Matt Levine, Columnist

Different Rules for Different Brokers

Also gun activism, access and crypto fungibility.

May 10, 2018 at 10:19 AM EDT

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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Bond markups.

Last week, when former bond trader Jesse Litvak had his fraud conviction overturned again, I quoted extensively from the U.S. Court of Appeals for the Second Circuit’s description of how the bond market operates. Let’s quote some of that again:

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