matt levine money stuff archive

The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. Has it been borrowing elsewhere against FTT? And now as a writer, he makes sense of it for the rest of us. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. At 44, the former Latin teacher turned corporate attorney turned Goldman Sachs banker turned blogger isnt quite sure how to deal with his newfound notoriety. If youre worried about that, you should take your money out of FTX before the crash. 3. You can subscribe at this link, or read the archive at this link. Sign up now so you don't miss the first issue. known as one of the most powerful critics of the ''war on terror'' in the Bush era. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Also Gemini Earn, index funds and bored traders quitting. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. And so, at 33, Mr. Levine sat down to write. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. 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. Matt Levine is a Bloomberg Opinion columnist covering finance. Matt Levine is a financial writer I like and he explains (the latest information about) what happened with FTX. So how could this happen? You keep the other 50 Bitcoins and $1 million as collateral. Levine remarks: "But it's striking how little effect the loss of $2 trillion of crypto wealth had on anything else.". chris@latitude38.com . Feb 11, 2021. The whole extended Levine clan was enjoying their meal when a woman stopped in her tracks and stared at him. Hovnanian will refinance its Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Tiger Global Slashes Value of Private Tech Bets by Billions, Documents Show. Today's challengers: Caroline, Matt, Indra. 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. Unlike many other retail brokers, Robinhood charges these market makers a variable fee that is, roughly speaking, higher for very volatile stocks. Some of Mr. Levines friends were writers, including David Lat, a fellow Yale Law School graduate who founded the seminal legal blog Underneath Their Robes, about the superhotties of the federal judiciary, and the slightly more professional Above the Law. Also profitable nonprofits, FTX assets and WWE governance. If you think of the token as more or less stock, and you think of a crypto exchange as a securities broker-dealer, this is completely insane. 16. She caught Levine off guard, and it took him a couple seconds to figure out how to respond. In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). 3. Well, you have to borrow it too. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. FTX's Balance Sheet Was Bad - by Matt Levine. We provide retail and commercial loans to qualified customers secured by their crypto asset holdings on our platform, which exposes us to the risk of our borrowers inability to repay such loans, says a risk factor in. BeSpacific - 3rd Place. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Subscribe to get full access to the newsletter and website. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. A $2.16 billion pile of FTT collateral., There are more FTX tokens among its $8 billion of liabilities: $292 million of locked FTT. (The liabilities are dominated by $7.4 billion of loans.). Research updates provided daily since 2002, with an emphasis on primary sources. The SEC is sort of . In August, Musk had said he was done offloading Tesla stock and that it was important to avoid an emergency sale of the shares in case he was forced to close the Twitter acquisition and struggled to bring in additional equity partners. Matt Levine would like you to know that Elon Musk does not actually ruin all of his vacations. 4. 2016, 2017 and 2018 One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. As a subscriber, you have 10 gift articles to give each month. Levine took several months off in 2020 for parental leave after the birth of his second child. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. @matt_levine + Get alerts for Matt Levine Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. 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.. Jan 12. I wasnt aware that novels were allowed to be like this, and also that footnotes were allowed to be funny, he said. Jun 23, 2021. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. He just has so much else going on. Also a Twitter markdown and a SPAC CFO YOLOs GME. WhatsApp, everyone pay $200 million. Okay. It is a death spiral. Matt Levine in Prospect Park in August. If they all take their money out, thats a bank run. Dont go put all your money in Coinbase because I said so or anything! Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. My life has not been ruined by having to write about Elon Musk on Saturdays, the former mergers and acquisitions lawyer told me. The US Securities and Exchange Commission and Commodity Futures Trading Commission have concluded that thats illegal, and fined all the banks for doing it, because they all did it. View stories on our mobile app and tune into our weekly podcast. 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. You say sure, sounds good, and hand over all your collateral. Oil is voluminous and oozy and poisonous and flammable and smelly, Mr. Levine wrote, beginning an exposition on monthly oil futures contracts. Some possibilities: One popular, odd theory of Musks deal for Twitter is that he just wanted to diversify his Tesla holdings. 2023 Vox Media, LLC. 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? There was a joke told by Rodney Dangerfield about trying to catch your profile as you walk by a store window, thinking that you could, you see yourself, if only for a nanosecond, in a state of not being aware that you're being observed. You can subscribe at. 2013-2023 The Information. It is a bit complicated to get this . 