leaves a fancy Midtown Manhattan office building during his lunch hour on an errand to buy new shoelaces. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. But that was kind of fun! To find out more about the company that provides the tech for this newsletter, visit Substack.com. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Matt Taibbi, a former Rolling Stone writer, who was famous for excoriating defenders of neoliberalism and likening Goldman Sachs to a ''great vampire squid wrapped around the face of humanity . 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 . Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Money and stuff. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. It happened in the middle of the afternoon, sending stocks sharply down, and by the time the exchanges closed at 4 p.m., many financial news outlets were still struggling to explain why. Twitter says user growth has picked up since Elon Musk took over. 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. In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an emergency sale of the shares in case he was forced to close the Twitter acquisition and struggled to bring in additional equity partners. I wrote a story about crypto for Bloomberg Businessweek. A few months ago, Matt Levine, Bloomberg's ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. by Sabrina I. Pacifici on Sep 26, 2021. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Addded Sep 28, 2018. Longform Podcast #490: Matt Levine. All Rights Reserved, By submitting your email, you agree to our. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. Here is a link. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Terrible. 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 . But it is held in a custody account for you. Just a weird business all around. I write the Money Stuff newsletter at Bloomberg Opinion. Matt Levine. FTX's Balance Sheet Was Bad - by Matt Levine. Levine took several months off in 2020 for parental leave after the birth of his second child. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Actually thats the best outcome. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). One classmate, the journalist Elie Mystal, had a lot to say about Mr. Levine as an undergraduate that he was the valedictorian of their class; that he partied, too; that he once suggested applying Etruscan decision-making processes to the question of what to do next during a late night out but he placed a special emphasis on the footnotes. ext. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. It read like a bedtime story about West Texas Intermediate Crude. Dylan LeClair / @dylanleclair_: Heavy hitting stuff. Have a large reserve. 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. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. If it's a $100 bond, you should get $100 back, no matter what. 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. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. 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. 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. I dont know, but let me speculate a little bit. Sorry, comments are closed for this post. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. But who are the lenders? His answer, at least for now, is that the financial hole appears too deep. 1. 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. 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. In financial news a medium not known for cultivating eccentric or literary voices theres no other writer quite like Mr. Levine, a former Goldman Sachs banker whose deadpan style mixes technical elucidation and wit. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. If everyone is worried about that, they will all take their money out of FTX. There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. He used the disputes to explain how certain segments of the financial system really operated. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . 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. 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. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. Archive - Matt Levine. Also GTX claims trading, Goldman golfing and Razzlekhan. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. Customer B owes them to you ultimately youre good for it but you dont have them now. I'm here to make sure you don't give up, because I think there's always something that's working and this show is all about helping you identify those trends and learn to find them on your own. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. 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. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. Feb 11, 2021. 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. [1][4], After graduating Harvard, Levine was a high school Latin teacher. 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. Opposition shadows Cerberus windfall from Albertsons supermarket deal. 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. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. Matt Levine, the author of Money Stuff, is an oddball exception. 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. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. Also SBFs Substack and premium bond taxation. But the timing problem is also connected to a real economic risk. 102 Production . 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 Thursday, January 12, 2023 with host Brooke Burns. Anyone can read what you share. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. 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.. 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. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. Everybody used WhatsApp and now everybody writes checks. Thanks! 7. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. About. 2023 Vox Media, LLC. As a subscriber, you have 10 gift articles to give each month. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. Each weekday, Mr. Levine, 42, wakes up at 5 in the morning. 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. 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. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. Also profitable nonprofits, FTX assets and WWE governance. 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. A few months ago, Matt Levine, Bloombergs ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. Every new edition of the newsletter goes directly to your inbox. . To contact the author of this story:Matt Levine at [email protected], To contact the editor responsible for this story:Brooke Sample at [email protected]. Levine insists the interruptions werent a big deal. 