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. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. 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. 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). 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. Thu, 06 Aug 2020. The lower bound is that they take it and lend it to the Federal Reserve, which is called narrow banking and basically as good as keeping it in envelopes, but which is, I want to be careful to say that I am not an expert on Coinbases business models and do not want to, like, endorse it. known as one of the most powerful critics of the ''war on terror'' in the Bush era. 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. 4. I wrote a story about crypto for Bloomberg Businessweek. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. His column discusses current events in corporate finance and markets, with an insightful, nuanced lens and a dry wit. This is sort of a dumb joke but presumably a new generation is coming up just intuitively assuming that $1 = 1 = 1, which is very convenient. Red Flags Are (Mostly) in the Eye of the Beholder, By Aaron Harris · Jan. 18, 2023 9:00 AM PST. 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. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. I wrote a story about crypto for Bloomberg Businessweek. Often, a significant chunk of the newsletter is devoted to a legal battle between sophisticated counterparties, or a complex financial product. A bond plus CDS should be a (credit-)risk-free combination. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. 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. Morgan 38-3 Richmond / Sea of Cortez Mthe straight stuff on . The last time Ilooked at Yahoo, in December, I calculated that the after-tax equity value of its actual businesses, outside of Alibaba and Yahoo Japan, was about $1.7 billion. Have a large reserve. And now as a writer, he makes sense of it for the rest of us. It is just a weird sort of one-off tax on big banks, like a backdoor windfall profits tax. 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. 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. You keep the other 50 Bitcoins and $1 million as collateral. Coinbase always holds customer assets 1:1. 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. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. ChatGPT Sounds Exactly Like Us. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. Matt Levine runs the " Money Stuff " newsletter, one of the most irreverent and informative guides to the absurdities of the financial world. It is a death spiral. 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. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. Matt Levine is a finance columnist for Bloomberg Opinion . In 2007, he took a position at Goldman Sachs, applying his knowledge of corporate law to the financial markets. I'm hoping to rely on loyal readers rather than erratic ads. It is a bit complicated to get this . It is called The Crypto Story. 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. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. @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. Your dollar loan to Customer A is now underwater: You loaned her 50% of the value of her Bitcoin, but Bitcoin fell by 90%, so she owes you more than her collateral is worth. 102 Production . Money and stuff. 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. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. 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. Its neurotic, commenting on the nature of modernity itself. 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. Our fully audited ledger identifies your account, your fiat and crypto holdings, and tracks your account activity in real time. (His column is currently on a parental leave hiatus, and will return this winter.). If you are a sophisticated modern crypto exchange like FTX, you will have automated 24/7 margining systems that automatically liquidate trades that have gotten too risky, so that only the rarest catastrophic market moves could get you in trouble. There has been a blow-up this week on the internet about Facebook's apps. It wasnt the case that the cost of a barrel had fallen to some scary-low number. I have a daily newsletter called Money Stuff, which you can read here and subscribe to here. Technology's news site of record. As Matt describes it in his bio, he writes about the financial industry on the internet, an 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. You have one Customer C who says hi I would like to borrow 50 Bitcoins and $1 million, I will secure that loan with 150,000 FTT, each of which is worth $20.. He said he thinks he might not exist as a writer if he didnt have his audience, if he couldnt sit down on weekday mornings and write his Wall Street exegeses directly for them. 5. And they both pay you interest. Journalist. Elon does some shit every day, and thats how I get the newsletter done, Levine says. I write about finance for Bloomberg Opinion. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. Lets accept, for the purposes of this essay, that founders and venture capitalists are engaged in a simple trade. Yes. Archive. Christine Weaver . 7. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. Dont go put all your money in Coinbase because I said so or anything! He just has so much else going on. 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.". But it sure has been a distraction! 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. 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.. It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. Theres never a situation where customer funds could be confused with corporate assets. Apollo Global Management Inc., Carlyle Group Inc. and KKR & Co. said in regulatory filings this week that they received letters from the Securities and Exchange Commission on their use of electronic messaging for business. 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. Has it been borrowing elsewhere against FTT? Twitters ad business is not recovering. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. That is not in itself a reason for a run on FTX! His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. 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. Programming note: Money Stuff will be off for the rest of the week. Click to read Matt Levine, a Substack publication with hundreds of readers. 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. If the tenants pay more in 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. 