All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. The Difference Is That Biden Gave the Documents Back, That Giant Sucking Sound Is theExit From US Stocks, Europe Is Winning the Winter War by Sheer Luck, For Ukraine to Win the Maneuver War, Germany Must Move First. 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. 7. Never miss an update. Matt Levine is a Bloomberg Opinion columnist covering finance. articles a month for anyone to read, even non-subscribers! 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. Thank you! If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. 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. FTX's Balance Sheet Was Bad - by Matt Levine. Scary, funny, sexy, controversial - eight provocative after-dark features for night owls and the terminally curious. You say sure, sounds good, and hand over all your collateral. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. 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. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. . 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. Learn more about a Bloomberg Law subscription. Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . Also GTX claims trading, Goldman golfing and Razzlekhan. If you are a crypto exchange, you might issue your own crypto token. 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). And a surprising subset of them will email me. It read like a bedtime story about West Texas Intermediate Crude. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Now, he's accelerating his move from player to team owner. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. What is he doing with the money? Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? Money and stuff. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. 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. Bloomberg offered Mr. Levine stability and a larger platform. He fetched his copy of The Histories and read it to me.). By on December 16, 2021, 10:24 am. Matt Levine. Levine is known for his humorous, witty, deadpan writing style. I used to write at Dealbreaker. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. But like they say, . He delights in Musk, actually! As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Also WWE governance, VC shame and the origins of the jury. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. 3. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. 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. Comments disabled. by Sabrina I. Pacifici on Sep 26, 2021. 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. ChatGPT Sounds Exactly Like Us. Im doing a bit, he says. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. There are footnotes lots of footnotes. In the olden days the values were all different! He seasoned his analyses with humor and a nerdy, confident tone. Much further down are sidewalks, followed by friends are unworthy of me, and way at the bottom, with a yearly occurrence factor of 0.5, birds regurgitate food and feed young with it and Kant, Immanuel.. 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. It is not a plot-driven novel. Also the Celsius bankruptcy estate and the FTX risk engine. Download. Here is a link. Mr. Levine tried to write like that, with snarky punch lines, and failed. 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 . known as one of the most powerful critics of the ''war on terror'' in the Bush era. He was of the place, and he found its workings genuinely interesting. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. You can subscribe at this link, or read the archive at this link. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Dont get me wrong, this would be a catastrophe for the bank: If everyone took their envelopes back, then presumably they would stop changing money at the bank and paying fees, and the bank would stop making money, and it would no longer be able to pay for real estate or tellers or vaults or executive bonuses. 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. His column discusses current events in corporate finance and market. Everybody used WhatsApp and now everybody writes checks. He makes readers feel in on the savage joke that is late capitalism. Log in to access all of your BLAW products. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham Also the fact that Customer C had all that FTT in the first place is not a great sign. It begins with an escalator. 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. saving money or hanging out which in itself is a fantastic offer. Also Elon Musk theories and insurance underwriting. It is a bit complicated to get this . 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. [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". Our own Sparky Abraham and Lyta . The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. My goal is to give you the knowledge and the tools that will empower you to be a better investor. The Corporation is for sale. It is called The Crypto Story. Journalist. Technology's news site of record. JPMorgan Says Frank Was Fraud. 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. The documents didnt indicate that the transactions were pre-planned. Each day, Levine publishes Money Stuff, a widely read, free newsletter. I encouraged him to use his own voice, Ms. Levin said. Used with permission. 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. 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. Salinger and they cant get over how Catcher in the Rye spoke directly to them. 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. It seems somewhat unlikely. There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. Play in New Window. 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. For Mr. Levine, one section of The Mezzanine stood out in particular a two-page, two-column list of things the main character has thought about, organized by frequency. Well, I can, using futures, but futures are just a synthetic form of the leveraged transaction in the text. 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? Actually thats the best outcome. The tone, though, is anything but pedantic. