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Posted Jan 13:Comments
Matt Levine is your financial crimes sommelier.

Two juicy stories in the Bloomberg reporter’s latest Money Stuff newsletter, with one about the CEO of Frank being sued by JP Morgan over the user base of her financial loan application startup:

So, in essence, [Frank] paid a total of $175,000 for a list of email addresses, and then sold that list to JPMorgan for $175 million, for a perfect 99,900% return on its investment. What an arbitrage! 

And more on Sam Bankman-Fried’s unusual Substack defense strategy.