Read deeply reported stories from the largest newsroom in tech. Anyway it is still early and confusing but that seems to be the story of FTX. 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. Mr. Levine writes about Wall Street in a way that makes its denizens feel as if he is writing for them. 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. October 7th, . by Sabrina I. Pacifici on Sep 26, 2021. One reason to borrow Bitcoin is to buy dollars, that is, to short Bitcoin: I borrow one Bitcoin, I sell it for $20,000, a week later Bitcoin drops to $18,000, I buy back the one Bitcoin for $18,000, I return it to my lender and I keep the $2,000. Theyll probably lend you like $100 against $200 of their stock, in an ordinary-course transaction; they just wont do too much of it. Also the Celsius bankruptcy estate and the FTX risk engine. He never joined an elite social club or spent six figures on a Hamptons summer rental. 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. I dont know, but let me speculate a little bit. 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. When FTX.com, one of the largest crypto exchanges, was instantaneously vaporized yesterday, Coinbase put out a statement, the gist of which was dont worry, we are not going to be instantaneously vaporized. The part that I want to focus on is this paragraph: There cant be a run on the bank at Coinbase. 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. There was already a regular financial system, a set of abstractions and procedures built up on real-world stuff that allowed people to do things like exchange their labor for money and the money for sandwiches, or get a loan to buy a house, or start a technology business in their garage . Martin Shkreli tells Do Kwon Jail is not that bad.. One is that FTX is an exchange for levered traders, offering products like perpetual futures and leveraged tokens that build in margin lending. And a surprising subset of them will email me. You know Im good for it: If I dont pay you back, you can sell my Bitcoin and pay yourself back from the proceeds.. Levine has previously been a lawyer, investment banker, law clerk, and has written for a number of newspapers and financial sites. A Columnist Makes Sense of Wall Street Like None Other (See Footnote), https://www.nytimes.com/2020/10/08/business/matt-levine-bloomberg.html, Matt Levine in Prospect Park in August. 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. If you are a crypto exchange, you might issue your own crypto token. 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. 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. It was like this long, Matt-type silence, and then kind of a sigh, and then: OK, Mr. Shipley recalled. Aberrance (Mongolia) Director: Baatar Batsukh, Producers: Trevor Doye, Alexa . 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. 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. The floor of the New York Stock Exchange in March, as the coronavirus continued to spread. But selling billions of dollars of Tesla stock to fund a weird quest to buy Twitter would I mean, be a distraction at least. Today's Master Minds: Mark "The Beast" Labbett, LaKedra Pam, Ryan Chaffee. You can subscribe at. 2013-2023 The Information. Now, he's accelerating his move from player to team owner. Matt Levine is a Bloomberg Opinion columnist covering finance. 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. You can subscribe at this link, or read the archive at this link. @matt . Never miss an update. FTX didnt have the money, and Bankman-Fried started calling around asking for a loan or a bailout. Also gambling on redemption and customer shrugs. The problem with this is that it is wrong-way risk. 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. 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. He was of the place, and he found its workings genuinely interesting. If youre worried about that, you should take your money out of FTX before the crash. 00:00. A bond plus CDS should be a (credit-)risk-free combination. So much business is about personal relationships, and texting and WhatsApp can feel more personal than your firm email account. You have Customer A who has Bitcoin and wants to borrow dollars, and Customer B who has dollars and wants to borrow Bitcoin. There are variations on this trade (I borrow Bitcoin and sell it for Ethereum, betting on the relative value between the tokens, etc.). Money and stuff. A group of fans once made themselves T-shirts bearing the text of one of his tweets about cryptocurrencies. 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 . Matt Levine has a specific tone to his articles, but I find that he does an incredible job of breaking down really . But Mr. Levine was never a high roller. / Sign up for Verge Deals to get deals on products we've tested sent to your inbox daily. 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. 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. 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. Dont go put all your money in Coinbase because I said so or anything! I dont really take vacations. The summer is usually slow for Levine, so hed blocked out three weeks to knock out a first draft of his crypto story and had announced his time off in the newsletter when Twitter filed its lawsuit against its now-owner to force Musk to complete the deal. FTX issues a token called FTT. 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). 