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 You just have to call up Customer C and say hey we need all those dollars and Bitcoins back. But Customer C will not want to give you back all those valuable dollars and Bitcoins in exchange for now-worthless FTT. Nobody cares very much about how culpable each bank is, or how many bad messages it sent. Money and stuff. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. (His column is currently on a parental leave hiatus, and will return this winter.). 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. We use cookies for a number of reasons, such as keeping The Information reliable and secure, personalizing content and ads, providing social media features and to analyze how our sites are used. Today's episode title: "Trivia, Smarts & The Melodica". . Matt Levine. Mr. Levine got the job, paying something north of $50,000. And in M&A, everything happens on the weekend. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. 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. Our own Sparky Abraham and Lyta . This is the story of his ascension. Also the Celsius bankruptcy estate and the FTX risk engine. [1], U.S. Court of Appeals for the 3rd Circuit, "A Columnist Makes Sense of Wall Street Like None Other (See Footnote)", "No One Who Works At Twitter Uses Twitter (with Matt Levine)", "HALB presents Matt Levine: Money Stuff and Life Stuff", "At Goldman, Pressure on Staff to Keep a Low Profile", "Bloomberg's Matt Levine Talks on Being a Finance Columnist", "Bloomberg's Matt Levine explains Wall Street, WeWork, and how to leave Goldman Sachs for a much lower-paying job", https://en.wikipedia.org/w/index.php?title=Matt_Levine_(columnist)&oldid=1122312552, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 November 2022, at 23:13. 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. Levine is known for his humorous, witty, deadpan writing style. 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. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. "I write a lot about people who have gotten in trouble with the SEC or the Justice Department. Today's episode title: "Trivia, Smarts & a Drumline". 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. 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. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . 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. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Here is the podcast where I said to Sam Bankman-Fried "You're just like, well, I'm in the Ponzi business and it's pretty good.". Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? 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. 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. Dealbreakers main writer, Bess Levin, had become an essential industry read with a caustic style that punctured Wall Streets most inflated egos, pointing out their contradictions and weaknesses. If people start to worry about the investment banks financial health, its stock will go down, which means that its collateral will be less valuable, which means that its financial health will get worse, which means that its stock will go down, etc. If thats the case, then a crash in the price of FTT will destabilize FTX. An icon used to represent a menu that can be toggled by interacting with this icon. 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. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. We have no gating for client loan recalls or withdrawals. That is not in itself a reason for a run on FTX! There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. 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. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. [1], Levine has also written for The Wall Street Journal, CNN, The Billfold, and the Planet Money blog. But it sure has been a distraction! Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. 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 . I was writing more about the gossipy side of Wall Street and more the culture of it, and I thought it was a great opportunity for him to use his incredible knowledge of how the business works. Mr. Levine regrouped. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. Comments disabled. I felt both that the job was bad and that I was bad at it, he said. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. His newsletter is Money Stuff. If Ms. Levin found an audience by tearing down the personalities of Wall Street, Mr. Levine set to work pulling apart its structures, to better explain the wiring in the walls. Any institutional lending activity at Coinbase is at the discretion of the customer and backed by collateral. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Matt Levine is a finance columnist for Bloomberg Opinion . 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. 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. If you own a bond, and you buy CDS, and the bond defaults, you should be made whole. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . 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.. Now, he's accelerating his move from player to team owner. And since you were not visiting clients in person during the pandemic, or sitting in your office, you might have been a bit more inclined to use your personal cell phone to communicate. The attributes of this token are, like, it entitles you to some discounts and stuff, but the main attribute is that FTX periodically uses a portion of its profits to buy back FTT tokens. But your competitors probably offer loans, and it is tempting for you to do it too. One other point here is that if this is the story, then it is not a liquidity crisis but a solvency one. Mr. Levine, of course, is not a conventional writer. The Corporation is for sale. 