Also Gemini Earn, index funds and bored traders quitting. If you are a crypto exchange, this is a nice opportunity. I type really fast! Levine says. Matt Levine is a columnist for Bloomberg News covering finance and business. The problem with this is that it is wrong-way risk. Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. Also a Twitter markdown and a SPAC CFO YOLOs GME. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. 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. His answer, at least for now, is that the financial hole appears too deep. ; What Does It Mean?, in which he discusses generalizations of Bitcoin, such as Ethereum. He just has so much else going on. Each day, Levine publishes Money Stuff, a widely read, free newsletter. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Levine seems fond of Musk. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. Archive - Matt Levine. Well, you have to borrow it too. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. I dont have that.. 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. I write about finance for Bloomberg Opinion. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. The way it makes money is that each time its customers trade stocks (or options, or cryptocurrencies), Robinhood sends their order to a market maker, and the market maker pays Robinhood a tiny fee for the right to execute the order. Matt Levine in Prospect Park in August. Click to read Matt Levine, a Substack publication with hundreds of readers. A circumscribed life of prosperity and billable hours seemed destined. 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. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. Mr. Levine got the job, paying something north of $50,000. 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. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. Matt won yesterday's game and returns today to . You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Barclays Joins Rivals in Culling Investment-Banking Staff. 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). 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? Colleen Levine . Money Stuff. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. You keep the other 50 Bitcoins and $1 million as collateral. Real banks take deposits but dont keep the money in envelopes; they lend it out. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. 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. Archive. To find out more about the company that provides the tech for this newsletter, visit Substack.com. (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.) But there are risks. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. Your accounts show that you owe clients 100 Bitcoins and $2 million and 150,000 FTT, and they owe you back 100 Bitcoins and $2 million, and you have 150,000 FTT of collateral, so everything balances. Im doing a bit, he says. The essential tech news of the moment. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. Hovnanian will refinance its 5. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Matt Levine is a Bloomberg Opinion columnist covering finance. (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. The last time Ilooked at Yahoo, in December, I calculated that the after-tax equity value of its actual businesses, outside of Alibaba and Yahoo Japan, was about $1.7 billion. Also profitable nonprofits, FTX assets and WWE governance. Every new edition of the newsletter goes directly to your inbox. The US Securities and Exchange Commission and Commodity Futures Trading Commission have concluded that thats illegal, and fined all the banks for doing it, because they all did it. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. 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. 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. What is he doing with the money? His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. Thanks! Journalist. 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. Also SBFs Substack and premium bond taxation. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Money and stuff. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. 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. . ext. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Today's challengers: Alex, Tracy, Matt. 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. And they both pay you interest. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. 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. 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. JPMorgan Says Frank Was Fraud. 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. 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. It actually went below zero, meaning there were traders out there who would pay you to own oil. Money Stuff October 26, 2022 1:01 AM Subscribe. Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. Log in to access all of your BLAW products. Or something; you might set the margin requirements higher or lower, letting customers borrow 25% or 50% or 95% of the value of their FTT token collateral. But it would not go out of business that minute. 1. 7. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. I'm also on Twitter and LinkedIn. Hi, I'm Matt Levine. . A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. Theres never a situation where customer funds could be confused with corporate assets. That was the height of the GameStop Corp. meme-stock mania: The whole worlds attention was focused on the soaring price of GameStop stock, which was leading a lot of people to sign up for Robinhood and trade GameStop, and GameStop was very volatile and so Robinhood got paid a lot for trading it. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. Dont go put all your money in Coinbase because I said so or anything! I used to write at Dealbreaker. 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 . 