3. Matt Levine is the financial reporter that got SBF to describe his magical Ponzi box on his podcast. But one general point is that while some customers will want to borrow dollars to buy Bitcoin, other customers will want to borrow Bitcoin. This is Matt Levine at Goldman, and also Matt Levine at Goldman.. Once I did a client call with him, Mr. Levine said. A circumscribed life of prosperity and billable hours seemed destined. Terrible. published Apr 27, 2018, 10:03:35 AM, by Matt Levine (Bloomberg View) WeWork. View stories on our mobile app and tune into our weekly podcast. You keep the other 50 Bitcoins and $1 million as collateral. 102 Production . [4], When asked about the possibility of switching to a paid version similar to Ben Thompson's Stratechery Levine said that he enjoys the heightened fame of writing a free newsletter as it reaches more people than a paid newsletter.[6]. Welcome to Matt Levine by me, Matt Levine. And all of this is self-fulfilling: If you are worried about FTXs business, then the price of FTT should go down. He seasoned his analyses with humor and a nerdy, confident tone. As Matt describes it in his bio, he writes about the financial industry on the internet, an 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). 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. If everyone takes their money out at once, you have the money. . 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. All of the knowledge that Matt has is available to him at all times, Mr. Mystal said. 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 . 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It is not actually stock in FTX in fact FTX is a company and has stock and venture capitalists bought it, etc. So how could this happen? Binance is unlikely to follow through on its takeover of FTX, according to the person familiar, who wasnt authorized to publicly discuss the matter. [1], Levine has received praise from the likes of Bill Ackman and Jim Chanos, with Ackman saying "His work is some of the most sophisticated analysis of what is really happening on Wall Street". 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. I write the Money Stuff newsletter at Bloomberg Opinion. ChatGPT Sounds Exactly Like Us. Jan 12. But your competitors probably offer loans, and it is tempting for you to do it too. 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. You have to pay Customer B out of your own capital, and you dont get it back from Customer A. Youve just lost money. (Asked about the Etruscans, Mr. Levine said he thought Mr. Mystal might be referring to one of his favorite anecdotes from Herodotus. articles a month for anyone to read, even non-subscribers! (With one exception: Bank of America Corp. paid a bit more for being a bit more culpable.) Also a Twitter markdown and a SPAC CFO YOLOs GME. Thanks! Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more? 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. If you read an upper-level math textbook, it starts from the dumbest thing, like, This is what a number is, he says. You have 100 Customer As who are long Bitcoin on margin: They each have 1 Bitcoin in their accounts and owe you $10,000. EDF Employees Challenge Chairmans Role in $10 Billion Buyout. GSO had bought CDS protection that would pay off if Hovnanian defaulted. Also a Twitter stock offering, Voyager, crypto auditors, muni blockchain and Bored Ape theft. This makes them vulnerable to runs, Diamond-Dybvig, Its a Wonderful Life, etc., everyone knows all this. Matt Levine: No, I agree. Matt Levine, the author of Money Stuff, is an oddball exception. 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. 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. Longform Podcast #490: Matt Levine. Now you have 150,000 of FTT, worth $3 million, as collateral (and no Bitcoins or dollars). So Levine was back the next day to write about it. He delights in Musk, actually! Today's episode title: "Trivia, Smarts & The Melodica". Mr. Levine wasnt always a darling of business media and finance Twitter. He gets these letters from people, like: My boyfriend loves you; can I get an autographed card for his birthday? said his friend, the journalist Mary Childs. It is called The Crypto Story. Elon does some shit every day, and thats how I get the newsletter done, Levine says. 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. There is even an RSS. The idea of leaving Wall Street for a precariously capitalized blog would probably strike a lot of financiers as romantic, quaint, even idiotic. I type really fast! Levine says. 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. But it is held in a custody account for you. But who are the lenders? Jun 23, 2021. And you can also imagine Musk saying, I dont mind pissing people off I just want to know exactly what will get me sent to jail for contempt., I asked Levine how he gets it all done. You won't have to worry about missing anything. Here is my author page, possibly. Robinhood Markets Inc. is in the business of getting people to trade stock (and options, and cryptocurrencies) on their phones. Money Stuff. There's a paywall, but you can read the article for free by registering an account or maybe without doing that. Eventually he called CZ himself, and they announced a non-binding letter of intent for Binance to acquire FTX and make customers whole. 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. Matt Levine (born 1978) is a columnist for Bloomberg News covering finance and business. 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. The first part of my discussion of Matt Levine's The Crypto Story covered the first two of its four chapters:. 5. 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. I felt both that the job was bad and that I was bad at it, he said. His readership grew, and became more obsessive. Matt Levine. 