Matt Levine, Columnist

FTX Might Have Found Some Money

Also linear utility, floating hurdle rates and Travis Scott.

October 5, 2023 at 6:02 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.

Provide news feedback or report an error

Site feedback:

Take our Survey

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

Many financial frauds have roughly the same shape. Investors give you money because you tell them you are doing something safe and sensible with it. In fact, you are using the money for some combination of (1) paying your personal expenses and (2) making wild gambles. The gambles do not work out, the money is gone, the investors notice, you go to prison.