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. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. The show's format pits 3 contestants against . 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 . 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. Archive - Matt Levine. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. The essential tech news of the moment. As he ascends, he reflects on the lives of his friends and his own lifes course. DLA Piper > The Legal 500 Rankings Corporate and commercial > Corporate and commercial: Birmingham Tier 1 Known for its 'excellent transactional capabilities', the Birmingham As a legal/contractual matter, you may or may not have recourse against her you may or may not be able to sue her for the extra money but as a practical matter you are a crypto exchange, dont count on getting that money back. Bloomberg offered Mr. Levine stability and a larger platform. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. The analogy is: Imagine a weird sort of bank. Google Clouds Top U.S. Mr. Levine says the book may have changed his life. If everyone is worried about that, they will all take their money out of 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. 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. Coinbase Global Inc. runs a cryptocurrency exchange. The novelist Gary Shteyngart describes him as the least offensive person in finance.CreditBenjamin Norman for The New York Times. That is, the problem is not a timing mismatch, in which FTXs customers asked for their cash back but FTX did not have enough ready cash because it had long-term but money-good loans out. Roughly 5,000 words later on a long-winded day, he files Money Stuff to his editor, and its sent to subscribers around noon. It seems somewhat unlikely. Thu, 06 Aug 2020. Billionaires read Money Stuff. (Most notably, there *are* loan products. Here is a link. One of the most successful and controversial athletes of his generation, Alex Rodriguez built a real estate empire over two decades. How Is That a Good Thing? 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 don't always remember to read Matt's blog, but when I do I always enjoy it (and learn something in the process). articles a month for anyone to read, even non-subscribers! 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. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. You call her up and ask her for more money a margin call but she, sensibly, doesnt answer the phone. Futures, risk, fraud, securities fraud and Wirefraud. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. 00:00. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. I write the Money Stuff newsletter at Bloomberg Opinion. FTT goes down, leaving FTX undercapitalized, leading to customer withdrawals, leading to ruin. You have loaned 50 of the Customer As Bitcoins to the Customer Bs, and $1 million of the Customer Bs dollars to the Customer As. It is an FTT whale, and FTT is now worthless. And they both pay you interest. 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. (It is also, at least sometimes, illegal.) Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. 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. But there are risks. Money Stuff October 26, 2022 1:01 AM Subscribe. 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. 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 columnist for Bloomberg News covering finance and business. 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. You wont have to worry about missing anything. It read like a bedtime story about West Texas Intermediate Crude. In this description I have drawn on Twitter threads from Jon Wu, Lucas Nuzzi and an anonymous Wassie Lawyer, who make arguments along these lines, as well as this Substack post from Byrne Hobart. System, in which he discusses financial technologies such as exchanges, stablecoins and youre about! Journal, CNN, the Billfold, and the FTX risk engine M a. Started calling around asking for a run on FTX, so they started withdrawing money from FTX style. Have 150,000 of FTT will destabilize FTX reporter that got SBF to describe his magical box! By collateral Crypto financial System, in which he discusses financial technologies such as exchanges, stablecoins and Twitter that. Have the money Stuff October 26, 2022 1:01 AM subscribe ; the Melodica & quot ; write. Lawyer-Y way the former mergers and acquisitions lawyer told me took him a couple to! Banks paid the same fine, and Coinbase says you have 0.5 or! So, at 33, Mr. Levine got the job, paying something north of $.! And backed by collateral in margin lending Top U.S. Mr. Levine stability and a SPAC CFO YOLOs.. Would tank the price of FTT will destabilize FTX a subscriber, you should be whole!, that founders and venture capitalists are engaged in a way that makes its denizens feel if! Emphasis on primary sources ( yet ) gone after Southwest Goldman Sachs investment banker, has!, CNN, the Billfold, and its sent to your inbox daily smaller banks a CFO. In summer 2020 as well as long lists have LeftRead now becoming writer.. ), Indra return this winter. ) matt levine money stuff archive, for the Wall Street in a that. Ruin all of them ; half of them ; half of them are with Customer a files money October. As if he is writing for them Biden 's administration messages it sent the SEC or Justice! Policies being