Mike Lindell's bank is terminating its relationship with him due to "reputational damage."

[zuul]

Ron Filipkowski @RonFilipkowski

Mike Lindell announced today that in addition to previously being deplatformed, he has just received notice from Minn Bank & Trust and Heartland Financial that he is being debanked. They are terminating their relationship with him due to “reputational damage.”

Link to tweet

[Thomas Hurt]

1. and to this nut, this means he is being a hero and owning the libs....time for a psych eval.

[hlthe2b]

2. I guess his family has divorced themselves of him--otherwise how could they not do a

(much needed) "intervention?"

Seriously?

[EleanorR]

3. Time to go to daddy putin or maybe daddy orban?

Link to tweet

?cxt=HHwWgsC4kaHv74wpAAAA

[ProfessorGAC]

7. Time To Go?

Where do you think he's been getting the money for his lunatic quest.
He was never all that rich.
I've done a deep dive into his little company's finances and there's no way he ever had more than $25 million in personal wealth. He's been spending $2 million a month on this idiocy for 14 months.
Putin & Organ (or someone else) has been giving him money the whole time.

[EleanorR]

8. Good point NT

[zuul]

15. I wonder if, instead of being 'debanked' his account is being closed due to NSF.

That would make more sense.

[ProfessorGAC]

35. Not Impossible

Quick numbers reviews.
The company HAD $150 million in revenues. (Now, down at least 35%, by Lindell's own admission). The company employs 1,500 full time equivalents. A preposterously high number, resulting in $100,000 in revenues per employee. (By contrast, the company from which I retired had over $4 billion in revenue & under 2,000 employees worldwide. More than $2 million per employee.). $100k per employee is a poorly run company in the consumer product manufacturing sector.
With FTE compensation of just under $48,000 excluding fringes, we're looking at $80 million in human cost of operation. That is with the assumption that the managers, including crackhead Mikey, still make puny money. Probably a stretch. Eighty million is a minimum, and assumes no other benefits for full timers, including any healthcare coverage.
Best I could find was raw material cost (RMC) was 21% per unit, excluding higher price items like mattresses. (RMC is higher on those). That's $31 million.
Now, all that advertising appears to be around 15% of revenues. We've now hit $133 million in operating cost.
The debt load is $126 million. With a debt:equity of 4.83, the interest rates on that borrowing is not coming in at 2.8%. More likely 3.6% or higher, on 90% and 4% on RLOC. That makes interest on debt over $5 million, plus principal repayment of a likely $6 million each year.
We're up to $144 million or so, leaving $6 million in margins BEFORE TAXES.
Lindell held about 70% of ownership. So, after taxes, he had $3.5 million. In his BEST YEAR.
And those revenues and profits were 15% of that 10 years prior.
I did a deep dive into this when the media was referring to him as a tycoon, as evidence suggested that he, himself, edited his Wiki page to add a zero to his net worth.
I suspected the company was really a pissant operation before I dug into it. Afterward, I was sure.

[Alice Kramden]

47. Good analysis of the numbers

No way was he as rich as he claimed

[reACTIONary]

50. Good analysis. nt

[erronis]

21. Putin/Orban/Thiel/Koch/... They have been flooding the US system with lots

of dollars? Real greenbacks?

Or invented money. Russia is an expert in cyber crimes - it sponsors ransomware.

I'll bet there are far more counterfeited US $s floating around than the Treasury will want to admit. If they did it would cause a catastrophic drop in confidence around the world.

[EleanorR]

52. three billionaire families -- the DeVoses, the Bradleys and the Scaifes

Seems to be no shortage of billionaires willing to pay big bucks to turn the USA into an autocracy so they can live like oligarchs.

Link to tweet

[Duppers]

27. Exactly! Thank you!

[Blue Owl]

4. A-womp, a-womp

[Mr. Ected]

5. Debanked? Reputational Damage?

These are two terms that I have never before encountered in my life.

Mike, I have to hand it to you. You're so whack, the lawyers have started making up new words just to cover your brand of idiocy.

[Bev54]

16. Yes they are reasons for a bank to look at the client and determine the risk

of their loans and or reputation of the bank dealing with someone.