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. 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. Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. Matt Levine. Clients of WPP-owned GroupM, the worlds largest ad-buying firm, have cut their spending on Twitter by between 40% and 50% since Elon Musk took control of the company in late October, according to people familiar with the matter. I write the Money Stuff newsletter at Bloomberg Opinion. Receive a summary of the day's top tech newsdistilled into one email. Matt Levine: No, I agree. If everyone is worried about that, they will all take their money out of FTX. 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. Now lets add a few more FTX-specific elements. the SEC doesn't do that stuff. Levine is known for his humorous, witty, deadpan writing style. FTX issues a token called 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.. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. Copyright 2002-2023 BeSpacific LLC. In general it should not be possible to bankrupt an investment bank by shorting its stock. Anyway it is still early and confusing but that seems to be the story of FTX. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. 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. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham They may be the only entertaining words a financial markets professional reads all day. 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. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). 2. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. He began by combing through the complex legal battles stemming from the 2008 financial crisis over who deserved to be paid and who deserved not to pay, testing the strengths and weaknesses of the combatants claims. We have talked a few times recently about Hovnanian Enterprises Inc., which got favorable financing from Blackstone Group's GSO Capital Partners through some credit-default-swap market machinations. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. It seems somewhat unlikely. 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. (His column is currently on a parental leave hiatus, and will return this winter.). I joke that people want a lock of his hair.. Mr. Levine, of course, is not a conventional writer. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . But that was kind of fun! [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. You can subscribe at this link, or read the archive at this link. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . 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. 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. Levine's analysis in his column have been widely covered by other newspapers. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. . Tesla Inc. Chief Executive Officer Elon Musk sold at least $3.95 billion of the electric-vehicle makers shares just days after closing his buyout of Twitter Inc. Musk unloaded 19.5 million shares, according to regulatory filings on Tuesday in New York, his first disposals since August. 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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. tt , , , ' , J with the who s who of the sailing scene? Coinbase always holds customer assets 1:1. 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 . Used with permission. 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. 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But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. 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. He never joined an elite social club or spent six figures on a Hamptons summer rental. (It is also, at least sometimes, illegal.) Everybody used WhatsApp and now everybody writes checks. Mayor pete may be a dunce, but he knows how to get money; . And so, at 33, Mr. Levine sat down to write. If you'd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. There are footnotes lots of footnotes. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. In the olden days the values were all different! I write the Money Stuff newsletter at Bloomberg Opinion. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . As he ascends, he reflects on the lives of his friends and his own lifes course. Subscribe to get full access to the newsletter and website. 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. The fine is $200 million per bank (SEC and CFTC combined). Twitters ad business is not recovering. He knows his stuff, Mr. Shteyngart said, praising Money Stuff as cogent, insightful, dryly funny at times as in, Can you believe this stuff is happening?. Dont use capital efficiently. 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 so there was a sense of inevitability on the day in 2013 when David Shipley, the editor of the billionaire-backed Bloomberg opinion desk, took Mr. Levine to lunch and offered him a job. Mr. Levine wasnt always a darling of business media and finance Twitter. And a surprising subset of them will email me. Searchable database of over 45,000 postings! It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. [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]. Play in New Window. Jan 12. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. You can subscribe at this link, or read the archive at this link. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. articles a month for anyone to read, even non-subscribers! 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. 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. Sorry, comments are closed for this post. It took Mr. Levine exactly one week to find his voice. 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. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 3. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. Thu, 06 Aug 2020. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. 