Matt Levine, Columnist

The Banks Are Re-Tranching

Also private equity recruiting, a Ferretti buyback, a different Goldman and is Musk v. Trump securities fraud?

June 9, 2025 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.

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A bank is a special kind of company because of its funding model. Compared to normal companies, banks:

Those facts — the funding model, lots of short-term borrowing that the counterparties treat as approximately risk-free — are what make a bank a bank.