I mean, you don’t exactly have to be Goldman Sachs to understand that if you issue dollar equivalents for 98 cents that someone is going to turn you into a money pump.https://twitter.com/fintechfrank/status/1081250476983767041 …
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Replying to @patio11
tbf gemini didn't invent the idea of selling debt with $1 of par value for something less than $1
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Replying to @matt_levine
True, but most issuers don’t attach an embedded free put option at par.
4:54 PM - 4 Jan 2019
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