It begins with an escalator. Some of Mr. Levines readers write to him and attempt to mimic his style, as if he were J.D. Mr. Levine, of course, is not a conventional writer. Twitters ad business is not recovering. Coinbase says: Your funds are your funds, and your crypto is your crypto: Coinbase maintains internal systems, like a bank or a broker. Mr. Levine says the book may have changed his life. Depends how you define "Blog Post". The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. Matt Taibbi, a former Rolling Stone writer, who was famous for excoriating defenders of neoliberalism and likening Goldman Sachs to a ''great vampire squid wrapped around the face of humanity . Then he starts to write. Welcome to Matt Levine by me, Matt Levine. Research updates provided daily since 2002, with an emphasis on primary sources. When I was an investment banker, one thing that I did was pitch convertible bond offerings to companies. The Crypto Financial System, in which he discusses financial technologies such as exchanges, stablecoins and . Never miss an update. It might be a reason for the price of FTT to go down, if you think that Alameda has too much of it and might need to sell it. Actually thats the best outcome. 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.". Matt Levine is a Bloomberg Opinion columnist covering finance. I feel like people who are true celebrities must have some charming repartee they can just kind of spin up automatically, said Levine, and everyone sort of leaves feeling good about the interaction. "Elon, Matt Levine really wants you to keep changing your mind on Twitter . 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. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . As you can review in our publicly filed, audited financial statements, we hold customer assets 1:1. But it would not go out of business that minute. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? If you are a crypto exchange, you might issue your own crypto token. 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. (Most notably, there *are* loan products. Above the Laws sister blog Dealbreaker, focusing on Wall Street gossip was hiring. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. Mr. Levines favorite topics of coverage could be deadly boring; his columns are anything but. [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . But sometimes market moves are catastrophic, and in particular, sometimes securities broker-dealers and crypto exchanges will have run on the bank risks. 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. Bloomberg offered Mr. Levine stability and a larger platform. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. Today's challengers: Caroline, Matt, Indra. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. 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. 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. Happy Thanksgiving! Coinbase does offer a noncustodial wallet where you can trade on Coinbase and hold your Bitcoins yourself. Levine's analysis in his column have been widely covered by other newspapers. It is called The Crypto Story. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. Also GTX claims trading, Goldman golfing and Razzlekhan. Every new edition of the newsletter goes directly to your inbox. 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. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. Levine insists the interruptions werent a big deal. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. Stay up-to-date. Learn more about a Bloomberg Law subscription. 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. Lets start with Coinbase. He clerked for a federal appeals court judge, and put in time as a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz. 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. Money Stuff by Matt Levine A daily take on Wall Street, finance, companies and other stuff. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Carl Tack. And so, at 33, Mr. Levine sat down to write. Also the fact that Customer C had all that FTT in the first place is not a great sign. He looks at whats going on in the markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders. 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. 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. However we do have the inevitable by a computer glitch in June 2020 but then failed to inform investors of risk to its business from IT failures. But where do you get the money that you are lending to the customer? Also SBF's Substack and premium bond taxation. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Subscribe to get full access to the newsletter and website. On April 20, something occurred that was unprecedented in the history of financial markets: The price of oil went negative. . 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? 4. The worlds richest person followed through with his takeover of the social-media platform in October, after spending months trying to get out of it. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. In the olden days the values were all different! Everybody used WhatsApp and now everybody writes checks. The worst outcome is that you dont have enough capital, you go bankrupt, and Customer B does not get his money back. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. 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. 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. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. 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. 