8. Not for dummies. 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. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. 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? He goes into the balance sheet including the Serum tokens. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . 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. 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 would go out of business in fairly short order. But then if the value of FTT drops to zero, you have nothing. Eventually youll get the rest of the Bitcoin back from Customer B, but for now you just pay Customer A out of your own Bitcoin stash. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. 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. [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. And often I will have made fun of them, and they'll be like, 'That was p 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. The Corporation is for sale. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. 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. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. WhatsApp, everyone pay $200 million. Okay. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. Never miss an update. This site requires JavaScript to run correctly. 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.. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. by Paul Ford, earlier) . Levine insists the interruptions werent a big deal. 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 . The SEC is sort of . [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. So Levine was back the next day to write about it. I mean, theres a little bit of differentiation, but not too much. 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 His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. 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. October 7th, . Just a weird business all around. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. But the timing problem is also connected to a real economic risk. 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. 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. 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. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. 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. matt levine is a columnist for Bloomberg News covering finance and business. 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. He makes readers feel in on the savage joke that is late capitalism. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. His readership grew, and became more obsessive. I'm hoping to rely on loyal readers rather than erratic ads. Oh, various possibilities. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Thanks! If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. 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. He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. 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. 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. Programming note: Money Stuff will be off for the rest of the week. Matt Levine. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. Please Click the Donate button and support BeSpacific. The problem is that FTX took its customers money and traded it for a pile of magic beans, and now the beans are worthless and theres a huge hole in the balance sheet. On top of that, US regulators are circling FTX, investigating whether the firm properly handled customer funds, as well as its relationship with other parts of Bankman-Frieds crypto empire, Bloomberg News reported Wednesday. We provide retail and commercial loans to qualified customers secured by their crypto asset holdings on our platform, which exposes us to the risk of our borrowers inability to repay such loans, says a risk factor in. Thank you! The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. Three Arrows, FTX/Alameda, bribes and bonuses. Also WWE governance, VC shame and the origins of the jury. 2016, 2017 and 2018 I wrote a story about crypto for Bloomberg Businessweek. I write the Money Stuff newsletter at Bloomberg Opinion. 103 Production . Googles cloud computing unit on Thursday made sweeping changes to its leadership, including replacing its top U.S. Three years ago, as Microsoft sought to overtake Amazon and Google in cloud computing and artificial intelligence, the company made a major move. Binance has never used BNB for collateral, and we have never taken on debt. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . 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. Other Stuff. 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. Apollo Global Management Inc., Carlyle Group Inc. and KKR & Co. said in regulatory filings this week that they received letters from the Securities and Exchange Commission on their use of electronic messaging for business. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. It read like a bedtime story about West Texas Intermediate Crude. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. 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. 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. He delights in Musk, actually! Click to read Matt Levine, a Substack publication with hundreds of readers. Sales Execs Depart in Shakeup as Profits Remain Elusive, By Jon Victor, Kevin McLaughlin and Amir Efrati, Microsoft + OpenAI: Inside Techs Hottest Romance, By Erin Woo, Aaron Holmes and Jessica E. Lessin, What OpenAIs Bonkers Deal Structure Means For Silicon Valley, Musks Twitter Intentionally Suspended Tweetbot, Third-Party Apps, Messages Show, Microsoft Prepares to Lay Off Thousands of Employees, Including in Azure-Related Units, Twitters Efforts to Court Advertisers Turns Them Off. You won't have to worry about missing anything. Actually thats the best outcome. (By dollars, for a crypto exchange, I mostly mean dollar-denominated stablecoins, though potentially also dollars.) Subscribe to get full access to the newsletter and website. 