Matt Levine, Columnist

Say No to YES

Also 10b5-1 plans, crypto bailouts, Tether, MicroStrategy and ethics rules.

June 30, 2022 at 5:22 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday.

Here is a common pattern at a big investment bank. Some nerds in the derivatives lab cook up a derivative. To make it out of the lab and into production, the derivative will generally have a few attractive characteristics: