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. You won't have to worry about missing anything. 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.. 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. Now, he's accelerating his move from player to team owner. Matt Levine in Prospect Park in August. This sounds like a bad business model: The bank needs to pay for real estate and tellers and vaults, and it is not doing anything with your money. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. Each day, Levine publishes Money Stuff, a widely read, free newsletter. 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? Archive - Matt Levine. matt levine is a columnist for Bloomberg News covering finance and business. Sorry, comments are closed for this post. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. Expert Institute Award for Best Legal Tech Blog Are all those debts coming due? You can subscribe at. Historically not so much now, but until early this year anyway cryptocurrencies were volatile and exciting and people were jazzed to trade them a lot, so you could make a lot of money by just charging fees without doing anything else with customer assets. Today's challengers: Alex, Tracy, Matt. 5. And that that went wrong in roughly the way I have outlined. I asked Mr. Levine for some examples, wanting to see exactly what shape this took, but he declined, because he considers these correspondents to be sources. A few months ago, Matt Levine, Bloombergs ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. Receive a summary of the day's top tech newsdistilled into one email. I used to write at Dealbreaker. Hi, I'm Matt Levine. I write the Money Stuff newsletter at Bloomberg Opinion. His readership grew, and became more obsessive. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. The first source of tension occurs when the man gets onto the escalator in his building lobby and forgets what he has in a shopping bag hes holding. Each side does this because they believe that ultimately the size of the risk correlates directly to the scale Former Instacart CTO Mark Schaaf Joins Retool As COO, Semafor to Buy Back Back $10 Million SBF Stake, Klarna Exec Joins Farfetch in Leadership Reshuffle. 2013-2023 The Information. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. Matt Levine Matt Levine Matt Levine. Well, you have to borrow it too. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. High up is brushing tongue, a thought that occurred 150.0 times per year, and earplugs, at 100.0 times per year. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. Why dont you lend me $10,000 so I can buy $20,000 of Bitcoin, so I can get more excitement? This is called a margin loan. 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.. Opposition shadows Cerberus windfall from Albertsons supermarket deal. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. Within hours, he was forced to reconsider. 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 goal is to give you the knowledge and the tools that will empower you to be a better investor. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. In financial news a medium not known for cultivating eccentric or literary voices theres no other writer quite like Mr. Levine, a former Goldman Sachs banker whose deadpan style mixes technical elucidation and wit. A few months ago, Matt Levine, Bloomberg's ascendant tech and finance columnist, schlepped from his home in Westchester County into New York with his wife and three small children to have weekend brunch on the Upper West Side, joined by his parents, his aunt and his uncle. tt , , , ' , J with the who s who of the sailing scene? 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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. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. 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. [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". Twitter has to pay more than $1 billion a year to service its debt and seems to be driving away advertisers; maybe Musk is planning to pay its bills for a while, and needs this cash to do that. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. The fine is $200 million per bank (SEC and CFTC combined). Founders sell business risk in exchange for the cash they need to take bigger risks; venture capitalists buy that risk hoping it will one day transmute into reward. Log in to access all of your BLAW products. Please Click the Donate button and support BeSpacific. It just takes the $100 out of your envelope and replaces it with 99, etc., always keeping exactly the right amount of money (in whatever currency you like that day) in exactly your envelope. 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. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. Billionaires read Money Stuff. Yet he gives the same impression of personalization to readers who know little about finance. Futures, risk, fraud, securities fraud and Wirefraud. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Its single biggest asset: $3.66 billion of unlocked FTT. The third-largest entry on the assets side of the accounting ledger? Also the Celsius bankruptcy estate and the FTX risk engine. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. The show's format pits 3 contestants against . Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. 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. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. So the more people who sign up for Robinhoods service, and the more they trade, and the more volatile the stocks that they trade are, the more money Robinhood makes. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Every new edition of the newsletter goes directly to your inbox. 2: Dont borrow if you run a crypto business. It is an FTT whale, and FTT is now worthless. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. Theres never a situation where customer funds could be confused with corporate assets. 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. Then he starts to write. What is he doing with the money? 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Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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). Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. By on December 16, 2021, 10:24 am. 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. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. How Is That a Good Thing? 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.
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