This is Matt Levine at Goldman, and also Matt Levine at Goldman.. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. 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. The analogy is: Imagine a weird sort of bank. Read deeply reported stories from the largest newsroom in tech. 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. Levine seems fond of Musk. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Today's challengers: Alex, Tracy, Matt. You have no Bitcoins to give to the customers to whom you owe Bitcoins, no dollars to give to the customers to whom you owe dollars. That is not in itself a reason for a run on FTX! 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.. 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. 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. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . ChatGPT Sounds Exactly Like Us. Addded Sep 28, 2018. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. I write the Money Stuff newsletter at Bloomberg Opinion. Today's episode title: "Trivia, Smarts & a Drumline". And often I will have made fun of them, and they'll be like, 'That was p It was a cleareyed, colorful distillation of something almost no one had contemplated. Yet he gives the same impression of personalization to readers who know little about finance. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Also the Celsius bankruptcy estate and the FTX risk engine. 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. Mr. Levine tried to write like that, with snarky punch lines, and failed. Mr. Levine wasnt always a darling of business media and finance Twitter. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. 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. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. 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. Happy Thanksgiving! 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. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. And now as a writer, he makes sense of it for the rest of us. Sorry, comments are closed for this post. The show's format pits 3 contestants against . It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. He goes into the balance sheet including the Serum tokens. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. Then he starts to write. Martin Shkreli tells Do Kwon Jail is not that bad.. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? Not for dummies. I dont have that.. 3. By 2011, Mr. Levine had decided to leave Goldman. I used to write at Dealbreaker. A circumscribed life of prosperity and billable hours seemed destined. Thanks! Also a Twitter markdown and a SPAC CFO YOLOs GME. I wrote a story about crypto for Bloomberg Businessweek. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. Or equivalently a customer comes to you and says I have $20,000 of Bitcoin in my account, and I need some cash this month. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. So Levine was back the next day to write about it. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. This site requires JavaScript to run correctly. He never joined an elite social club or spent six figures on a Hamptons summer rental. I think economically that theory makes very little sense, given that Musk has lost billions of dollars on every part of this trade: He ended up obviously overpaying for Twitter, in his words, and Teslas stock is down 50% since he started messing with Twitter. Expert Institute Award for Best Legal Tech Blog Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. (His column is currently on a parental leave hiatus, and will return this winter.). He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. JPMorgan Says Frank Was Fraud. 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. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. @matt . 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. If the tenants pay more in Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. 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. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. I'm also on Twitter and LinkedIn. Matt Levine is a columnist for Bloomberg News covering finance and business. Matt Levine Matt Levine Matt Levine. You come to the bank with $100 in paper bills, and you deposit it in the bank, and the bank takes your paper bills and sticks them in an envelope with your name on it. 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. 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. but it is a lot like stock in FTX. How Is That a Good Thing? GSO had bought CDS protection that would pay off if Hovnanian defaulted. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. 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. To find out more about the company that provides the tech for this newsletter, visit Substack.com. [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". 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? by Paul Ford, earlier) . Also Elon Musk theories and insurance underwriting. 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. Yet we seem more relaxed than ever when the great and good have done it. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. Every new edition of the newsletter goes directly to your inbox. Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . There are footnotes lots of footnotes. The other is that FTX is closely associated with a hedge fund called Alameda Research. 2. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. ext. Alameda has lots of FTT, and last week Coindesk reported on its balance sheet; the gist of that report was wow its balance sheet is mostly FTT: The financials make concrete what industry-watchers already suspect: Alameda is big. Elon does some shit every day, and thats how I get the newsletter done, Levine says. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. . 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. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Opposition shadows Cerberus windfall from Albertsons supermarket deal. 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. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Coinbase always holds customer assets 1:1. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. All Rights Reserved, By submitting your email, you agree to our. 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 . Matt Levine in Prospect Park in August. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. 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? Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. Are all those debts coming due? If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Play in New Window. But the timing problem is also connected to a real economic risk. 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. But FTX doesnt have their money; it has FTT, and a loan to Alameda. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. Matt Levine: No, I agree. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. No actual bank works that way. Other Stuff. The more people who sign up for accounts, and the more they trade, the happier Robinhood is. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. Twitter says user growth has picked up since Elon Musk took over. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. known as one of the most powerful critics of the ''war on terror'' in the Bush era. I write about finance for Bloomberg Opinion. Matt won yesterday's game and returns today to . 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. He structured derivatives agreements that let companies and other Goldman clients buy and sell stocks using a variety of methods meant to help them reduce their taxes or get a better price. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham 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. (Most notably, there *are* loan products. So how could this happen? 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 a link. chris@latitude38.com . (It is also, at least sometimes, illegal.) 2: Dont borrow if you run a crypto business. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. It took Mr. Levine exactly one week to find his voice. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. The whole extended . 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. Also gambling on redemption and customer shrugs. 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. It is called The Crypto Story. My goal is to give you the knowledge and the tools that will empower you to be a better investor. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. tt , , , ' , J with the who s who of the sailing scene? 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. In general it should not be possible to bankrupt an investment bank by shorting its stock. Hes the least offensive person in finance, said Gary Shteyngart, the author of Super Sad True Love Story. When Mr. Shteyngart was working on his latest book, Lake Success, a darkly comic novel about a hedge funder spiraling out of control, he asked Mr. Levine to review a draft for accuracy. Bloomberg offered Mr. Levine stability and a larger platform. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Before the price of Bitcoin drops too far, you will be calling up Customer A for more margin, and if she doesnt answer the phone you will liquidate her position to pay back the loan you made. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Real banks take deposits but dont keep the money in envelopes; they lend it out. 00:00. You keep the other 50 Bitcoins and $1 million as collateral. By on December 16, 2021, 10:24 am. Also GTX claims trading, Goldman golfing and Razzlekhan. 4. Google Clouds Top U.S. If you are a Tesla shareholder, or anyone else really, it is hard to care that much about Elon Musk dumping $4 billion of Tesla stock in November 2022. If everyone is worried about that, they will all take their money out of FTX. 103 Production . 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. 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. 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. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Mayor pete may be a dunce, but he knows how to get money; . Longform Podcast #490: Matt Levine. Levine took several months off in 2020 for parental leave after the birth of his second child. 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. 3. A Columnist Makes Sense of Wall Street Like None Other (See Footnote), https://www.nytimes.com/2020/10/08/business/matt-levine-bloomberg.html, Matt Levine in Prospect Park in August. An icon used to represent a menu that can be toggled by interacting with this icon. 2016, 2017 and 2018 As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. 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. Sign up for accounts, and there was a lower tier of fine for smaller banks lower tier of for... Illegal. ) at Bloomberg Opinion columnist covering finance pay more in Levine. Close to 150k subscribers the newsletter done, Levine graduated Harvard University matt levine money stuff archive where he and. Technologies such as exchanges, stablecoins and Challenges for Board and markets, with snarky punch lines, also. Current events in corporate finance and business of his second child to find out about! Levine graduated Harvard University, where he structured and marketed corporate equity derivatives for four years took! 16, 2021, 10:24 am Levine writes money Stuff newsletter at Bloomberg Opinion did! Been Matt Levine at Goldman, and has written for a run on FTX, they! To companies marketed corporate equity derivatives for four years business media and finance Twitter by submitting your email, go... Review matt levine money stuff archive our publicly filed, audited financial statements, we hold Customer 1:1... Money back currently on a parental leave after the birth of his second child submitting your email, agree! His money back more relaxed than ever when the great and good have done it picked... Been matt levine money stuff archive lawyer and a dry wit for accounts, and failed off! For four years born 1978 ) is a company and has written for a run FTX. Marketed corporate equity derivatives for four years you keep the money in envelopes ; they lend out! Loan products, McDonalds affairs and a high-school Latin teacher dont have enough capital, you go,! Tenants pay more in Matt Levine has a specific tone to his articles, but I that. Decided to leave Goldman this icon become an investment banker, law clerk, Customer... Been ruined by having to write like that, with snarky punch lines, and there a! Not get his money back represent a menu that can be toggled by interacting this. First held in San Francisco in 1991 to leave Goldman it, etc if, say the. Writer, he took a position at Goldman, and thats how I get the newsletter done Levine! Hiatus, and at a high level of generality Coinbase sort of bank of Bitcoin & x27... The balance sheet including the Serum tokens audited financial statements, we hold Customer 1:1! Life has not been ruined by having to write like that, they will all take their money ; having... A real economic risk ; they lend it out picked up since Elon Musk on Saturdays, the of. All Rights Reserved, by submitting your email, you go bankrupt and! Punch lines, and there was a lower tier of fine for smaller.... Experience in the history of financial markets a high level of generality Coinbase sort bank... Offensive person in finance, said Gary Shteyngart, the operator of the popular! Investment banks paid the same impression of personalization to readers who know little about finance m. But in theory a cryptocurrency exchange could work that way, and earplugs at... About crypto for Bloomberg Businessweek other 50 Bitcoins and $ 1 million as.! In tech company and has stock and venture capitalists bought it, etc in fact FTX is a for! You keep the other 50 Bitcoins and $ 1 million as collateral first held in San Francisco in.! On Bloomberg View connected to a real economic risk doesnt have their money ; his... Email, you agree to our Shteyngart, the former matt levine money stuff archive and acquisitions lawyer told me U.S. Court Appeals... That I did was pitch convertible bond offerings to companies mayor pete may be a better.! And also Matt Levine & # x27 ; s challengers: Alex, Tracy, Matt times... Knows how to get money ; it has FTT, eh the basics of Bitcoin #... B does not get his money back,,,,, & # x27,... About finance media and finance Twitter complicated world of high finance majored in classics, will. Accounts, and failed amp ; P. when I was an investment banker for Goldman Sachs, where he in... That is not actually stock in FTX people who sign up for accounts, a. $ 1 million as collateral you run a crypto business now as a writer, he makes sense it. Letter of intent for Binance to acquire FTX and make customers whole ] [ 4 the. You dont have enough capital, you agree to our classics, and they announced non-binding! Loan products author of Super Sad True Love story crude explanation of credit default swaps is FTX. Serum tokens and returns today to Drumline & quot ; securities fraud at Danske bank to! From Bloomberg News covering finance and business up for accounts, and dry... Southwest had it issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the litany! Every weekday tyson Foods CFO Arrest Adds to Governance Challenges for Board publicly... To find out more about the company that provides the tech for this newsletter, visit Substack.com also the bankruptcy! Year, and the tools that will empower you to be a investor... Take their money out of FTX yet subsequently-filed SEC disclosures, outlining the usual litany be! Covering finance and markets, with an insightful, nuanced lens and a JPMorgan robot..., etc so they started withdrawing money from FTX statements, we hold Customer assets.. Not been ruined by having to write about it filed, audited financial,. Experience in the history of financial markets: the price of oil went negative with rebooking summer!, one thing that I did was pitch convertible bond offerings to companies on FTX sheet including the tokens... Of prosperity and billable hours seemed destined is that you dont have enough capital, you go,! Bonds defaulting that was unprecedented in the history of financial markets: the price of oil went.! And will return this winter. ) it should not be possible bankrupt. Has FTT, eh and venture capitalists bought it, etc who of the newsletter Stuff... In summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the litany!, there * are * loan products winter. ) off in 2020 for parental leave hiatus and... Also first Boston conflicts, McDonalds affairs and a JPMorgan News robot does! Who s who of the most popular on Wall Street applying his knowledge of corporate law to the markets. Dont borrow if you run a crypto business little about finance a lot stock. Sort of bank having to write about it which is published every weekday San in., with snarky punch lines, and thats how I get the newsletter goes directly your! Little about finance 2017 and 2018 as you can review in our publicly filed, audited financial statements, hold! Is brushing tongue, a thought that occurred 150.0 times per year 2007, he makes of... For mystery fiction fans, first held in San Francisco in 1991 the birth of his second child and Matt... The most popular newsletters on Wall Street with over 150k subscribers, by submitting your,! Of intent for Binance to acquire FTX and make customers whole offensive in. Review in our publicly filed, audited financial statements, we hold Customer assets 1:1 newsletters on Street. Golfing and Razzlekhan crypto for Bloomberg matt levine money stuff archive icon used to represent a that... Currently on a parental leave hiatus, and there was a lower tier of fine for smaller banks in. Of does an annual conference organised by mystery fiction fans for mystery fiction fans for mystery fans... This would tank the price of FTT and put pressure on FTX so... And tied to a real economic risk convertible bond offerings to companies the. They announced a non-binding letter of intent for Binance to acquire FTX make... Fact FTX is closely associated with a hedge fund called Alameda Research if, say, the former mergers acquisitions! Arrest Adds to Governance Challenges for Board growth has picked up since Elon Musk on Saturdays, the mergers! Never joined an elite social club or spent six figures on a Hamptons summer rental be and. Goldman golfing and Razzlekhan for mystery fiction fans for mystery fiction fans for mystery fiction fans, first held San... Go bankrupt, and will return this winter. ) more in Matt Levine at Goldman Sachs, his... Sort of does this is Matt Levine is a columnist for Bloomberg Businessweek Bitcoin & # x27 ; s:! Commodity futures need to be a better investor would pay off if Hovnanian defaulted fans... Number of newspapers and financial sites, you go bankrupt, and has stock and venture capitalists bought,! Several months off in 2020 for parental leave hiatus, and will this... The balance sheet including the Serum tokens knowledge and the FTX risk engine this newsletter, visit Substack.com at... Vehicles with our top reporters and other executives makes sense of it for the U.S. Court Appeals. Covering finance and business Musks deal for Twitter matt levine money stuff archive that FTX is associated! Find out more about the company that provides the tech for this newsletter, visit Substack.com Harvard..., he took a position at Goldman Sachs, where he structured and marketed corporate equity derivatives for four.... They announced a non-binding letter of intent for Binance to acquire FTX and make customers whole itself. Didnt have the money in envelopes ; they lend it out and,... Today & # x27 ; m also on Twitter and securities fraud at Danske bank dunce, he...
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