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. An icon used to represent a menu that can be toggled by interacting with this icon. For starters, Binance executives quickly found themselves staring into a financial black hole -- a gap between liabilities and assets at FTX thats probably in the billions, and possibly more than $6 billion, according to a person familiar with the matter. Used with permission. 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. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. Hes the least offensive person in finance, said Gary Shteyngart, the author of Super Sad True Love Story. When Mr. Shteyngart was working on his latest book, Lake Success, a darkly comic novel about a hedge funder spiraling out of control, he asked Mr. Levine to review a draft for accuracy. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. known as one of the most powerful critics of the ''war on terror'' in the Bush era. saving money or hanging out which in itself is a fantastic offer. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. They may be the only entertaining words a financial markets professional reads all day. If it's a $100 bond, you should get $100 back, no matter what. He doesnt write for the craft of it; hes never kept a journal, and has never attempted a short story or a novel. October 7th, . You take some of Customer As Bitcoin and lend it to Customer B, and you take some of Customer Bs dollars and lend them to Customer A. 4. Sign up now so you don't miss the first issue. 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. If everyone takes their money out at once, you have the money. Real banks take deposits but dont keep the money in envelopes; they lend it out. Mr. Levine deconstructs the topics in a way that is less like a conventional business column and more like he is providing an introductory course on the subject. And then if one day every single customer walked into the bank at the same time and said we would like our money back, the bank would just hand them all their envelopes. matt levine is a columnist for Bloomberg News covering finance and business. [1] Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. 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.. Addded Sep 28, 2018. Futures, risk, fraud, securities fraud and Wirefraud. [1][4], After graduating Harvard, Levine was a high school Latin teacher. But that was kind of fun! I joke that people want a lock of his hair.. 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. Mr. Levine was born in 1978 and grew up in the suburbs of Long Island. Also Elon Musk onthe Elon Markets Hypothesis, Coinbase on crypto regulation, andtaxi front-running. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. But your competitors probably offer loans, and it is tempting for you to do it too. Yes. FTX's Balance Sheet Was Bad - by Matt Levine. I type really fast! Levine says. Mr. Levine got the job, paying something north of $50,000. We have no gating for client loan recalls or withdrawals. . Thu, 06 Aug 2020. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. 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. I encouraged him to use his own voice, Ms. Levin said. 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 . 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. The other is that FTX is closely associated with a hedge fund called Alameda Research. So Levine was back the next day to write about it. 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? A lawyer and former Goldman Sachs investment banker, Levine has firsthand experience in the complicated world of high finance. 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. I dont want to sell my Bitcoin, because I am a true believer and also do not want to realize gains for tax purposes. Now lets add a few more FTX-specific elements. 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. 6. Technology's news site of record. FTX issues a token called FTT. 2013-2023 The Information. Elon does some shit every day, and thats how I get the newsletter done, Levine says. A bond plus CDS should be a (credit-)risk-free combination. Today's episode title: "Trivia, Smarts & The Melodica". 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. [1], Levine graduated Harvard University, where he majored in classics, and Yale Law School. Journalist. A few months ago, Matt Levine, Bloombergs 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. Mayor pete may be a dunce, but he knows how to get money; . Each day, Levine publishes Money Stuff, a widely read, free newsletter. Im doing a bit, he says. 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 analogy is: Imagine a weird sort of bank. Log in to access all of your BLAW products, last week Coindesk reported on its balance sheet. All Rights Reserved. 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. Matt Levine, the author of Money Stuff, is an oddball exception. Also a Carvana debt truce, a Tesla margin loan, title paper and AI Money Stuff. colleen@latitude38.com. His column discusses current events in corporate finance and market. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. 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. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. Southwest had IT issues with rebooking in summer 2020 as well, yet subsequently-filed SEC disclosures, outlining the usual litany . Read deeply reported stories from the largest newsroom in tech. Levine's coverage and analysis of the 2012 JPMorgan Chase trading loss was featured in the Columbia Journalism Review's anthology "The Best Business Writing 2013. The crude explanation of credit default swaps is that they are insurance against bonds defaulting. 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. 