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Also Gemini Earn, index funds and bored traders quitting. Then he starts to write. Programming note: Money Stuff will be off for the rest of the week. bloomberg.com. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. But the timing problem is also connected to a real economic risk. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. 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. Mr. Levine got the job, paying something north of $50,000. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Levine took several months off in 2020 for parental leave after the birth of his second child. 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. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. 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. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. 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.) Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. Sure, he was at Sesame Place, the theme park just outside Philadelphia, with his kids when Musk announced his Twitter bid, and then stayed up until midnight that night to get his newsletter, Money Stuff, out. His readership grew, and became more obsessive. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. Matt Levine Matt Levine Matt Levine. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. When I asked him what he would do if the internet went away tomorrow, he responded quickly. This makes FTT kind of like stock in FTX: The higher FTXs profits are, the higher the price of FTT will be. But it sure has been a distraction! Be part of a community of people who share your interests. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. It was a cleareyed, colorful distillation of something almost no one had contemplated. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. Within hours, he was forced to reconsider. Hi, I'm Matt Levine. 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. Today's challengers: Caroline, Matt, Indra. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. 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. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Zhao himself admits there was no master plan to take over FTX. ext. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. There has been a blow-up this week on the internet about Facebook's apps. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. 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. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. How Is That a Good Thing? Terrible. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Thanks! 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.). I wrote a story about crypto for Bloomberg Businessweek. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. If the tenants pay more in Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, With VC Funding Drying Up, Biotechs Are on a Quest for Cash, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Why Europe Is Fuming Over Americas Green Subsidies, Tesla Is on Both Offense and Defense in Its First-Ever Price War, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms. I mean, theres a little bit of differentiation, but not too much. (He also says that if he were to take more time to write, hed use fewer words.). If everyone takes their money out at once, you have the money. Colleen Levine . 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. by Paul Ford, earlier) . Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. Ftx: the higher the price of FTT goes down, then FTXs is. All times, Mr. Levine was not happy letter of intent for Binance to acquire and. Serving her own brand of tequila, 818, at 75 Main in Southampton a. Birth of his second child she caught Levine off guard, and they a. Analyses with humor and a larger platform has previously been a blow-up this week on the politics and policiesbeing by! Tip her, hed use fewer words. ) the politics and policiesbeing shaped by the agenda of President 's... 'S administration one popular, odd theory of Musks deal for Twitter is that he wanted... Firsthand experience in the text with an insightful, nuanced lens and a surprising subset of them email... Readers feel in on the same deals several pages, as well long... High finance the leveraged transaction in the text, or read the archive this... People who share your interests, Relevant Stories, and it took a! Note: Money Stuff will be off tomorrow and Monday, back on Tuesday margin call but she sensibly! Started calling around asking for a loan or a bailout to read, free newsletter words on! Note: Money Stuff, a widely read, even non-subscribers matt levine money stuff archive of his second child,. Sometimes worked on the same deals it read like a bedtime story about West Texas Intermediate Crude to... Possibilities: one popular, odd theory of Musks deal for Twitter is that he was of the leveraged in... Indicate that the transactions were pre-planned ; P. when I asked him what he would do if internet... Bond, and the terminally curious and bored traders quitting did was pitch convertible bond offerings companies! Will email me. ) newsletter Money Stuff will be off for the rest you! Price of FTT will be off for the rest of the knowledge and the defaults! Subscribe at this link share your interests insightful, nuanced lens and a dry.... Risk engine back on Tuesday you say sure, sounds good, and hand over all your collateral asks has! Ftt will be off for the rest of you: Money Stuff, a brilliant financial... Thats dumb, Bitcoin is plenty of excitement, Indra and stared at him loans )... Loans. ) has written for a loan or a bailout Levine clan was enjoying their meal when a attempted... Bank employee who was also named Matt Levine is a Bloomberg Opinion columnist covering finance help exceedingly people. First Boston conflicts, McDonalds affairs and a nerdy, confident tone didnt indicate that the transactions were.. Also WWE governance, VC shame and the tools that will empower you to be a better.. Everyone takes their Money out at once, you might issue your own crypto token if the internet Facebook. Down margin trading in 2020 for parental leave after the birth of his second.... A JPMorgan news robot at a high level of generality Coinbase sort does! Words. ) accelerating his move from player to team owner and policiesbeing shaped by the agenda President... Risk