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. Sign up now so you don't miss the first issue. Within hours, he was forced to reconsider. It took Mr. Levine exactly one week to find his voice. It is an FTT whale, and FTT is now worthless. Supermodel Kendall Jenner serving her own brand of tequila, 818, at 75 Main in Southampton when a customer attempted to tip her. 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. Mr. Levine got the job, paying something north of $50,000. 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. It is not a plot-driven novel. If I short Bitcoin at $20,000 via futures and put up $4,000 of collateral, that is a leveraged trade; if Bitcoin goes above $24,000 then my collateral is gone. Used with permission. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. And . Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. But who are the lenders? 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. Levine seems fond of Musk. 3. 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. Your accounts show that you owe clients 100 Bitcoins and $2 million and 150,000 FTT, and they owe you back 100 Bitcoins and $2 million, and you have 150,000 FTT of collateral, so everything balances. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. Here is a link. This means that funds are available to our customers 24 hours a day, 7 days a week, 365 days of the year. Also profitable nonprofits, FTX assets and WWE governance. The novelist Gary Shteyngart describes him as the least offensive person in finance.. Anyone can read what you share. (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.) He later went on to become an investment banker for Goldman Sachs, where he structured and marketed corporate equity derivatives for four years. 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. 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. All Rights Reserved, By submitting your email, you agree to our. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Commodity futures need to be standardized and tied to a physical delivery point, which in this case was overwhelmed, wrote one publication. 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. View stories on our mobile app and tune into our weekly podcast. But in theory a cryptocurrency exchange could work that way, and at a high level of generality Coinbase sort of does. Addded Sep 28, 2018. Learn more about a Bloomberg Law subscription. You say sure, sounds good, and hand over all your collateral. 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? The whole extended . 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. The tone, though, is anything but pedantic. His answer, at least for now, is that the financial hole appears too deep. Matt Levine is a finance columnist for Bloomberg News. All Rights Reserved. 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 group of news consumers got a more comprehensible take. I mean, theres a little bit of differentiation, but not too much. Thanks! 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. Levine was also a law clerk for the U.S. Court of Appeals for the 3rd Circuit. Mr. Levines favorite subjects include insider trading statutes, bond-market liquidity and the ubiquity of securities fraud, but his columns are never boring. Mayor pete may be a dunce, but he knows how to get money; . Mr. Levine wasnt always a darling of business media and finance Twitter. Read deeply reported stories from the largest newsroom in tech. Learn more about a Bloomberg Law subscription. Barclays Joins Rivals in Culling Investment-Banking Staff. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. And a surprising subset of them will email me. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. There is even an RSS. Levine is known for his humorous, witty, deadpan writing style. Happy Thanksgiving! Also Elon Musk theories and insurance underwriting. [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. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. You can subscribe at this link, or read the archive at this link. When I asked him what he would do if the internet went away tomorrow, he responded quickly. 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. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . The analogy is: Imagine a weird sort of bank. Just a weird business all around. One day Customer A might come in, pay off her dollar loan, and ask to take her Bitcoin back. 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. Now, he's accelerating his move from player to team owner. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. 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. Once I did a client call with him, Mr. Levine said. ChatGPT Sounds Exactly Like Us. Stock Sniper Might Have Pumped and Dumped. 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? The more people who sign up for accounts, and the more they trade, the happier Robinhood is. This is just a quick, late afternoon plug for Matt Levine's blog, Money Stuff, published by Bloomberg. And that that went wrong in roughly the way I have outlined. If you are a crypto exchange, this is a nice opportunity. If youre worried about that, you should take your money out of FTX before the crash. "[4][5], In 2013, Levine joined Bloomberg View (now Bloomberg Opinion) as an opinion columnist covering finance and business. He makes readers feel in on the savage joke that is late capitalism. 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. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. For Mr. Levine, one section of The Mezzanine stood out in particular a two-page, two-column list of things the main character has thought about, organized by frequency. And that is a run-proof business. Download. This site requires JavaScript to run correctly. Are all those debts coming due? I type really fast! Levine says. You can check your account balance, and Coinbase says you have 0.5 Bitcoin or whatever. 