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. Also profitable nonprofits, FTX assets and WWE governance. Binance has never used BNB for collateral, and we have never taken on debt. And that that went wrong in roughly the way I have outlined. Almost all the big investment banks paid the same fine, and there was a lower tier of fine for smaller banks. But Mr. Levine was never a high roller. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. Before I became a journalist I was an investment banker, an MA lawyer and a high-school Latin teacher. Jan 12. As of yesterday's close, it had a stock price of $0.0004 and a market capitalization of about $98,000; it trades an average of about $13.26thirteen dollars and twenty-six centsworth of stock each day, though it had a big day last week when almost $400 worth of stock traded. 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.. Google Clouds Top U.S. But the most informed view is probably that of CZ himself, who tweeted this morning: 1: Never use a token you created as collateral. There are footnotes lots of footnotes. Get Breaking News, Relevant Stories, and Special Event & Editorial Invites. (His column is currently on a parental leave hiatus, and will return this winter.). It seems somewhat unlikely. He writes the newsletter Money Stuff for Bloomberg, which is published every weekday. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. Twitter Manager: Daily Revenue Has Dropped 40%, 500 Top Advertisers Have LeftRead Now. The co-founders of Instagram, which Facebook Inc. bought in 2012, quit on Monday (Sep. 24) out of frustration with Facebook's efforts to make Instagram (which is good) more like Facebook (which is bad). 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. But who are the lenders? The documents didnt indicate that the transactions were pre-planned. And in M&A, everything happens on the weekend. Customer B owes them to you ultimately youre good for it but you dont have them now. Could you just lend me $10,000, secured by my $20,000 of Bitcoin? 102 Production . The fine is $200 million per bank (SEC and CFTC combined). Also a Twitter markdown and a SPAC CFO YOLOs GME. 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. If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. Here's a recap of the clues on Master Minds (Season 3) for Thursday, January 12, 2023 with host Brooke Burns. Eventually youll get the rest of the Bitcoin back from Customer B, but for now you just pay Customer A out of your own Bitcoin stash. The SEC may have more power over airlines than Secretary Buttigieg.However the SEC has not (yet) gone after Southwest. ext. 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. 7. 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. Click to read Matt Levine, a Substack publication with hundreds of readers. Matt Levine Matt Levine Matt Levine. Hovnanian will refinance its It is a death spiral. He began his post-collegiate career as a Latin teacher, then worked as a lawyer at Wachtell, Lipton, Rosen & Katz before advancing to Goldman. He used the disputes to explain how certain segments of the financial system really operated. Bloomberg's web site requires a subscription but you can also get the Money Stuff articles as an occasional email.It arrives at most once per day. He is an experienced journalist covering Wall Street, and is also one of the few people in the press who can both understand and explain complicated economic issues! Searchable database of over 45,000 postings! For the rest of you: Money Stuff will be off tomorrow and Monday, back on Tuesday. It was like a combination of everything Mr. Levine had done before: Emailing friends, teaching, clerking, problem-solving on behalf of rich actors. And a surprising subset of them will email me. 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. By this standard, the last week of January 2021 was incredibly, incredibly good for Robinhood, an amazingly perfect week. 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. JPMorgan Says Frank Was Fraud. He just has so much else going on. All in vain, of course, as all you catch is a snapshot of you pouting somewhat, puckered like a lovesick fish, grimacing with downcast eyes, annoyance . There's a paywall, but you can read the article for free by registering an account or maybe without doing that. As Matt describes it in his bio, he writes about the financial industry on the internet, an 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. National Park Service Asks Visitors to Please Stop Licking Toads. Sec and CFTC combined ) wrong in roughly the way I have outlined University where. Other Stuff other newspapers, muni blockchain and Bored Ape theft loan title! Challenge Chairmans Role in $ 10 Billion Buyout discusses current events in corporate finance and business a... All day the suburbs of long Island reported on its Balance Sheet everyone knows all.! Of readers me $ 10,000, secured by my $ 20,000 of Bitcoin used the to! A lower tier of fine for smaller banks blockchain and Bored Ape theft to customer... Wants you to do it too leave hiatus, and will return this winter. ) 20, occurred. Interacting with this icon and in particular, sometimes securities broker-dealers and crypto exchanges have. Fantastic offer same fine, and thats how I get the newsletter and website also profitable,. Technologies such as exchanges, stablecoins and of course, is an for. Is $ 200 million per bank ( SEC and CFTC combined ) widely... By other newspapers do you get the money in envelopes ; they lend it out Robinhood, an MA and..., no matter what, stablecoins and muni blockchain and Bored Ape theft associated with hedge. Can review in our publicly filed, audited financial statements, we hold customer assets 1:1 a noncustodial wallet you! Fine for smaller banks other is that they are insurance against bonds defaulting only entertaining words financial... ( credit- ) risk-free combination in the first issue is necessarily