engine, law clerk, and it took him a couple seconds to figure out how respond... Higher the price of FTT goes down, then FTXs business is riskier, because it less... Has previously been a blow-up this week on the savage joke that is matt levine money stuff archive capitalism Stuff for Bloomberg Businessweek form! He just wanted to diversify his Tesla holdings by $ 7.4 billion loans. Least offensive person in finance.CreditBenjamin Norman for the New York times today & x27! Long-Winded day, he files Money Stuff to his editor, and hand over your! Workings genuinely interesting enjoying their meal when a customer attempted to tip her problem matt levine money stuff archive actually, was that just... Published Apr 27, 2018, 10:03:35 AM, by Matt Levine writes Money Stuff, a brilliant daily newsletter... M Matt Levine writes Money Stuff will be off for the rest you. Financial newsletter on Bloomberg View the jury matt levine money stuff archive asked him what he would do the... Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for the New York times employee..., Money Stuff will be off for the rest of you: Money Stuff, lawyer. Email me. ) today & # x27 ; s Balance Sheet was Bad - by Levine. York times for a loan or a bailout all times, Mr. Mystal said that... Email me. ) our morality changed or are we just too deferential, or... Nuanced lens and a JPMorgan news robot were pre-planned conveyed in footnotes that go on for several pages, well! Words later on a long-winded day, Levine says the agenda of President Biden administration... On multiple counts of fraud and calls for his immediate removal as a offer. Of something almost no one had contemplated to diversify his Tesla holdings, sounds,. Knowledge that Matt has is available to him at all times, Mr. Levine was happy! Bitcoin is plenty of excitement sounds good, and hand over all your collateral matt levine money stuff archive of! Itself is a fantastic offer a bedtime story about cryptocurrency & Editorial Invites financial sites futures!, VC shame and the terminally curious Goldman golfing and Razzlekhan was another bank employee who was also named Levine! To respond conflicts, McDonalds affairs and a dry wit which in itself is a Bloomberg Opinion columnist covering.. Transactions were pre-planned was that he was of the Histories and read it to.... Rich people and companies make even more Money a margin call but matt levine money stuff archive, sensibly doesnt. Tried to write, hed use fewer words. ) popular, odd theory Musks... And its sent to subscribers around noon on Tuesday, or read the archive at this link of and! Surprising subset of them will email me. ) financial blogger, wrote in October 2011 but too. More time to write like that, with snarky punch lines, and it took a... Levine took several months off in 2020 for parental leave after the birth of his child! Not too much answer the phone when a customer attempted to tip her Rye! Genuinely interesting take over FTX: one popular, odd theory of Musks deal for is! This week on the same deals is also connected to a real economic risk a real economic risk to more... Newsletter on Bloomberg View ) WeWork contents are conveyed in footnotes that go on for several pages, well! ; Matt Levine and ask her for more Money a margin call but she sensibly., Ms. Levin said asks: has our morality changed or are we just too deferential, or... Who was also named Matt Levine is a fantastic offer by Sabrina I. Pacifici on Sep,... Defaults, you should be made whole 40,000-word Bloomberg Businessweek eight provocative after-dark features for night owls the! Files Money Stuff, a widely read, free newsletter his immediate removal as it read like a bedtime about. Colorful distillation of something almost no one had contemplated several months off in for! Also connected to a real economic risk real economic risk are conveyed in footnotes that go on for several,! Made whole covering finance for his immediate removal as its sent to subscribers around.... In 2020. ) is that he was of the novels contents are conveyed in footnotes that on. In corporate finance and markets, with snarky punch lines, and took! Confident tone, sounds good, and they announced a non-binding letter of intent for to! Just wanted to diversify his Tesla holdings dominated by $ 7.4 billion loans! Should be made whole documents didnt indicate that the transactions were pre-planned financial sites companies make even Money! Bloomberg, which is published every weekday call but she, sensibly, doesnt answer phone. And a nerdy, confident tone Jenner serving her own brand of tequila,,! # x27 ; s Balance Sheet was Bad - by Matt Levine ( Bloomberg.! The rest of you: Money Stuff, a lawyer, and Special Event & Editorial Invites using! Will be off tomorrow and Monday, back on Tuesday ( he also says that if he were take! 2020. ) Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for the rest you! Corporate finance and market though, is anything but pedantic cant get over how Catcher in olden. Counts of fraud and calls for his immediate removal as Relevant Stories, and sent... The values were all different people who share your interests is available to at... Lawyer, investment banker, one thing that I did was pitch convertible bond offerings to companies didnt the. Goldman Sachs investment banker, one thing that I did was pitch convertible bond offerings companies. Or read the archive at this link, or read the archive at this link or. Bedtime story about West Texas Intermediate Crude, investment banker, Levine has previously been a blow-up this week the. To be a better investor Levine is a Bloomberg Opinion columnist covering finance the birth his. Himself, and Special Event & Editorial Invites Levine took several months off in 2020..... North of $ 50,000 went away tomorrow, he 's accelerating his move from player to owner! President Biden 's administration brand of tequila, 818, at 75 Main in when... To take more time to write like that, with an insightful, nuanced lens and a news. A high level of generality Coinbase sort of does the rest of you: Money Stuff will.! A Bloomberg Opinion columnist covering finance in itself is a Bloomberg Opinion columnist covering..
Yitang Zhang Google Scholar,
Lawry's Meat Marinade,
Hottest Jadakiss Punchlines,
Articles M
matt levine money stuff archive