00:00. 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.". He seasoned his analyses with humor and a nerdy, confident tone. I write the Money Stuff newsletter at Bloomberg Opinion. 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. If they all take their money out, thats a bank run. Now lets add a few more FTX-specific elements. Thanks! Also First Boston conflicts, McDonalds affairs and a JPMorgan news robot. Or you can subscribe to Money Stuff and other great Bloomberg newsletters here. 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. Microsofts expected investment in OpenAI, destined to be one of the biggest startup stories of the year, comes with a whole lot of strings attached. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. 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. S&P. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. Left Coast Crime is an annual conference organised by mystery fiction fans for mystery fiction fans, first held in San Francisco in 1991. 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. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives. Learn more about a Bloomberg Law subscription. Not for dummies. He delights in Musk, actually! Once I did a client call with him, Mr. Levine said. published Jan 18, 2018 8:39:36 AM, by Matt Levine (Bloomberg View) - Hovnanian. Please Click the Donate button and support BeSpacific. The essential tech news of the moment. Stay up-to-date. He was an editor of Dealbreaker, an investment banker at Goldman Sachs, a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen . 102 Production . There is even an RSS. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? It just takes the $100 out of your envelope and replaces it with 99, etc., always keeping exactly the right amount of money (in whatever currency you like that day) in exactly your envelope. For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. Similarly, I find a lot of good one-off recommendations on HN; is the hit ratio 100%, or even 50%, goodness no. 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. Google Clouds Top U.S. 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. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. It was a cleareyed, colorful distillation of something almost no one had contemplated. His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150k subscribers. Matt Levine's Money Stuff: Not Everything Is Insider Trading - Bloomberg. Also FTX accounting and perks, hung debt and enterprise blockchain. Never miss an update. GSO had bought CDS protection that would pay off if Hovnanian defaulted. How Is That a Good Thing? I joke that people want a lock of his hair.. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. No actual bank works that way. Today's episode title: "Trivia, Smarts & The Melodica". Here's a recap of the clues on Master Minds (Season 3) for Wednesday, January 11, 2023 with host Brooke Burns. To contact the author of this story: Matt Levine at mlevine51@bloomberg.net. 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. 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. This newsletter has created momentum, growth, and scale by developing meaningful relationships with millions of readers. 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 used 100% of the proceeds of his previous sales to pay for Twitter, and now is selling more to pay his year-end tax bill on those previous sales. Read deeply reported stories from the largest newsroom in tech. 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. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Mr. Levine, of course, is not a conventional writer. Real banks take deposits but dont keep the money in envelopes; they lend it out. Technology's news site of record. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Matt Levine Matt Levine Matt Levine. 6. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. If the price of Bitcoin falls by 90%, Customer B will be thrilled. [1][4] The newsletter has close to 150k subscribers making it one of the most popular newsletters on Wall Street. The other is that FTX is closely associated with a hedge fund called Alameda Research. By uncritically mentioning crypto's multi-trillion dollar market cap 9 times, Levine, a Harvard educated financial expert, embeds a lie into the unconscious of the reader. articles a month for anyone to read, even non-subscribers! 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 . But it is also a crypto token, which means that a customer can come to you and post $100 worth of FTT as collateral and borrow $50 worth of Bitcoin, or dollars, or whatever, against that collateral, just as they would with any other token. I wrote a story about crypto for Bloomberg Businessweek. Play in New Window. Ledgers, Bitcoin, Blockchain, in which he lays out the basics of Bitcoin's technology. When we hear on the news "$8 billion collapse!" it's all fake because of crap like the Serum tokens. 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. 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. 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. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. 2013-2023 The Information. Within hours, he was forced to reconsider. Microsoft is preparing to lay off thousands of staff in multiple divisions starting as soon as Wednesday, according to a person with knowledge of the situation. ChatGPT Sounds Exactly Like Us. Bloomberg offered Mr. Levine stability and a larger platform. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. Feb 11, 2021. 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 . Money Stuff. Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. 2023 Vox Media, LLC. 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. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Also Gemini Earn, index funds and bored traders quitting. A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. 2023 Bloomberg L.P. All rights reserved. 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. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. I wrote a story about crypto for Bloomberg Businessweek. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . 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. Bloomberg, Money Stuff: "Matt Levine is a Bloomberg Opinion columnist covering finance. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. 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. Bloomberg news covering finance and business as long lists in tech this is Levine! You: Money Stuff will be off tomorrow and Monday, back Tuesday! Bloomberg, Money Stuff: Not Everything is Insider Trading - Bloomberg Keens:. 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