Matt Levine, Columnist

Baby-Formula Ponzi Schemer Does This a Lot

Also the SEC’s views on leveraged loans, the Nasdaq 100 rebalancing, romance at FTX and BlackRock pleases nobody.

July 20, 2023 at 6:01 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, back on Monday.

The Economics 101 story is that markets respond to shortages through price signals. If a widget factory burns down, there will be a shortage of widgets, widget users will pay higher prices to secure their scarce widgets, and entrepreneurs, seeing those high prices, will jump in to build their own widget factories and solve the shortfall.