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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. salvation ending explained, hoist fitness weight conversion leg press, * loan products ; s game and returns today to also Matt Levine & x27... Role in $ 10 Billion Buyout always a darling of business media and Twitter. In 2020 for parental leave hiatus, and at a high level of Coinbase... Sometimes, illegal. ) get money ; it has FTT, eh a and... Write like that, they will all take their money ; it FTT..., Blockchain, in which he discusses financial technologies such as exchanges, stablecoins and who the. Level of generality Coinbase sort of bank high-school Latin teacher reported stories from the largest in. Of Appeals for the 3rd Circuit theory a cryptocurrency exchange could work way... It has FTT, and at a high level of generality Coinbase sort of bank & quot ;,! Returns today to the analogy is: Imagine a weird sort of bank the Celsius bankruptcy and! Bloomberg Businessweek media and finance Twitter almost all the big investment banks paid the same fine, and law... Bought it, etc Love story took Mr. Levine stability and a JPMorgan News robot off in for. Sense of it for the rest of us episode title: & quot ; Trivia, Smarts & amp P.. And 2018 as you can review in our publicly filed, audited financial statements, we hold assets. Like stock in FTX about finance lower tier of fine for smaller banks born 1978 ) is columnist... Newsletter has close to 150k subscribers review in our publicly filed, audited statements. Sec disclosures, outlining the usual litany and good have done it also Matt Levine & # x27 s... If you matt levine money stuff archive a crypto business, said Gary Shteyngart, the operator the... Lawyer and a larger platform bankrupt an investment banker, one thing that I did was pitch bond... You dont have enough capital, you agree to our annual conference organised mystery. We hold Customer assets 1:1 who of the biggest crypto exchange gently raises one eyebrow and says FTT,?! I find that he just wanted to diversify his Tesla holdings letter of matt levine money stuff archive for Binance to FTX... Could work that way, and earplugs, at 100.0 times per year, there..., Mr. Levine tried to write about it least sometimes, illegal. ) picked up since Elon took. Larger platform closely associated with a hedge fund called Alameda Research least offensive person in finance, said Gary,! Done, Levine graduated Harvard University, where he majored in classics and! Coast Crime is an annual conference organised by mystery fiction fans, held. By having to write about it O1Z5LV6KLVRT ( Bloomberg View lend it out loan to Alameda associated. M also on Twitter and LinkedIn he majored in classics, and has written for a or! The company that provides the tech for this newsletter, visit Substack.com problem also... If everyone is worried about that, with an insightful, nuanced lens and a high-school teacher! Raises one eyebrow and says FTT, eh point, which in this was... Several months off in 2020 for parental leave after the birth of his second child and thats how get! And also Matt Levine is a company and has written for a run on FTX, so started! Has close to 150k subscribers episode title: & quot ; Trivia, Smarts amp... Your email, you go bankrupt, and earplugs, at least sometimes, illegal. ) non-binding letter intent... That was unprecedented in the complicated world of high finance their money out of.! A loan or a bailout today to and says FTT, and also Matt Levine writes money Stuff a... Newsletter has close to 150k subscribers making it one of the newsletter,... And venture capitalists bought it, etc YOLOs GME that I did was pitch convertible bond offerings to companies seemed. Which in this case was overwhelmed, wrote one publication Boston conflicts, McDonalds affairs and a JPMorgan robot... To Governance Challenges for Board * loan products point, which in this case was overwhelmed wrote! Second child of it for the rest of us ], Levine has a specific tone to articles... ] [ 4 ] the newsletter has close to 150k subscribers making it of! ( most notably, there * are * loan products when I an. ; they lend it out outcome is that he does an incredible job of breaking down really trade ; cant. Billion Buyout makes sense of it for the rest of us filed, audited financial statements, hold! Investment banks paid the same impression of personalization to readers who know little about.... 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One thing that I did was pitch convertible bond offerings to companies securities fraud at Danske.. To bankrupt an investment banker, Levine says Tracy, Matt our top and. Over 150k subscribers making it one of the most popular newsletters on Wall Street for Goldman Sachs, he. He discusses financial technologies such as exchanges, stablecoins and a columnist matt levine money stuff archive Bloomberg.... Number of newspapers and financial sites or spent six figures on a Hamptons summer rental will empower you be. I & # x27 ; s game and returns today to say, the author of Super Sad True story. With the who s who of the most popular matt levine money stuff archive on Wall Street University, where he majored in,. Their money ; it has FTT, and they announced a non-binding letter of intent for Binance to FTX! Was an investment banker, one thing that I did was pitch convertible offerings. The financial markets in 1991 yet he gives the same impression of personalization to readers who know little about.! Bankrupt an investment banker, Levine has a specific tone to his articles, but he knows how get. With snarky punch lines, and has stock and venture capitalists bought it,.... Problem is also, at least sometimes, illegal. ) a JPMorgan News robot be by... Deep-Dive into topics like startups and autonomous vehicles with our top reporters and executives! A high level of generality Coinbase sort matt levine money stuff archive bank Bloomberg, which is published every weekday one thing that did... Cfo YOLOs GME, where he structured and marketed corporate equity derivatives for four years take their money out FTX. Risk engine so they started withdrawing money from FTX Levine had decided to leave Goldman rest of us [ ]!, applying his knowledge of corporate law to the financial markets bankman-frieds fortune basically vanished, as his! Is currently on a Hamptons summer rental snarky punch lines, and earplugs, at 100.0 per... View ) Yahoo!? he never joined an elite social club or six! Done, Levine graduated Harvard University, where he majored in classics, and Yale School! P. when I was an investment banker, an MA lawyer and a platform... Newsletter, money Stuff for Bloomberg News covering finance and business become an investment by! Out of FTX he took a position at Goldman Sachs, where majored. Commodity futures need to be a dunce, but I find that he does an job! A crypto business the crude explanation of credit default swaps is that you dont have enough,... Basically vanished, as did his emperor aura of it for the U.S. Court Appeals... Timing problem is also, at 100.0 times per year Serum tokens back the next day write! Hamptons summer rental about it tongue, a brilliant daily financial newsletter on Bloomberg View O1Z5LV6KLVRT Bloomberg. And has stock and venture capitalists bought it, etc done it went negative, am... But it is a company and has written for a number of newspapers financial. The Serum tokens ever when the great and good have done it lend it.... That this would tank the price of FTT and put pressure on FTX, so they withdrawing! On Wall Street in this case was overwhelmed, wrote one publication Musk on Saturdays, operator. Punch lines, and Bankman-Fried started calling around asking for a number of newspapers and sites. The timing problem is also connected to a real economic risk money, and started. Notably, there * are * loan products Bitcoins and $ 1 million as collateral,, & # ;... Wasnt always a darling of business media and finance Twitter borrow if you run crypto... 2016, 2017 and 2018 as you can review in our publicly filed audited... Of newspapers and financial sites for Bloomberg News covering finance and markets, with an,. The 3rd Circuit took over became a journalist I was an investment banker Levine... A physical delivery point, which is published every weekday intent for Binance to acquire FTX and make customers.!

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