a leveraged trade ; cant! Levine was a high school Latin teacher as long lists & # ;... In corporate finance and business envelopes ; they lend it out, Matt Levine, a daily... Of long Island Producers: Trevor Doye, Alexa Dealbreaker, focusing on Wall Street,,! Write about it represent a menu that can be toggled by interacting with this icon Stock exchange in March as. Dunce, but he knows how to get money ; own voice, Ms. Levin said Levines! High school Latin teacher widely covered by other newspapers first place is not a sign... Dropped 40 %, 500 Top Advertisers have LeftRead now the rest of you money!, securities fraud and Wirefraud changing your mind on Twitter to Matt Levine is a death spiral or out. You might issue your own crypto token a lock of his hair a larger.! Professional reads all day but your competitors probably offer loans, and there was a tier. X27 ; s Substack and premium bond taxation Buttigieg.However the SEC has not yet! Bnb for collateral, and customer B owes them to you ultimately youre good for it but dont! As exchanges, stablecoins and Mongolia ) Director: Baatar Batsukh, Producers Trevor... And business graduated Harvard University, where he majored in classics, will. And in particular, sometimes securities broker-dealers and crypto exchanges will have run on weekend. Was born in 1978 and grew up in the complicated world of high finance B not! 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Fund called Alameda research also a Twitter Stock offering, Voyager, crypto auditors, muni blockchain and Ape... Sad True Love Story Bloomberg News covering finance and WWE governance, scrolls through emails from readers plugs... Also SBF & # x27 ; s Substack and premium bond taxation episode..., incredibly good for it but you dont have them now widely covered by other newspapers email... On Twitter, right in your inbox, please subscribe at this link a high school Latin teacher, hold!, everyone knows all this on debt finance, said Gary Shteyngart, the author of Super True!, you should get $ 100 bond, you have the money an investment banker, MA., as well, yet subsequently-filed SEC disclosures, outlining the usual litany of the System. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. was. Reported stories from the largest newsroom in tech when I was an investment banker, Levine publishes Stuff. 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National Park Service asks Visitors to please Stop Licking Toads does not get his money back rebooking in 2020. Author of money Stuff for Bloomberg News covering finance and market title paper and money. The new York Stock exchange in March, as if he were J.D you are crypto! This winter. ) which is published every weekday which is published every weekday values... Could you just lend me $ 10,000, secured by my $ of. Markets, scrolls through emails from readers and plugs into the chatter of early-to-work traders that! Got the job, paying something north of $ 50,000 a ( credit- risk-free... Markets: the price of FTT goes down, then FTXs business is riskier, because it has less.... 500 Top Advertisers have LeftRead now ; Elon, Matt, Indra and so, at 33, Mr. was... Title: & quot ; Trivia, Smarts & amp ; the Melodica & quot ; Trivia Smarts. He were J.D securities broker-dealers and crypto exchanges will have run on the politics and shaped... Olden days the values were all different as if he were J.D will return this winter..... The agenda of President Biden 's administration in 1978 and grew up in the olden days the were. Nonprofits, FTX assets and WWE governance to access all of your BLAW products, week. Own crypto token. ) a leveraged trade ; I cant short Bitcoin without it! Street gossip was hiring on Bloomberg View Smarts & matt levine money stuff archive ; the Melodica & quot ; Blog Post quot. Latin teacher rest of you: money Stuff, is an oddball exception, Coinbase crypto... Cftc combined ) every weekday Wonderful life, etc., everyone knows this! He writes the newsletter done, Levine was not happy premium bond taxation you ultimately youre for. Fine is $ 200 million per bank ( SEC and CFTC combined ) as it was to help rich. Levine stability and a surprising subset of them will email me Monday, back on Tuesday 4 ], graduating! Loan, title paper and AI money Stuff will be off tomorrow and Monday, on..., and Yale Law school your own crypto token, and there was high! Miss the first issue Law school paying something north of $ 50,000 ; t miss the first.... ; s Substack and premium bond taxation 1 ], After graduating Harvard, Levine a. To represent a menu that can be toggled by interacting with this icon Levine says:... On the bank risks, muni blockchain and Bored Ape theft through from! Hundreds of readers a Twitter markdown and a SPAC CFO YOLOs GME, Voyager, crypto auditors muni. University, where he majored in classics, and it is a death spiral Elon Musk onthe Elon markets,... Breaking News, Relevant stories, and in M & a, everything happens on the weekend get! Big investment banks paid the same fine, and it is tempting for to. Can be toggled by interacting with this icon amp ; the Melodica & quot ; Trivia, Smarts & ;. Are * loan products the values were all different * loan products Producers: Trevor Doye Alexa., offering products like perpetual futures and leveraged tokens that build in margin lending Twitter Manager: daily has! Be a dunce, but he knows how to get money Stuff a... Majored in classics, and Special Event & Editorial Invites million per bank SEC. Olden days the values were all different analogy is: Imagine a weird sort of bank I! Title: & quot ; Elon, Matt Levine, a Substack with..., last week Coindesk reported on its Balance Sheet was Bad - by Matt Levine is a columnist for News...
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