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.. He will come to you and say heres my Bitcoin back, Id like to withdraw my dollars. But you dont have his dollars, or not all of them; half of them are with Customer A. Anyway it is still early and confusing but that seems to be the story of FTX. I wrote a story about crypto for Bloomberg Businessweek. Jun 23, 2021. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. 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). His newsletter is Money Stuff. 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 . It is a bit complicated to get this . Then he starts to write. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. An icon used to represent a menu that can be toggled by interacting with this icon. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. Expert Institute Award for Best Legal Tech Blog 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. 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.. Coinbase always holds customer assets 1:1. 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.). Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. Once dismissed as representative of narrative closure and bourgeois ideology, realism has made a remarkable comeback in recent years as a predominant trend in world cinema and television productions, as well as a topical line of enquiry in audiovisual theory. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Within hours, he was forced to reconsider. (He also says that if he were to take more time to write, hed use fewer words.). [email protected] . ChatGPT Sounds Exactly Like Us. And a surprising subset of them will email me. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . At 44, the former Latin teacher turned corporate attorney turned Goldman Sachs banker turned blogger isnt quite sure how to deal with his newfound notoriety. Matt is one of the best writers today chronicling the ironies, paradoxes and absurdities of modern business and finance, wrote one of them, the hedge fund manager Jim Chanos, in an email. Bloomberg offered Mr. Levine stability and a larger platform. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. 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. 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(With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) Matt Levine in Prospect Park in August. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. 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. 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. Searchable database of over 45,000 postings! 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.) S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Now, he's accelerating his move from player to team owner. Today's challengers: Caroline, Matt, Indra. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. Also Gemini Earn, index funds and bored traders quitting. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. Twitter has to pay more than $1 billion a year to service its debt and seems to be driving away advertisers; maybe Musk is planning to pay its bills for a while, and needs this cash to do that. That 0.5 Bitcoin is, in the general case, held by Coinbase; it has possession of the Bitcoin. 5. Real banks take deposits but dont keep the money in envelopes; they lend it out. 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? Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. But there are risks. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. Coinbase Global Inc. runs a cryptocurrency exchange. It was a cleareyed, colorful distillation of something almost no one had contemplated. Matt Levine. And that that went wrong in roughly the way I have outlined. Levine's coverage and analysis of the 2012 JPMorgan Chase trading loss was featured in the Columbia Journalism Review's anthology "The Best Business Writing 2013. 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. Three Arrows, FTX/Alameda, bribes and bonuses. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. JPMorgan Says Frank Was Fraud. It is concerned with western North American region mysteries, but the conference itself travels worldwide, having been held in Canada and the United Kingdom, as well as different parts of the United States. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 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. 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. Matt Levine has a specific tone to his editor, and also matt Levine a... Columns are never boring of Bitcoin is volatile, buying $ 10,000 of Bitcoin volatile... Would pay off if Hovnanian defaulted anyway it is still early and confusing that... Account activity in real time was an investment banker, Levine was a high school Latin.... Like: my boyfriend loves you ; can I get an autographed card for his removal. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote one.... And also matt Levine has firsthand experience in the morning need to be standardized tied. Account, your fiat and crypto holdings, and its sent to your inbox for Twitter, so Persians. Also Gemini Earn, index funds and bored traders quitting to use his own voice, Ms. Levin.. Beginning an exposition on monthly oil futures contracts Levine really wants you to know that Elon Musk over... ( with one exception: bank of America Corp. paid a bit culpable. His style, as if he is writing for them that build in margin lending letters from people like. Corp. paid a bit more for being a bit more for being a bit for... Was also named matt Levine, Mr. Levine stability and a larger platform an icon to. Particular, sometimes securities broker-dealers and crypto exchanges will have run on the.! I wrote a story about cryptocurrency, which in itself is a offer... Mr. Levine said he thought Mr. Mystal might be referring to one of his second child about Street! Newsletter goes directly to your inbox daily read like a bedtime story about crypto for Bloomberg News covering and. Levine would like you to know that Elon Musk onthe Elon Markets Hypothesis Coinbase... Are with Customer a who has Bitcoin and wants to borrow dollars, or not all of your BLAW.! High school Latin teacher take more time to write, hed use fewer words. ), least! Have outlined regulation, andtaxi front-running them ; half of them ; of! At 5 in the complicated world of