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. 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. Bloomberg offered Mr. Levine stability and a larger platform. National Park Service Asks Visitors to Please Stop Licking Toads. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. This is the story of his ascension. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. His newsletter is Money Stuff. Download. 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? bloomberg.com. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? Matt Levine, the author of Money Stuff, is an oddball exception. It might be a reason for the price of FTT to go down, if you think that Alameda has too much of it and might need to sell it. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. Learn more about a Bloomberg Law subscription. Get back to work. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. It is not a plot-driven novel. There is even an RSS. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. The documents didnt indicate that the transactions were pre-planned. The worlds richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. 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. Twitter says user growth has picked up since Elon Musk took over. There is a timing problem. but it is a lot like stock in FTX. I wrote a story about crypto for Bloomberg Businessweek. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. You just have to call up Customer C and say hey we need all those dollars and Bitcoins back. But Customer C will not want to give you back all those valuable dollars and Bitcoins in exchange for now-worthless FTT. ChatGPT Sounds Exactly Like Us. Google Clouds Top U.S. 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.. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. And that that went wrong in roughly the way I have outlined. If they all take their money out, thats a bank run. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. 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. 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 . The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line Theres Nowhere to Put the Oil.. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. How Is That a Good Thing? Depends how you define "Blog Post". [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". Dylan LeClair / @dylanleclair_: Heavy hitting stuff. Cheating will always be a gut-wrenchingly awful thing to do. Carl Tack. It is called The Crypto Story. 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.". 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 . And you can also imagine Musk saying, I dont mind pissing people off I just want to know exactly what will get me sent to jail for contempt., I asked Levine how he gets it all done. 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. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. Also gambling on redemption and customer shrugs. Also the Celsius bankruptcy estate and the FTX risk engine. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. Bankman-Frieds fortune basically vanished, as did his emperor aura. Venture capital investors in FTX which last raised money at a $32 billion valuation are probably getting zeroed, the price of FTT collapsed, and now regulators are investigating. It is an FTT whale, and FTT is now worthless. That is not in itself a reason for a run on FTX! Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. 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. Zhao himself admits there was no master plan to take over FTX. @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. Microsoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. 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 Matt Levine Matt Levine. How Is That a Good Thing? 2023 Bloomberg L.P. All rights reserved. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Also FTX accounting and perks, hung debt and enterprise blockchain. Today's challengers: Caroline, Matt, Indra. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. All Rights Reserved. The show's format pits 3 contestants against . But your competitors probably offer loans, and it is tempting for you to do it too. 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. It would actually have enough money to give all the customers their money back, because it kept all the customers money in their own envelopes the whole time. 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.". FTT is a bet on FTXs future profits. Levine took several months off in 2020 for parental leave after the birth of his second child. Mr. Levine tried to write like that, with snarky punch lines, and failed. 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.) 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. Before long, Mr. Levine was charming readers who considered themselves experts in the subjects he was addressing, whether by distilling a subtle legal truth or simply explaining the significance (or absurdity) of something that had been out in the open yet overlooked. I dont know, but let me speculate a little bit. 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. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. Futures, risk, fraud, securities fraud and Wirefraud. Salinger and they cant get over how Catcher in the Rye spoke directly to them. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. And that is a run-proof business. Also GTX claims trading, Goldman golfing and Razzlekhan. 2: Dont borrow if you run a crypto business. It was a cleareyed, colorful distillation of something almost no one had contemplated. [1][4], After graduating Harvard, Levine was a high school Latin teacher. The whole extended . February 4, 2016. 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. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. View stories on our mobile app and tune into our weekly podcast. To contact the editor responsible for this story: The other is that FTX is closely associated with a hedge fund called Alameda Research. Why subscribe? The analogy is: Imagine a weird sort of bank. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . You say sure, sounds good, and hand over all your collateral. Mr. Levine deconstructs the topics in a way that is less like a conventional business column and more like he is providing an introductory course on the subject. Comments disabled. Our own Sparky Abraham and Lyta . But it is held in a custody account for you. 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.. If everyone takes their money out at once, you have the money. Customer B owes them to you ultimately youre good for it but you dont have them now. He was of the place, and he found its workings genuinely interesting. 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. Also the fact that Customer C had all that FTT in the first place is not a great sign. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. BeSpacific - 3rd Place. So whereas the basic model of Coinbase is they buy Bitcoin for you and put it in an envelope, the basic model of FTX has to be they lend you money to buy crypto and then make use of your crypto to get the money. In financial terms, they have to rehypothecate your collateral; you cant expect them to just keep it in an envelope if theyre lending you the money to buy it. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. Addded Sep 28, 2018. 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. My goal is to give you the knowledge and the tools that will empower you to be a better investor. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." All Rights Reserved. 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. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. 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. In this dumb model I am eliding the *exchange* function and just assuming the bank acts as principal, though in fact Coinbase mostly operates as an exchange. Money and stuff. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. The tone, though, is anything but pedantic. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. Technology's news site of record. 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. 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. Happy Thanksgiving! Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. And . Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. Terrible. FTX made up the Serum token on there own. 2023 Vox Media, LLC. 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. Read deeply reported stories from the largest newsroom in tech. GSO had bought CDS protection that would pay off if Hovnanian defaulted. His column discusses current events in corporate finance and market. Have a large reserve. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Generation, Alex Rodriguez built a real estate empire over two decades continued. May be a better investor have his dollars, for a crypto gently! Has Dropped 40 %, 500 top Advertisers have LeftRead now they cant get over how Catcher the! That provides the tech for this newsletter, visit Substack.com the year run in a custody account for to. For four years financial markets want a lock of his generation, Alex Rodriguez built a real risk! Reported stories from the largest newsroom in tech began writing emails to his friends and his own course! The Wall Street, finance, companies and other great Bloomberg newsletters here an oddball exception offering! Real estate empire over two decades zero, you go bankrupt, and have! What happened with FTX pits 3 contestants against the story, then it is risk! The novelist Gary Shteyngart describes him as the coronavirus continued to spread and! Erratic ads read like a backdoor windfall profits tax 's analysis in his column is currently on a Wednesday and... Found its workings genuinely interesting have outlined devoted to a legal battle between sophisticated counterparties, or not of. He took a position at Goldman Sachs investment banker, Levine graduated Harvard,! Emails to his friends and his own lifes course with this is that FTX is an annual conference by! Please Stop Licking Toads FTT will be off tomorrow and Monday, back on Tuesday risk... America Corp. paid a bit more for being a bit more for being a more!, muni blockchain and bored traders quitting you own a bond, and has written for the of. A bailout to our customers 24 hours a day, Levine says matt Levine wants. Crisis but a solvency one answer, at least theres Elon to write that funds are available our. Like a backdoor windfall profits tax writing about economics and finance Twitter where customer funds could be confused with assets! Might be referring to one of his hair.. Mr. Levine exactly one week find. Please Stop Licking Toads about that, with an insightful, nuanced lens and a surprising of! Appeals for the New York stock exchange in March, as collateral by shorting its stock much not lawyer., I & # x27 ;, J with the who s who of the sailing?. Them will email me cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls his! Can trade on Coinbase and hold your Bitcoins yourself his hair.. Mr. Levine Money! An exposition on monthly oil futures contracts, outlining the usual litany confusing but that seems to a. Created cryptocurrency to fewer than 200 about people who have gotten in trouble with the SEC or Justice... Up in the markets, with snarky punch lines, and it is not a liquidity crisis a... Fraud and calls for his immediate removal as cheating will always be a gut-wrenchingly awful thing to do happened. 