How a New Anti-Woke Bank Stumbled

[FSogol]

An A-list group of financial backers including Ken Griffin and Peter Thiel gave Toby Neugebauer tens of millions of dollars to build a new kind of bank—one aimed at people who see Wall Street as too liberal.

The potential customer base was huge, Mr. Neugebauer and his business partner, former Mike Pence chief of staff Nick Ayers, told the investors. Plumbers, electricians and police officers, the pitch went, are fed up with big banks that don’t share their values.

The startup, called GloriFi, initially aimed to launch with bank accounts, credit cards, mortgages and insurance, while touting what it called pro-America values such as capitalism, family, law enforcement and the freedom to “celebrate your love of God and country.”

Within months, the investors’ money was nearly gone, and GloriFi was on the verge of bankruptcy. It missed launch dates, blaming faulty technology and failures by vendors, and laid off dozens of employees. It stumbled with products; for instance, a plan to make a credit card out of the same material used for shell casings failed when the company realized the material could interfere with security chips and potentially be too thick for payment terminals, according to people familiar with the matter.

https://www.wsj.com/articles/glorifi-how-new-anti-woke-bank-stumbled-11665174704?st=1ijcoywj5pcjiew&reflink=desktopwebshare_permalink&utm_source=substack&utm_medium=email

Good gawd, The Grift Also Rises! $1.7 billion down the drain over RW grifting!

[Meadowoak]

1. Serves right, nobody should be that stupid.

[TheBlackAdder]

7. Alas, it is being demonstrated that there is a voting bloc that is just that stupid.

.

Put a flag, a cross and a gun on anything and the lemmings run to it.

.

[RVN VET71]

32. A voting bloc 75,000,000 strong at last count (in 2020)

And they may lose a presidential election, sure, but they're clustered in key states and localities all over the once great United States, and they vote for state offices, for Representatives like Marjorie "Space Lasers" Greene and Lauron "Wonton Murders" Boebert and for Senators like Raffie Cruz and Rand "Curly" Paul, and, of course, everybody's favorite Russophile Ron Johnson.

One hopes that the numbers represented by this voting bloc in 2020 have diminished in light of the January 6th Insurrection, and the myriad ensuing criminal investigations lodged against so many of the Fatman's inner circle since that date . One sees not a lot of evidence of this, but, still, one hopes.

[bucolic_frolic]

2. Banks compete on rates, services, and fees. Never heard a complaint about Christian values.

Thiel is delusional and sick on power?

[EYESORE 9001]

3. Investors could've benefited from a smidgen of wokeness

It would’ve helped them identify this scam and the scumbags who perpetrated them.

[tanyev]

12. There's a reason all that "woke" regulation exists.

Idiots.

[GoCubsGo]

4. It's a damn shame

that those scumbags lost only $1.7 billion.

[usaf-vet]

19. Lost or grifted the majority of the 1.7 billion into private bank accounts?

[HAB911]

5. TOO FUNNY

[Icanthinkformyself]

17. Once again

billionaires give reason to tax them out of existence. Did these grifters get grifted themselves? That would be happy ending.

[TheBlackAdder]

6. Rich people pitching the grift to welcoming average working folk to fleece them out of more money.

[Meadowoak]

9. They will find a way to blame Biden.

[yardwork]

14. Dark Brandon strikes again.

[cynical_idealist]

40. That's the primary function of GOP

[yardwork]

8. I laughed out loud at the last paragraph.

[JustABozoOnThisBus]

11. Yeah, any credit card debt would be known as "spent brass",

... if that's what the cards are really made of.

Sounds like an idea dreamed up at the nineteenth hole.

[yardwork]

13. How big a baby would you have to be for this to appeal?!

[COL Mustard]

20. The miltary is moving toward polymer cases

For small caliber ammo in order to save weight.

[Demovictory9]

10. the company's unusual workspace--Mr. Neugebauer's home--added distractions

[Farmer-Rick]

33. And Neugebauer was drinking on the job

And screaming at employees.

The scheme kind of sounds like a drunken idiot thought it up.

He claimed to drink only after 5 pm........ And what he does in his home is no one's business. But the business was in his home.

[niyad]

34. It is always 5 o''clock somewhere.

[Farmer-Rick]

37. Cheers to that

As long as you're not running a bank out of your home.

[Takket]

15. It's amazing how much money goes down the

Right wing maw of hate never to return, and yet people keep trying bonkers crap like this.

[niyad]

16. Wall street is too liberal??? In what part of the multiverse?

"A fool and his money. . ."

[efhmc]

27. I laughed at that concept also.

[hibbing]

30. Just when I thought it wouldn't get even more fupid n/t

[niyad]

35. I am sooooo stealing this!

[jaxexpat]

18. "Too thick for payment terminals"

What a descriptive phase. I instantly envision Alex Jones welching on payment of his debts to society.

[TNNurse]

21. "A fool and his money...."

[Gore1FL]

22. The right is nothing but performance art.

Flying migrants, stopping traffic from Mexico, and now gun-casing MasterCards.

They don't care about solutions; they care about spectacle.

No wonder every policy they have fails.

[CaptainTruth]

25. That's a good way to describe it.

[mn9driver]

23. The American oligarch class sees a new Russian-style playground within its grasp.

All they need are enough stupid people to fall for their grift. They are close.

[vlyons]

24. As PT Barnum once famously said ---

"There's a sucker born every minute."

[CaptainTruth]

26. They're just not very smart. Dunning-Kruger, anyone?

[Buckeyeblue]

28. Sounds very gimmicky for banking

Typically it's difficult to get people to change checking accounts, especially this target group who have probably had the same account for most of their lives.

The credit card material is wild. There are like 5 places that make credit cards. I would think they would have shut this idea down quickly. There are metal cards. They are very expensive.

Sounds like this was a half-baked idea...or maybe it was a big grift.

[NCjack]

31. Perhaps GAWD did not approve of MAGAt money changers

[Deep State Witch]

36. They Should Just Bank with Wells Fargo

They're just as evil, but an actual bank.

[Jimbo S]

38. Wall Street is too woke?

WTF are these people smoking? I've always considered Wall Street America's second most conservative institution, behind the Pentagon.

[Martin Eden]

39. Maybe it failed because they actually HATE God and country

Today's rightwingers behave the opposite of what Hesus taught, and supporting the violent insurrection to overturn a fair election is about as unpatriotic as it gets.