Lev Menand
speaker
1,295 appearances
6 recordings
1 series
first heard Jan 2025
last heard 17 Jul
Lev Menand’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
Morgan Chase, where often, you know, J.V.
Morgan Chase will just pay you almost zero on that checking account in terms of interest.
And so the Euro dollar market all developed, you know, 50s and 60s, London banks.
Offering more interest on balances than National Citibank in New York and drawing depositors to their own banks.
They could have a deposit account in dollars in London that just paid more interest.
And
That's the same story you see with the repo market and money market funds.
These are ways to get a little bit more yield on your cash instruments.
They're competing on price.
And and the main customers historically were the corporate treasurers who had huge cash balances.
And there are lots of different customers now who have cash they want a little bit more yield on.
The the thing that goes wrong in these markets is they are sacrificing.
Moneyness, you know, the safety, they're sacrificing the extent to which it's really a liability of the United States government for some more yield.
And when we get to a bad state of the world, that trade-off starts to look a little bit different.
And that's what creates the run dynamic.
Suddenly we're in a bad state of the world.
Think August 2008, and you're a repo counterparty of Lehman Brothers, you're parking your
Extra cash in Leon Brothers for a little extra yield.
And you think, you know what?
I'm just gonna move my balance to a regular
Showing 961–980 of 1,295 · page 49 of 65
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