Matt Levine, Columnist

FTX’s BlockFi Rescue Didn’t Work

Also ESG fund marketing, collateralized fund obligations, shorting FTT on FTX, and sacrificing a giant metal goat to Elon Musk.

November 28, 2022 at 6:32 PM UTC

Updated on

November 28, 2022 at 10:54 PM UTC

By Matt Levine

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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One lesson of traditional finance that crypto is learning these days is: “If you’ve got a bazooka, and people know you’ve got it, you may not have to take it out.” For instance:

If you can get a big enough line of credit, you never need to draw on it, because your depositors were worried about your liquidity, and the line of credit resolves those worries.