Money Stuff: The Podcast

Episode: Elevated Shepherd’s Pie

Date: January 30, 2026
Hosts: Matt Levine & Katie Greifeld

Episode Overview

In this lively episode, Matt Levine and Katie Greifeld launch into the week’s big stories in Wall Street and finance, blending signature wit with sharp insight. Topics include the possible SpaceX/XAI merger and the curiosities of Musk's business empire, Tether’s gold-buying spree and central bank ambitions, the legal drama around distressed debt restructuring and law firms, and JP Morgan’s internal push to outpace Goldman in M&A. With diversions ranging from latte art at Morgan’s Pub to the Year of the Horse, the conversation is equal parts educational and entertaining.

Key Discussion Points & Insights

1. Morgan’s Pub, Foam Guinness, and Elevated Shepherd’s Pie

• [01:26 - 03:45]
  • Katie shares her experience at "Morgan’s" (J.P. Morgan’s in-house pub), complete with “elevated shepherd’s pie” and latte art.
    • “I had an elevated shepherd's pie…a menu of pub food but elevated.” (Katie, 01:50)
  • Matt jokes about getting a Guinness with Jamie Dimon’s face as latte art.
  • Both wish for an open invitation to make Morgan’s their regular spot, lamenting the exclusivity.
  • The segment sets a playful, down-to-earth tone and pokes gentle fun at corporate amenities.

2. The SpaceX-XAI Merger: Musk’s Expanding Empire

• [04:06 - 10:20]
  • Rumors swirl that SpaceX might IPO around June 9, coinciding with a possible merger with XAI (Elon Musk’s AI venture).
    • “SpaceX is doing an IPO possibly June 9th. … Reuters reported … they are going to merge with XAI.” (Matt, 04:18)
  • Katie jokes about Musk’s empire being “the convergence of the Musk-verse.”
    • “It's the convergence of the Musk verse, which is fun.” (Katie, 05:39)
  • Discussion on why Musk companies merge or remain separate, including compensation structures:
    • “It’s a good idea to motivate people to work on stuff by giving them stock in the stuff they work on.” (Matt, 07:23)
  • Debate on whether Musk is motivated by astrology or just finds planetary alignments amusing (i.e., the significance of launching on 6/9 for meme value).
    • “I think he's like, oh, planets, cool.” (Matt, 10:13)
  • Katie brings up the “Year of the Horse” as a possibly auspicious sign for 2026.
    • “Apparently the Year of the Horse is going to be a lot better than the year that we just exited.” (Katie, 11:10)

3. Tether: From Stablecoin to “Central Bank” – The Gold Play

• [14:01 - 21:28]
  • Tether (issuer of major stablecoin USDT) is amassing gold reserves—now holding over 140 tons—making it the largest known non-bank gold holder.
    • “They are the largest known holder of gold outside of banks and nation. … All told, they own around 140 tons of gold, which is a lot.” (Katie, 15:40, 16:31)
  • Matt’s take: Tether is moving beyond simply backing coins with T-bills and is emulating old-school central bank reserves.
    • “They've transcended regular finance and become a central bank. … They have some big stash of gold in a vault in Switzerland.” (Matt, 15:19)
  • Quirky details: the gold’s stored in a nuclear bunker “guarded by multiple layers of thick steel doors”—“a James Bond kind of place.”
    • “It’s guarded by multiple layers of thick steel doors. He described it as a James Bond kind of place. It's crazy.” (Katie, 17:12)
  • Tether is hiring top gold traders, buying tons each week, and eyeing gold trading ambitions.
    • “HSBC, it lost two senior gold traders to Tether. … They hired them. So they have big ambitions here.” (Katie, 19:34)
  • Both hosts delight in the imagery and logistics of vaulting gold and muse about “goblin-powered car rides” à la Gringotts.
    • “I like the idea of, like, welcome to our enormous pile of gold. … There’s just like, a little pile.” (Matt, 18:42)

4. The Legal Drama: Lender-on-Lender Violence and Kirkland & Ellis’ Dilemma

• [24:31 - 30:16]
  • Matt recounts a saga in distressed debt: creditors of Altice/Optimum band together against the company, drawing antitrust accusations.
    • “So what happened at this company called Optimum or Altice usa, is all of the creditors signed an agreement saying they wouldn't do that. … And Altice or Optimum didn’t like this and they sued the creditors, saying, you’re not allowed to do that. That’s an antitrust violation.” (Matt, 24:31)
  • Kirkland & Ellis, legal giant, apparently sided with the creditors, later backing away under industry pressure.
    • “Kirkland may have been sort of behind this lawsuit. … And they came to Kirkland and said something … we won’t work with you anymore.” (Matt, 26:06)
  • The segment explores the delicate loyalties big law firms must navigate between clients (companies) and the asset managers/banks who provide repeat business.
    • “If you're a company, that’s good. … But it's also a little unnerving because if you’re the lawyers who regularly work with the banks, you might not work that hard on behalf of the company at the expense of the banks.” (Matt, 28:19)
  • Katie and Matt discuss how this legal crackdown has ripple effects in high finance and “everyone has noticed.”
    • “The FT was talking about this. … Everyone in high finance and big law has noticed.” (Katie, 28:06)

