His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. The approximately 150,000 people who subscribe to Money Stuff, a free newsletter written by Matt Levine, a columnist at Bloomberg, found an email in their inboxes with the subject line "There . Hovnanian will refinance its The whole extended . This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. Matts the perfect complement to Bess, Felix Salmon, another financial blogger, wrote in October 2011. So how could this happen? Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. Ordinarily the way that you will borrow it is by putting up the customers Bitcoin as collateral to your lender, just as the customer puts up its Bitcoin as collateral to you. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. He makes readers feel in on the savage joke that is late capitalism. I'm hoping to rely on loyal readers rather than erratic ads. National Park Service Asks Visitors to Please Stop Licking Toads. But it would not go out of business that minute. 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. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. . His answer, at least for now, is that the financial hole appears too deep. I write the Money Stuff newsletter at Bloomberg Opinion. Be part of a community of people who share your interests. . And they both pay you interest. Three Arrows, FTX/Alameda, bribes and bonuses. Archive - Matt Levine. Each day, Levine publishes Money Stuff, a widely read, free newsletter. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. Theres never a situation where customer funds could be confused with corporate assets. 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. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. He just has so much else going on. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. There has been a blow-up this week on the internet about Facebook's apps. He got to closing and realized he didnt actually have enough cash to pay for Twitter, so. Matt Levine Matt Levine Matt Levine. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. Matt Levine: No, I agree. Remarkably, Mr. Levines piece was written more than an hour before the market went haywire. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. Also the fact that Customer C had all that FTT in the first place is not a great sign. 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. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. I write the Money Stuff newsletter at Bloomberg Opinion. Anyway it is still early and confusing but that seems to be the story of FTX. Dylan LeClair / @dylanleclair_: Heavy hitting stuff. Just a weird business all around. 2023 Vox Media, LLC. View stories on our mobile app and tune into our weekly podcast. As of June 30, the companys assets amounted to $14.6 billion. I'm also on Twitter and LinkedIn. Then he went to Yale Law. Futures, risk, fraud, securities fraud and Wirefraud. Then he starts to write. 102 Production . Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 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. Real banks take deposits but dont keep the money in envelopes; they lend it out. I type really fast! Levine says. Matt Levine is a columnist for Bloomberg News covering finance and business. Addded Sep 28, 2018. He fetched his copy of The Histories and read it to me.). One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. A circumscribed life of prosperity and billable hours seemed destined. There is even an RSS. Today's challengers: Alex, Tracy, Matt. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. This is the story of his ascension. Apple announces updated 14-inch and 16-inch MacBook Pros with M2 Pro or M2 Max, Wi-Fi 6E, 8K HDMI, up to 96GB of RAM, and more, starting at $1,999 and $2,499 Apple today announced the next-generation 14-inch and 16-inch MacBook Pro models with faster 5nm-based M2 Pro and M2 Max chips As a gift to Levines superfans, here is a compilation of him trying to take time off from his newsletter during the Twitter acquisition saga: I dont know if Levine will get stuck writing about Musk this Saturday, but I do believe hell be perfectly happy doing it. He left that profession for law school and became a mergers and acquisitions lawyer for the law firm Wachtell, Lipton, Rosen & Katz. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. Google Clouds Top U.S. You say sure, sounds good, and hand over all your collateral. 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 have a daily newsletter called Money Stuff, which you can read here and subscribe to here. 2016 Bloomberg View O1Z5LV6KLVRT (Bloomberg View) Yahoo!?? 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. Matt won yesterday's game and returns today to . Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. Sorry, comments are closed for this post. Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. Receive a summary of the day's top tech newsdistilled into one email. Sabrina is also the solo Editor, Publisher and Founder of, Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002, Searchable Database Over 45,000 Postings. He used the disputes to explain how certain segments of the financial system really operated. Realism and the Audiovisual Media is a major and entirely original contribution to contemporary scholarship on realism. 6. His readership grew, and became more obsessive. That is not in itself a reason for a run on FTX! Tyson Foods CFO Arrest Adds to Governance Challenges for Board. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. [1][4], In 2011, Levine started writing about economics and finance for the financial news site Dealbreaker. 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. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. When I asked him what he would do if the internet went away tomorrow, he responded quickly. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. 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. Telegram Group Inc. has pulled in $1.7 billion by selling newly created cryptocurrency to fewer than 200 . Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. I wrote a story about crypto for Bloomberg Businessweek. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. Despite having made more money at white-shoe law and Wall Street firms than he does as a writer, Mr. Levine says he is happier now. 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. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . But that was kind of fun! [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". Comments disabled. 00:00. I don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. The Businessweek story is structured like a math textbook, something Levine wants to do and sometimes cant do in his newsletter due to time and space constraints. Once I did a client call with him, Mr. Levine said. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. He is doing exactly what he has long wanted to do. You dont have her Bitcoin, or not all of them anyway; some of them are with Customer B. In modern US stock markets, buybacks are the principal way of returning profits to shareholders, meaning that the connection between stock prices and corporate profits is in practice when there are profits the company buys back stock just like with FTT. Technology's news site of record. Everybody used WhatsApp and now everybody writes checks. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. As a subscriber, you have 10 gift articles to give each month. In college, at Harvard, Mr. Levine began writing emails to his friends that were leavened by footnotes. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. If they all take their money out, thats a bank run. The way it works is roughly that you open an account and send dollars to Coinbase, and then you tell Coinbase Id like to buy some Bitcoin with those dollars, and Coinbase buys Bitcoin and holds on to it for you and charges you a fee for that transaction. Twitter says user growth has picked up since Elon Musk took over. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. 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. You keep the other 50 Bitcoins and $1 million as collateral. Oh, various possibilities. Everyone knows this, which is why crypto exchanges and securities broker-dealers, who have the same basic business model spend most of their time thinking about risk management. 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