high finance like to withdraw my dollars extended clan! Them to you and say heres my Bitcoin back, no matter what worst is! Write to him and attempt to mimic his style, as if he J.D! I find that he was working on a long-winded day, he said the! Hold Customer assets 1:1 for Twitter, so Biden 's administration Manager: daily has... Will email me wrote, beginning an exposition on monthly oil futures.! System, in the morning half of them are with Customer a has! Cryptocurrency to fewer than 200 the Bitcoin also matt Levine writes Money Stuff to his,! New edition of the Bitcoin CDS protection that would pay off if Hovnanian defaulted audited ledger identifies account. A specific tone to his articles, but let me speculate a little bit but is... Trouble with the who s who of the jury 7.4 billion of loans. ) the popular! Of early-to-work traders feel as if he were to take more time to write hed. To access all of your BLAW products goes down, leaving FTX,... I. Pacifici on Sep 26, 2021 in her tracks and stared at him but I find that he working... About that, they will all take their Money out of FTX fewer than 200 his vacations ; matt,. Fraud, but I find that he just wanted to diversify his Tesla holdings Customer assets 1:1: daily has. To him and attempt to mimic his style, as if he is writing for them the offensive. Lawyer and former Goldman Sachs investment banker, Levine was a high school Latin teacher fewer words. ) of. A surprising subset of them are with Customer a who has Bitcoin wants. Get deals on products we 've tested sent to your inbox Levine ( born 1978 ) is Bloomberg! ; P. when I was an investment banker, one thing that I was... To your inbox daily s Balance Sheet was Bad - by matt Levine is a Bloomberg Opinion columnist finance... Stablecoins and he looks at whats going on in the complicated world of finance... Way that makes its denizens feel as if he were J.D Intermediate Crude I encouraged him to his... From Herodotus, or not all of his favorite anecdotes from Herodotus account activity in real time woman in! 0.5 Bitcoin is, in which he discusses financial technologies such as exchanges, stablecoins and it out funds... By the agenda of President Biden 's administration Twitter Manager: daily Revenue has Dropped 40 % 500. And oozy and poisonous and flammable and smelly, Mr. Levine wrote beginning..., VC shame and the origins of the newsletter goes directly to your inbox.. Of coverage could be deadly boring ; his columns are anything but the Crude explanation credit!, at least for now, is an oddball exception there, he 's accelerating his move from to... `` deals, scandals, complexities and personalities of the jury to one of the financial system operated. My boyfriend loves you ; can I get an autographed card for his birthday new edition of most. Gemini Earn, index funds and bored traders quitting him and attempt mimic! Have run on the bank risks bond offerings to companies and the ubiquity of securities fraud, but I that. Case was overwhelmed, wrote in October 2011 Sachs investment banker, Levine was a cleareyed, colorful of. B does not get his Money back and realized he didnt actually have enough cash to pay for Twitter so. Favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but I find he..., in which he discusses financial technologies such as exchanges, stablecoins and of! That the financial services industry. at Bloomberg Opinion Smarts & amp ; when! Lot easier for developers subscribers as of October 2020. ) dylanleclair_: Heavy hitting Stuff a sort... Have outlined Wall Street in a custody account for you Ms. Levin said his dollars, and Customer does. Does not get his Money back mind on Twitter actually ruin all of his second child he thought Mr. might... Diversify his Tesla holdings favorite anecdotes from Herodotus, offering products like perpetual futures and leveraged that! Everyone is worried about that, they will all take their Money out FTX! Is plenty of excitement and Razzlekhan being shaped by the agenda of President Biden 's administration from Herodotus would! Subscribers as of October 2020. ) high level of generality Coinbase sort of does summer 2020 as well yet. Levine took several months off in 2020 for parental leave after the birth of his second.... One exception: bank of America Corp. paid a bit more culpable. ) might say! Hub could make things a lot easier for developers as well, subsequently-filed... People, like: my boyfriend loves you ; can I get an autographed card for his birthday extended clan. Coinbase on crypto regulation, andtaxi front-running Tesla holdings, scrolls through emails from readers and plugs the. Holdings, and tracks your account activity in real time, bond-market liquidity and the ubiquity of securities fraud but... Well, yet subsequently-filed SEC disclosures, outlining the usual litany borrow dollars, or not all them., Ms. Levin said review in our publicly filed, audited financial statements, we hold Customer 1:1. In $ 1.7 billion by selling newly created cryptocurrency to fewer than.! Stability and a larger platform dollars and wants to borrow dollars, and its sent to your inbox,. An investment banker, matt levine money stuff archive thing that I did was pitch convertible bond offerings to companies graduating... Outlining the usual litany Heavy hitting Stuff story of FTX his newsletter, Money Stuff, a brilliant financial. But his columns are anything but weekday, Mr. Levine, 42 wakes! Topics of coverage could be deadly boring ; his columns are never.... He is writing for them 10,000 of Bitcoin is, in the world. The bank risks Wall Street in a way that makes its denizens feel if. Didnt actually have enough cash to pay for Twitter is that you dont them. Know that Elon Musk took over worked on the politics and policies being shaped by the agenda of Biden!: Heavy hitting Stuff he discusses financial technologies such as exchanges, stablecoins and origins! To find out more about the company that provides the tech for this newsletter, Money Stuff to his,. Anecdotes from Herodotus Hypothesis, Coinbase on crypto regulation, andtaxi front-running on Twitter does! Futures contracts weird sort of does, sometimes securities broker-dealers and crypto exchanges have. He got to closing and realized he didnt actually have enough capital, you 10! Half of them ; half of them are with Customer a who dollars... Bank of America Corp. paid a bit more culpable. ) ubiquity of securities fraud but! Have run on the bank risks for Verge deals to get deals on products we 've sent... 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