His newsletter is Money Stuff. Mayor pete may be a dunce, but he knows how to get money; . Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. You keep the other 50 Bitcoins and $1 million as collateral. Matt Levine is a columnist for Bloomberg News covering finance and business. . Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. 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. But like they say, . @matt . Cameron Winklevoss accusing Barry Silbert on multiple counts of fraud and calls for his immediate removal as . 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. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. Matt Levine is a Bloomberg Opinion columnist covering finance. But the timing problem is also connected to a real economic risk. Hi, I'm Matt Levine. GSO had bought CDS protection that would pay off if Hovnanian defaulted. 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 . [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Today's episode title: "Trivia, Smarts & The Melodica". The problem is that FTX took its customers money and traded it for a pile of magic beans, and now the beans are worthless and theres a huge hole in the balance sheet. Lately my favorite read has been Matt Levine's Money Stuff articles from Bloomberg News. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. Money and stuff. You can subscribe at this link, or read the archive at this link. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. 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. There is a timing problem. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Jan 12. 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? Once dismissed as representative of narrative closure and bourgeois ideology, realism has made a remarkable comeback in recent years as a predominant trend in world cinema and television productions, as well as a topical line of enquiry in audiovisual theory. 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. 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. Levine is known for his humorous, witty, deadpan writing style. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. Many banks and financial institutions use customer funds for commercial purposes including lending and trading, meaning that they often hold only a fraction of their customer assets at any given time. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. Money Stuff October 26, 2022 1:01 AM Subscribe. The show's format pits 3 contestants against . He used the disputes to explain how certain segments of the financial system really operated. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. by Paul Ford, earlier) . 3. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. So you have $100, which you exchange for 99, which you exchange for 98, which you exchange for $97, etc., paying the bank $1 each time. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham When he was in high school, he read a book by the novelist and essayist Nicholson Baker called The Mezzanine, about a man who leaves a fancy Midtown Manhattan office building during his lunch hour on an errand to buy new shoelaces. I'm also on Twitter and LinkedIn. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? The way it makes money is that each time its customers trade stocks (or options, or cryptocurrencies), Robinhood sends their order to a market maker, and the market maker pays Robinhood a tiny fee for the right to execute the order. Copyright 2002-2023 BeSpacific LLC. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. 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. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. The main problem, actually, was that he was working on a 40,000-word Bloomberg Businessweek story about cryptocurrency. Then it sticks the envelope in a vault, and if at any point you ask for your money back, it opens the vault and hands you your envelope. Searchable database of over 45,000 postings! Money and stuff. 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. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. After graduating from Harvard in 2000, with a major in classics, Mr. Levine taught Latin at a high school in a Boston suburb. 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. FTX made up the Serum token on there own. Today's challengers: Alex, Tracy, Matt. Also private-market marks, ransomware ethics, Coinbase KYC and Celsius crypto ownership. You won't have to worry about missing anything. Also a Twitter markdown and a SPAC CFO YOLOs GME. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. 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. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. Three Arrows, FTX/Alameda, bribes and bonuses. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . 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. (The best measure of his audiences devotion may not be his 112,000 Twitter followers, but rather the 3,000 that follow @MattLevineBot, a fan account describing itself as a bot that mimics his writing style.) If everyone takes their money out at once, you have the money. A circumscribed life of prosperity and billable hours seemed destined. It is an FTT whale, and FTT is now worthless. Thank you! 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. Real banks take deposits but dont keep the money in envelopes; they lend it out. . Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. I wrote a story about crypto for Bloomberg Businessweek. He was of the place, and he found its workings genuinely interesting. Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Mr. Levine wasnt always a darling of business media and finance Twitter. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October 2020. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. FTX's Balance Sheet Was Bad - by Matt Levine. There is even an RSS. but it is a lot like stock in FTX. Every new edition of the newsletter goes directly to your inbox. It wasnt the case that the cost of a barrel had fallen to some scary-low number. Mr. Levine tried to write like that, with snarky punch lines, and failed. 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. Comments disabled. 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. Hovnanian will refinance its Also the fact that Customer C had all that FTT in the first place is not a great sign. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. A bond plus CDS should be a (credit-)risk-free combination. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. Never miss an update. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Mr. Levine says the book may have changed his life. I mean, theres a little bit of differentiation, but not too much. Today's edition of Money Stuff has good posts on two topics that I have or will write about . Sam Bankman-Fried founded Alameda to do crypto arbitrage and market-making trades, and then he founded FTX to basically have a better exchange for Alameda to trade on. But who are the lenders? Dont go put all your money in Coinbase because I said so or anything! There are footnotes lots of footnotes. Not for dummies. 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. 6. Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank. Archive. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. Please Click the Donate button and support BeSpacific. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. It actually went below zero, meaning there were traders out there who would pay you to own oil. 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 . All Rights Reserved, By submitting your email, you agree to our. 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. 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. 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. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. 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. (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Each day, Levine publishes Money Stuff, a widely read, free newsletter. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. Now, he's accelerating his move from player to team owner. Terrible. Im doing a bit, he says. I love the shtick I do, Elon keeps ruining my life. But most of the time, I have to write on a Wednesday, and at least theres Elon to write about.. There is even an RSS. 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.. He seasoned his analyses with humor and a nerdy, confident tone. Twitter filed its lawsuit against its now-owner, Robloxs new Creator Hub could make things a lot easier for developers. Addded Sep 28, 2018. It is not a plot-driven novel. 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. 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. 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. 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. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. The Only Crypto Story You Need, by Matt Levine - "Where it came from, what it all means, and why it still matters." (archive; also btw What Is Code? 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. Everybody used WhatsApp and now everybody writes checks. I felt both that the job was bad and that I was bad at it, he said. saving money or hanging out which in itself is a fantastic offer. He will come to you and say heres my Bitcoin back, Id like to withdraw my dollars. But you dont have his dollars, or not all of them; half of them are with Customer A. Read deeply reported stories from the largest newsroom in tech. Learn more about a Bloomberg Law subscription. tt , , , ' , J with the who s who of the sailing scene? I'm hoping to rely on loyal readers rather than erratic ads. They may be the only entertaining words a financial markets professional reads all day. Opposition shadows Cerberus windfall from Albertsons supermarket deal. Levine took several months off in 2020 for parental leave after the birth of his second child. But FTX doesnt have their money; it has FTT, and a loan to Alameda. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Salinger and they cant get over how Catcher in the Rye spoke directly to them. [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. Click to read Matt Levine, a Substack publication with hundreds of readers. Has it been borrowing elsewhere against FTT? Barclays Joins Rivals in Culling Investment-Banking Staff. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. 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? 2023 Vox Media, LLC. Colleen Levine . It starts from that basic premise and builds from there, and I love that format, and I love that ambition for writing about complicated topics. Because Bitcoin is such a recent invention, its possible to start with the whitepaper and build from there to the major crypto shenanigans you see today. You can subscribe at. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. The analogy is: Imagine a weird sort of bank. Matt Levine is a finance columnist for Bloomberg News. It begins with an escalator. He goes into the balance sheet including the Serum tokens. He wants things to work in an engineer-y way, and he butts up against things that run in a lawyer-y way. You can imagine a lawyer trying to tell Musk, about his SEC settlement, for instance, that he ought to act in a good-faith way toward regulators and not piss people off. In this dumb model I am eliding the *exchange* function and just assuming the bank acts as principal, though in fact Coinbase mostly operates as an exchange. And that is a run-proof business. The reason for a run on FTX is that you think that Alameda is, in my terminology, Customer C. The reason for a run on FTX is if you think that FTX loaned Alameda a bunch of customer assets and got back FTT in exchange. There are web pages / articles I still read - I'll check out things by Derek Sivers, Patrick McKenzie/Bits About Money, Money Stuff by Matt Levine, all by local HN recommendations. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . ChatGPT Sounds Exactly Like Us. 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. Feb 11, 2021. Coinbase always holds customer assets 1:1. Most classically, they borrow short to lend long, taking checking deposits that can be withdrawn at any time, and using them to make long-term mortgages. There was another bank employee who was also named Matt Levine, a lawyer who sometimes worked on the same deals. 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. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Billionaires read Money Stuff. Christine Weaver . On that note: Changpeng Zhao moved fast when Sam Bankman-Frieds FTX.com was on the brink, offering to take it over and stem any further crypto contagion. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. 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. 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. Thanks! The problem with this is that it is wrong-way risk. 8. Our own Sparky Abraham and Lyta . My goal is to give you the knowledge and the tools that will empower you to be a better investor. (He also says that if he were to take more time to write, hed use fewer words.). Now, he's accelerating his move from player to team owner. 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.. But even if I post, like, $30,000 of collateral, there is still the risk that Bitcoin goes above $50,000, etc. Simply selling billions of dollars of Tesla stock would have upset his fans, driven down the stock price and undermined his image as a committed true believer. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. Today's episode title: "Trivia, Smarts & a Drumline". Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. I write the Money Stuff newsletter at Bloomberg Opinion. Receive a summary of the day's top tech newsdistilled into one email. 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. Its neurotic, commenting on the nature of modernity itself. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. Bloomberg offered Mr. Levine stability and a larger platform. 7. And in fact Coinbase does have other revenue models besides charging trading fees, some of which are more run-vulnerable than what I say in the text. Matt Levine / Bloomberg: The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both . 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. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. Depends how you define "Blog Post". Get back to work. In the olden days the values were all different! (His column is currently on a parental leave hiatus, and will return this winter.). If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. 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. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. One group of news consumers got a more comprehensible take. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. (Most notably, there *are* loan products. 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Expert Institute Award for Best Legal Tech Blog This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. Conceivably, in theory, the latter price (what youd pay to not have oil now) could exceed the former (what youd pay to have oil eventually), leading to negative spot prices.. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. . The novelist Gary Shteyngart describes him as the least offensive person in finance.. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). 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.. Zhao himself admits there was no master plan to take over FTX. Futures, risk, fraud, securities fraud and Wirefraud. No actual bank works that way. If, say, the operator of the biggest crypto exchange gently raises one eyebrow and says FTT, eh? that can be enough to topple FTX. 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. You Are Here:Home Economy, Financial System, Knowledge Management, Legal Research Money Stuff by Matt Levine, Bloomberg, Money Stuff: Matt Levine is a Bloomberg Opinion columnist covering finance. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). This site requires JavaScript to run correctly. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff.
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