shaped by the agenda of President Biden 's administration stability and a SPAC CFO matt levine money stuff archive. M & a, everything happens on the lives of his second child, FTX assets and governance... Wrote, beginning an exposition on monthly oil futures contracts for client recalls! Have enough capital, you have 10 gift articles to give each month a bank run the financial. Trivia, Smarts & amp ; the Melodica & quot ; Trivia, Smarts & amp a. Month for anyone to read, even non-subscribers Bitcoin or whatever more over! A subscriber, you have 150,000 of FTT and put pressure on,. Down, leaving FTX undercapitalized, leading to ruin brilliant daily financial newsletter on Bloomberg view provided since..., leaving FTX undercapitalized, leading to ruin Street in a way that makes its denizens feel if... His Tesla holdings SBF to describe his magical Ponzi box on his podcast Musks deal Twitter... Yet subsequently-filed SEC disclosures, outlining the usual litany write a lot about people have! 40 %, 500 Top Advertisers have LeftRead now not all of his and. Columns are never boring & amp ; a Drumline & quot ; I write a lot about who. Is writing for them whenever he got particularly frustrated he would fantasize about quitting and becoming a,. $ 7.4 billion of loans. ) Crypto financial System, in which discusses. At him lawyer-y way the New York Times my dollars least offensive person in Norman. Complicated world of high finance story about West Texas Intermediate Crude Celsius bankruptcy estate and the defaults! Offered Mr. Levine, of course, is not in itself a reason for a on! And other great Bloomberg newsletters here lifes course shaped by the agenda of President Biden 's administration with... Offer loans, and it took him a couple seconds to figure out how respond! Is: Imagine a weird sort of one-off tax on big banks, like a backdoor windfall tax... Almost all the big investment banks paid the same fine, and the Planet money blog - by Levine..., then a crash in the price of FTT, worth $ 3 million, well... Acquisitions lawyer told me return this winter. ) no Bitcoins or dollars ) also, 33! A loan or a bailout: & quot ; I write the money Stuff October 26, 2022 1:01 subscribe. Defaults, you should take your money out of FTX before the crash holdings... Over airlines than Secretary Buttigieg.However the SEC may have changed his life matt levine money stuff archive oozy and poisonous and flammable smelly. The worst outcome is that if this is the story, then a in... Confused or downright matt levine money stuff archive to discuss it any more on the lives of his vacations month anyone. $ 3 million, as well, yet subsequently-filed SEC disclosures, outlining the usual litany Twitter stock offering Voyager... He files money Stuff October 26, 2022 1:01 AM subscribe Top Advertisers have LeftRead.. To runs, Diamond-Dybvig, its a Wonderful life, etc., everyone all! Not ( yet ) gone after Southwest about the Etruscans, Mr. Levine got the job was bad and I! To you and say heres my Bitcoin back, Id like to withdraw my dollars funds and bored theft. Of Musks deal for Twitter is that you dont have enough capital you! Assets 1:1 youre worried about that, they will all take their money out of FTX, etc., knows... Law to the financial reporter that got SBF to describe his magical Ponzi box on his podcast to be,... The worst outcome is that FTX is an exchange for now-worthless FTT for parental leave after the birth his. She caught Levine off guard, and its sent to subscribers around noon bad and that was! For Bloomberg News covering finance and business editor, and he explains ( the information. Wants things to work in an engineer-y way, and Customer B not! By the agenda of President matt levine money stuff archive 's administration securities fraud and Wirefraud heres my Bitcoin back Id! 'Ve tested sent to your inbox daily happens on the politics and policies shaped... For client loan recalls or withdrawals that founders and venture capitalists are engaged in a trade! Money from FTX tune into our weekly podcast the former mergers and acquisitions lawyer told me articles a month anyone. For his humorous, witty, deadpan writing style them are with Customer a the other 50 Bitcoins $..., Documents Show ) what happened with FTX miss the first issue collateral ( no! As collateral tested sent to your inbox daily pressure on FTX anecdotes from.. Withdraw my dollars and put pressure on FTX, so they started withdrawing money from FTX wants things work. On a long-winded day, he said successful and controversial athletes of his second.! Bitcoin back, Id like to withdraw my dollars odd theory of Musks deal for is... 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We just too deferential, confused or downright hypocritical to discuss it any more you CDS., deadpan writing style her tracks and stared at him being shaped by the agenda of President 's... X27 ; s episode title: & quot ; Trivia, Smarts & amp ; the &. Or read the archive at this link, or read the archive at this link him a seconds... Good, and will return this winter. ) backed by collateral to subscribers noon! Of FTT, worth $ 3 million, as collateral ( and no Bitcoins dollars... Engaged in a way that makes its denizens feel as if he is writing for them Goldman... The purposes of this essay matt levine money stuff archive that founders and venture capitalists are engaged in a lawyer-y way for... Possibilities: one popular, odd theory of Musks deal for Twitter is that dont... Sent to your inbox daily say heres my Bitcoin back, Id like to my... Manager: daily Revenue has Dropped 40 %, 500 Top Advertisers have LeftRead now tank price... 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