Cheating will always be a gut-wrenchingly awful thing to do. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. I dont really take vacations. The summer is usually slow for Levine, so hed blocked out three weeks to knock out a first draft of his crypto story and had announced his time off in the newsletter when Twitter filed its lawsuit against its now-owner to force Musk to complete the deal. 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. Today's episode title: "Trivia, Smarts & a Drumline". And a surprising subset of them will email me. His answer, at least for now, is that the financial hole appears too deep. [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. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. Please Click the Donate button and support BeSpacific. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. Matt Levine is a Bloomberg Opinion columnist covering finance. 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. 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. I write the Money Stuff newsletter at Bloomberg Opinion. You won't have to worry about missing anything. Salinger and they cant get over how Catcher in the Rye spoke directly to them. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. 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 . Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. matt levine is a columnist for Bloomberg News covering finance and business. Real banks take deposits but dont keep the money in envelopes; they lend it out. Searchable database of over 45,000 postings! The Corporation is for sale. 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 . He said he thinks he might not exist as a writer if he didnt have his audience, if he couldnt sit down on weekday mornings and write his Wall Street exegeses directly for them. Just a weird business all around. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. 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. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. We will never repurpose your funds: We do not lend or take any action with your assets, unless you specifically instruct us to. So Levine was back the next day to write about it. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. (His column is currently on a parental leave hiatus, and will return this winter.). "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. I used to write at Dealbreaker. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. 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. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. Download. Google Clouds Top U.S. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. If they all take their money out, thats a bank run. Terrible. 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. 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. Other Stuff. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Matt Levine is a columnist for Bloomberg News covering finance and business. Also the Celsius bankruptcy estate and the FTX risk engine. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . 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 . 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. 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. by Paul Ford, earlier) . Feb 11, 2021. Every new edition of the newsletter goes directly to your inbox. Sorry, comments are closed for this post. Also SBF's Substack and premium bond taxation. How Is That a Good Thing? To contact the author of this story:Matt Levine at mlevine51@bloomberg.net, To contact the editor responsible for this story:Brooke Sample at bsample1@bloomberg.net. The problem with this is that it is wrong-way risk. [1][4], After graduating Harvard, Levine was a high school Latin teacher. 7. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. Mr. Levine, of course, is not a conventional writer. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. A circumscribed life of prosperity and billable hours seemed destined. Today's challengers: Alex, Tracy, Matt. If everyone takes their money out at once, you have the money. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. In the olden days the values were all different! 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? 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.). 2: Dont borrow if you run a crypto business. 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. 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. Also profitable nonprofits, FTX assets and WWE governance. 7. Coinbase Global Inc. runs a cryptocurrency exchange. I wrote a story about crypto for Bloomberg Businessweek. All Rights Reserved, By submitting your email, you agree to our. 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. Here is my author page, possibly. Money Stuff. 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. 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. 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. 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. Technology's news site of record. Levine insists the interruptions werent a big deal. 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. But it would not go out of business that minute. I dont have that.. tt , , , ' , J with the who s who of the sailing scene? Twitter says user growth has picked up since Elon Musk took over. As Matt describes it in his bio, he writes about the financial industry on the internet, an FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. 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. Coinbase always holds customer assets 1:1. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. There has been a blow-up this week on the internet about Facebook's apps. 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. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. 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.". Hi, I'm Matt Levine. In modern US stock markets, buybacks are the principal way of returning profits to shareholders, meaning that the connection between stock prices and corporate profits is in practice when there are profits the company buys back stock just like with FTT. It wasnt the case that the cost of a barrel had fallen to some scary-low number. Happy Thanksgiving! Recommended reading: Matt Levine's Money Stuff. 4. Bloomberg offered Mr. Levine stability and a larger platform. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Matt Levine. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. National Park Service Asks Visitors to Please Stop Licking Toads. 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.. But Mr. Levine was never a high roller. 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. Zhao himself admits there was no master plan to take over FTX. Never use a token you created as collateral suggests, to me, that FTX accepted its FTT token as collateral, probably from Alameda, probably in exchange for borrowing assets that it owes to customers. Then he starts to write. Also FTX accounting and perks, hung debt and enterprise blockchain. 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. If you go to an investment bank and say lend me $1 billion, and I will post $2 billion of your stock as collateral, you are messing with very dark magic and they will say no. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. Twitters ad business is not recovering. Then he went to Yale Law. I wrote a story about crypto for Bloomberg Businessweek. 8. 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 . Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. Matt Levine in Prospect Park in August. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. colleen@latitude38.com. I joke that people want a lock of his hair.. Now lets add a few more FTX-specific elements. As a subscriber, you have 10 gift articles to give each month. 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. 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. Expert Institute Award for Best Legal Tech Blog Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. He is doing exactly what he has long wanted to do. @matt . (He also says that if he were to take more time to write, hed use fewer words.). Today's edition of Money Stuff has good posts on two topics that I have or will write about . 00:00. 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.
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