5. JP Morgan’s “Work Harder” Speech: M&A Rivalry with Goldman Sachs

• [30:23 - 33:34]
  • JP Morgan investment bank leadership is urging bankers to close the deal gap with Goldman Sachs in M&A after an underperforming year.
    • “JP Morgan senior leadership … has told the firm's investment bankers that they need to work harder to close the gap with rivals including Goldman Sachs on mergers and acquisitions.” (Matt, 30:30)
  • Matt notes cycles in banking: sometimes banks are told to “do less,” sometimes “do more.” This is the classic “just work harder” message.
    • “I assume that most bankers get some version of this speech most years, right? You can always work a little harder.” (Matt, 30:59)
  • The hosts joke about these motivational speeches and speculate on the rivalry from the Goldman side.
    • “How psyched do you think the Goldman M&A bankers were reading this story?” (Katie, 32:44)
    • “It’s like a 30 second moment of victory and then you’re like, pick back up the phone.” (Katie, 33:01)
  • Katie draws a parallel to journalism, sometimes being urged to do fewer, better stories—a brief moment of recognition before the grind resumes.

Notable Quotes & Memorable Moments

• Shepherd’s Pie at Morgan’s:
  • “I had an elevated shepherd’s pie. … It’s a menu of pub food. But elevated.” — Katie Greifeld (01:50)
• SpaceX IPO Memes:
  • “Now, June 9 also is 6 9, which, I'm sorry I didn't got a big eye roll there, but.” — Matt Levine (08:15)
• On Musk’s “Astrology”:
  • “I think it’s not quite superstition. It’s more like jokey fake superstition.” — Matt Levine (09:31)
  • “Apparently the Year of the Horse is going to be a lot better than the year that we just exited.” — Katie Greifeld (11:10)
• Tether’s Gold Reserve:
  • “They’ve transcended regular finance and become a central bank.” — Matt Levine (15:19)
  • “It's guarded by multiple layers of thick steel doors. He described it as a James Bond kind of place. It's crazy.” — Katie Greifeld (17:12)
  • “I want there to be a tether gold heist story. … That’s really good.” — Matt Levine (17:25)
• Creditors & Lawyers (Altice/Optimum):
  • “The alleged problem here is that these creditors have too much market power.” — Matt Levine (26:05)
• JP Morgan’s Banker Pep Talk:
  • “You can always work a little harder.” — Matt Levine (30:59)
  • “How psyched do you think the Goldman M&A bankers were reading this story?” — Katie Greifeld (32:44)
  • “It’s like a 30 second moment of victory and then you’re like, pick back up the phone.” — Katie Greifeld (33:01)

Timestamps for Important Segments

| Segment | Timestamps | Summary | |---------|------------|---------| | Morgan’s Pub & Shepherd’s Pie | 01:26 - 03:45 | Katie and Matt riff on exclusive bank pubs and British cuisine | | SpaceX/XAI Merger & Musk Universe | 04:06 - 10:20 | Musk company mergers, IPO rumors, meme numbers, astrology | | Year of the Horse & Astrology | 10:25 - 11:45 | Katie’s excitement for the Chinese zodiac year ahead | | Tether’s Gold & Central Bank Dreams | 14:01 - 21:28 | Tether buying gold, emulating central banks, gold in a nuclear bunker | | Lender-on-Lender Violence: Kirkland’s Dilemma | 24:31 - 30:16 | Legal strategies in distressed debt, big law loyalty dilemmas | | JPMorgan’s Banker Motivation | 30:23 - 33:34 | JP Morgan urges bankers to outhustle rivals, cycles of “work harder” |

Tone & Style

The episode maintains a signature Money Stuff vibe: sharp, witty, and just the right amount of irreverence. Both hosts deftly mix rigorous finance analysis with playfulness—whether imagining Harry Potter–style gold vaults or riffing on executive “astrology.”

Ideal For

Listeners wanting a readable yet thorough overview of the week’s biggest stories in finance, told with intelligence and wit—and just enough offbeat color to keep things fun and memorable.