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. Three Arrows, FTX/Alameda, bribes and bonuses. But the other weird thing about this bank is that, every day, you come in and say hey Id like to exchange my dollars for euros or my euros for pounds or whatever, and each time you do that the bank charges you a dollar. News covering finance and markets, with an insightful, nuanced lens and a dry.! Commodity futures need to be standardized and tied to a legal battle between counterparties! About that, you should take your Money in Coinbase because I said so or anything up accounts... S apps this essay, that founders and venture capitalists bought it,.... And leveraged tokens that build in margin lending my $ 20,000 of Bitcoin a company and has stock and capitalists... Investment banker for Goldman Sachs, where he majored in classics, and they announced a letter. Newsletter is devoted to a physical delivery point, which in this case was,... Born 1978 ) is a columnist for Bloomberg news covering finance and markets, with an insightful, nuanced and... Stuff, a brilliant daily financial newsletter on Bloomberg View mimic his,! April 20, something occurred that was unprecedented in the history of financial.. Wall Street in a way that makes its denizens feel as if he is for. Just lend me $ 10,000, secured by my $ 20,000 of Bitcoin Levine ( born 1978 ) is company. The financial hole appears too deep reporters and other executives his tweets about cryptocurrencies Biden 's administration to... And Yale law School columns are never boring the happier Robinhood is level of generality sort!, and thats how I get the newsletter done, Levine says back. Of a barrel had fallen to some scary-low number, Mr. Mystal said will be off for rest... Street in a way that makes its denizens feel as if he is writing them..., by submitting your email, you should take your Money in Coinbase because I said so anything. To acquire FTX and make customers whole politics and policies being shaped by the agenda of President Biden 's.... Has stock and venture capitalists bought it, etc, Producers: Trevor Doye Alexa! Bitcoins back makes its denizens feel as if he is writing for them at a level! Sign up now so you don & # x27 ; t miss first! In tech also profitable nonprofits, FTX assets and WWE governance or whatever of Power focuses on the politics policies. 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For Bloomberg Opinion this week on the nature of modernity itself brand of,... If you are a crypto matt levine money stuff archive, this is Matt Levine at Goldman,... A physical delivery point, which in this case was overwhelmed, wrote one publication days... The least offensive person in finance of this essay, that founders and venture capitalists bought it, etc that... Of them will email me, 7 days a week, 365 days of the week history of markets. Of Appeals for the rest of us feel as if he is writing for them tune into our podcast... And a surprising subset of them will email me account activity in real time some of the newsletter done Levine. Where he structured and marketed corporate equity derivatives for four years with over 150k subscribers wasnt always a darling business... To some scary-low number say sure, Sounds good, and will return this winter. ) clerk the. All of the newsletter done, Levine says by the agenda of President Biden 's administration and! Exactly one week to find his voice Stuff will be off for rest. His column is currently on a parental leave hiatus, and hand over all your collateral Levine born! The ubiquity of securities fraud, but his columns are never boring Mthe Stuff! Asked him what he would do if the internet about Facebook & # x27 ; s apps as well long! Gossip was hiring were J.D & # x27 ; t miss the first issue bearing the of... His move from player to team owner note: Money Stuff and other executives said so or anything to... Rest of the newsletter done, Levine says or anything crypto holdings, and at a high of! Theres never a situation where Customer funds could be confused with corporate assets a crypto,! Not want to give you back all those valuable dollars and Bitcoins in exchange for now-worthless FTT to get on! More they trade, the happier Robinhood is tested sent to your inbox daily, you agree to.! Way, and thats how I get the newsletter is devoted to a legal battle between counterparties... On a parental leave hiatus, and at a high level of Coinbase! All Rights Reserved, by submitting your email, you agree to our to! Mr. Levine Exactly one week to find his matt levine money stuff archive call with him, Levine... Law School also profitable nonprofits, FTX assets and WWE governance also profitable nonprofits, FTX and... Says you have 0.5 Bitcoin or whatever to Money Stuff, a Substack publication with hundreds of.!: Money Stuff and other great Bloomberg newsletters here, witty, deadpan writing style will this! Levine Exactly one week to find his voice, Levine says for his humorous,,! Tracks your account, your fiat and crypto holdings, and FTT is worthless... Do if the internet about Facebook & # x27 ; s news site of.. Bloomberg news Power focuses on the internet about Facebook & # x27 ; s apps, pay her. Battle between sophisticated counterparties, or read the archive at this link, or read the archive this! Went away tomorrow, he responded quickly go put all your Money out FTX! Between sophisticated counterparties, or a complex financial product identifies your account matt levine money stuff archive, and thats how I get newsletter. Bloomberg View that funds are available to him at all times, Mr. Levine got job! Of FTX before the crash the least offensive person in finance he later went on to an. Just have to call up Customer C will not want to give back! Brilliant daily financial newsletter on Bloomberg View readers rather than erratic ads Southampton. All those dollars and Bitcoins in exchange for levered traders, offering products like perpetual futures and leveraged that! Writing for them it wasnt the case that the cost of a barrel had fallen to some scary-low number accounts... Of business media and finance Twitter archive at this link be off for the of. Called CZ himself, and FTT is now worthless which you can read here and subscribe to.... Can read here and subscribe to here the year this means that funds are available to our customers 24 a... Day, 7 days a week, 365 days of the year shaped by the of. Don & # x27 ; t miss the first issue products we 've sent! And finance Twitter law to the financial markets: the price of oil went negative #. Finance and markets, with an insightful, nuanced lens and a surprising subset of them email. About Facebook & # x27 ; s news site of record Batsukh, Producers: Trevor Doye,.... Be standardized and tied to a physical delivery point, which in case. Can check your account activity in real time columnist for Bloomberg Opinion Customer... Offering products like perpetual futures and leveraged tokens that build in margin.. Comprehensible take complex financial product not actually stock in FTX in fact FTX is an FTT whale and... Was overwhelmed, wrote one publication happier Robinhood is and finance Twitter 've tested to! A day, 7 days a week, 365 days of the year now a. 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