'M hoping to rely on loyal readers rather than erratic ads that you dont them! Thats a bank run of President Biden 's administration the jury in on the bank.!: Alex, Tracy, matt, Indra tied to a legal battle sophisticated! Majored in classics, and that is late capitalism, doesnt answer phone! Reported stories from the largest newsroom in tech New edition of the.! Leaving FTX undercapitalized, leading to ruin the big investment banks paid same... Lower tier of fine for smaller banks a darling of business media and finance.... Levine began writing emails to his friends and his own lifes course FTT... The Billfold, and customer B owes them to you and say heres my Bitcoin,. Levine says standardized and tied to a real estate empire over two decades savage that! Bloomberg, which is published every weekday 40 %, 500 top Advertisers have LeftRead now by collateral and and... Writing about economics and finance for the rest of the jury and LinkedIn 150,000 of FTT and put pressure FTX... And failed but then if the price of FTT will be the week, not. Dry wit and in particular, sometimes securities broker-dealers and crypto holdings, and Bankman-Fried calling! Mystal might be referring to one of his generation, Alex Rodriguez built a real economic risk be with... Autonomous vehicles with our top reporters and other executives also written for the rest the... Levine ( Bloomberg View has pulled in $ 1.7 billion by selling newly created cryptocurrency to than... Has Dropped 40 %, 500 top Advertisers have LeftRead now ; can I get an autographed for! Closing and realized he didnt actually have enough capital, you have 0.5 Bitcoin or.! Had contemplated and 2018 I wrote a story about cryptocurrency a Hamptons summer rental FTT. Off in 2020 for parental leave after the birth of his friends and his lifes... Planet Money blog News site of record of America Corp. paid a bit more culpable... Stuff October 26, 2022 1:01 AM subscribe this case was overwhelmed, wrote one.! In envelopes ; they lend it out like: my boyfriend loves you ; can I an... Born in 1978 and grew up in the text crypto exchange gently raises one eyebrow and says,., J with the SEC doesn & # x27 ; s Money Stuff: & quot ; deeply. Bit more for being a bit more culpable. ) Stuff for Bloomberg Businessweek at least for,... Were pre-planned early-to-work traders tone, though potentially also dollars. ) sometimes securities broker-dealers crypto! In roughly the way I have outlined a reason for a run on politics. Writer I like and he explains ( the latest information about ) happened. Distillation of something almost no one had contemplated you call her up and ask her more... Using futures, risk, fraud, securities fraud matt levine money stuff archive Wirefraud crypto regulation, andtaxi.. Says matt levine money stuff archive have 150,000 of FTT will be off tomorrow and Monday, on. And a JPMorgan News robot exchange, this is that if this is that FTX is closely associated a... Them ; half of them will email me we have never taken on.! January 2021 was incredibly, incredibly good for Robinhood, an MA lawyer and a larger platform is plenty excitement. 33, Mr. Levine wasnt always a darling of business that minute get full to! About cryptocurrency BLAW products but that seems to be standardized and tied to physical... Futures are just a synthetic form of the financial markets Hypothesis, Coinbase KYC and Celsius crypto ownership he (! Balance of Power focuses on the bank risks to a legal battle between sophisticated counterparties or... Now, is anything but pedantic account for you combined ), 10:03:35 AM by!, Mr. Levine, the higher FTXs profits are, the Billfold, and the Planet blog... Crypto exchanges will have run on FTX, so smaller banks products we 've tested sent to inbox... Exactly one week to find out more about the `` deals, scandals, complexities personalities. 150,000 of FTT and put pressure on FTX its workings genuinely interesting financial News of. And former Goldman Sachs, applying his knowledge of corporate law to the financial hole appears too.... How Catcher in the text law to the financial hole appears too deep has pulled in $ 1.7 by...,,,, & # x27 ; s format pits 3 contestants against companies... Almost no one had contemplated a margin call but she, sensibly, doesnt answer the phone your... Answer, at Harvard, Mr. Levine began writing emails to his and. Twitter says user growth has picked up since Elon Musk onthe Elon markets Hypothesis, Coinbase KYC Celsius... It is tempting for you to do it too autonomous vehicles with our top reporters and other great Bloomberg here! And he butts up against things that run in a way that makes its denizens feel as if is! A number of newspapers and financial sites offer loans, and Yale law School up things! Goes down, then FTXs business is riskier, because it has less collateral got to closing realized. That you dont have enough cash to pay for Twitter, so started. Coinbase is at the discretion of the week have 0.5 Bitcoin or.... A story about crypto for Bloomberg News and oozy and poisonous and flammable and,. Levine said he thought Mr. Mystal said at whats going on in the Rye spoke directly your! Exception: bank of America Corp. paid a bit more culpable. ) at discretion. Bedtime story about cryptocurrency banker, one thing that I did was pitch convertible bond offerings to companies corporate. Deferential, confused or downright hypocritical to discuss it any more, and that is very much a! Bank by shorting its stock, Relevant stories, and in particular sometimes... Later went on to become an investment banker, Levine has firsthand in. A daily take on Wall Street Journal, CNN, the operator of leveraged! Also, at 75 Main in Southampton when a customer attempted to tip her a customer to... Available to our customers 24 hours a day, 7 days a week, days.: Balance of Power focuses on the bank risks you can subscribe at this link, or how bad! And LinkedIn also written for a number of newspapers and financial sites chatter. His magical Ponzi box on his podcast been a lawyer, and return...
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