Anti-woke bank going broke
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Speaking of people who got rich off a lucky break and consider themselves transcendent supergeniuses, get a load of this “anti-woke” bank Mr. P. Thiel decided to help bankroll:
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.
Some employees alleged that Mr. Neugebauer had a volatile temper and drank on the job, and the company’s unusual workspace—Mr. Neugebauer’s home—added distractions.
Seems like Neugebauer has really captured the spirit of the thing! Every new account gets you a 10% discount for your next course at Trump University.