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. And that is a run-proof business. And in M&A, everything happens on the weekend. His work is some of the most sophisticated analysis of what is really happening on Wall Street, said Bill Ackman, another billionaire fund manager. 103 Production . Matt Levine is a Bloomberg Opinion columnist covering finance. 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. Whenever he got particularly frustrated he would fantasize about quitting and becoming a writer. Thu, 06 Aug 2020. It is called The Crypto Story. 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 Theres never a situation where customer funds could be confused with corporate assets. 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. But where do you get the money that you are lending to the customer? [3] [4] His newsletter, Money Stuff, is one of the most popular on Wall Street with over 150,000 subscribers as of October . Mayor pete may be a dunce, but he knows how to get money; . Google Clouds Top U.S. 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. And . His newsletter is Money Stuff. Levine insists the interruptions werent a big deal. 7. 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. Here is a link. 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? If the price of FTT goes down, then FTXs business is riskier, because it has less collateral. If youd like to get Money Stuff in handy email form, right in your inbox, please subscribe at this link. The show's format pits 3 contestants against . I'm here to make sure you don't give up, because I think there's always something that's working and this show is all about helping you identify those trends and learn to find them on your own. Mr. Levine got the job, paying something north of $50,000. My goal is to give you the knowledge and the tools that will empower you to be a better investor. Hes a very smart guy who is very much not a lawyer, and that is very fruitful.. Coinbase always holds customer assets 1:1. It is concerned with western North American region mysteries, but the conference itself travels worldwide, having been held in Canada and the United Kingdom, as well as different parts of the United States. February 4, 2016. Download. Tyson Foods CFO Arrest Adds to Governance Challenges for Board. Never use a token you created as collateral suggests, to me, that FTX accepted its FTT token as collateral, probably from Alameda, probably in exchange for borrowing assets that it owes to customers. In the meantime, tell your friends! BeSpacific - 3rd Place. 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. There, he wrote about the "deals, scandals, complexities and personalities of the financial services industry." Also Elon Musk theories and insurance underwriting. Has it been borrowing elsewhere against FTT? . Happy Thanksgiving! In the olden days the values were all different! And now as a writer, he makes sense of it for the rest of us. 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. You say sure, sounds good, and hand over all your collateral. Some of the novels contents are conveyed in footnotes that go on for several pages, as well as long lists. Hes a very smart guy who is very much not a lawyer, and that is very fruitful, Levine says. So the more people who sign up for Robinhoods service, and the more they trade, and the more volatile the stocks that they trade are, the more money Robinhood makes. bloomberg.com. They may be the only entertaining words a financial markets professional reads all day. Dont get me wrong, this would be a catastrophe for the bank: If everyone took their envelopes back, then presumably they would stop changing money at the bank and paying fees, and the bank would stop making money, and it would no longer be able to pay for real estate or tellers or vaults or executive bonuses. 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 . Addded Sep 28, 2018. Subscribe to get full access to the newsletter and website. 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 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. I wrote a story about crypto for Bloomberg Businessweek. 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. 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. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. 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 . Archive. Binance has never used BNB for collateral, and we have never taken on debt. But it would not go out of business that minute. It is necessarily a leveraged trade; I cant short Bitcoin without borrowing it. 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.. 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? I wrote a story about crypto for Bloomberg Businessweek. . JPMorgan Says Frank Was Fraud. You can subscribe at this link, or read the archive at this link. As riveting as it was to help exceedingly rich people and companies make even more money, Mr. Levine was not happy. He used the disputes to explain how certain segments of the financial system really operated. Also SBF's Substack and premium bond taxation. Matt Levine writes Money Stuff, a brilliant daily financial newsletter on Bloomberg View. [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. And policies being shaped by the agenda of President Biden 's administration plus. He does an incredible job of breaking down really your collateral bad that! But let me speculate a little bit wasnt always a darling of business media matt levine money stuff archive Twitter... 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