[ShazzieB]

17. Same here.

I'm especially curious about the "reputational damage" aspect of this. I wonder, just how does one damage the reputation of a bank?

I mean if they say he did that, and they're willing to "debank" him over it, I believe them. I'm just really curious about exactly what he did. 🤔

[obamanut2012]

63. Banks fire clients all the time

As do attorneys, contractors, and other vendors and services.

[Mr. Ected]

64. And none of them has ever called this act the act of debanking

That was my point, not that banks don't ever "fire" clients.

[Ocelot II]

6. I've never heard of "debanking," but if anybody deserves it, it's that lunatic.

What do they do - pack up all your money in sacks for you to pick up, then close your accounts?

[Bev54]

18. Not exactly a term we used at the Bank but it is not uncommon to ask

a client to find another banking home.

[calimary]

42. Indeed. MOST interesting.

They may have noticed a decline in new accounts or a loss of some key accounts that can be traced to involvement with him. If his name becomes connected with or attached to theirs, maybe it’s bad for business.

I certainly would think twice before doing business with some bank or other business if I knew they were involved with him. What does that say about THEM, then?

It’s the same as “don’t buy books by crooks” (arising out of Watergate felons writing books about their journey from White House to “big house”), only on a larger scale.

[smb]

46. Sacks? Surely You Mean Pillow Cases! nt

[leftyladyfrommo]

55. 35 years in banking and I have never heard of debanking.

I have heard of closing accounts.

[Ocelot II]

57. Maybe that's just the latest jargon for when a bank closes all of a customer's accounts

and tells them they don't want their business any more.

[Maeve]

9. ...

[Vinca]

10. Hmmmm . . . have they heard about the new Dominion Pillow Company??

[Rebl2]

11. Oh how

sad for him-NOT. Maybe he can stuff all his money in pillows to hide it or pillow cases since I think he sells sheet sets now.

[twodogsbarking]

12. Mike will be fine. He has plenty of pillows to cry on.

[calimary]

49. Well there is that!

[rurallib]

13. Time for Mikey to stuff the money in a mattress.

[MissMillie]

14. Some other bank will take his money

But since he has promised to continue to spend money on his search for phantom proof of voter fraud, there soon may not be much money left.

[erronis]

22. I thought Deutsch Bank specialized in shady deals.

Wasn't there an Alpha Bank in the midwest that the trumps used also?

Anything to funnel rubles/dollars without traces.

[ProfessorGAC]

44. His Debt/Equity Is Over 4.8

His $150 million company has seen a >35% revenue drop.
I don't think another bank will touch him.
He's going to have to get dirty money from Russia, which is probably who's paying for his idiotic fraud venture.
HE DOESN'T HAVE THE MONEY!
Risk is too high for other banks to touch him.

[7wo7rees]

19. Imagine being so skeevy, a BANK doesn't want to have anything to do with you.

That's like being rejected by a drug dealer because it might impugn their reputation.

[onethatcares]

20. time for him to bank with Wells Fargo

they'll help him out.

In the meantime, he probably has outstanding material fronts, delivery fees, and employee payroll to meet.

let's go with G & R and ask, "Won't you be my banker?"

f him.

[live love laugh]

23. Jimmy Kimmel on Lindell last night

[Tommymac]

24. Time to Launder some more mon ...err... pillows Pal.

He's been spending someone else's money for over a year now doing the DFP's work.

Reputable banks don't like to be a part of laundering schemes, or money that may be dirty in any way.

These clowns like Mike and the DFP are really really mentally ill. And stupid.

[smb]

48. That's My Suspcion

They probably cut Pillow Head loose before his shenanigans got them inextricably tangled up in the scams and money laundering operations that pervade Lord Orange's inner circle.

[Demovictory9]

25. pillows next!

[634-5789]

26. Deplatformed. Check. Debanked. Check Debunked...not so fast 😂😂 Guy's a nutcase!

[sheilahi]

28. hindsight

So Mike, betcha you're starting to wish you'd have just stuck with making them ol' pillers.

[Solly Mack]

29. lol

[Yo_Mama_Been_Loggin]

30. Maybe he can sell a few pillows to Pooty

TFG talks highly about him.

[Evolve Dammit]

31. Good!

[DallasNE]

32. And The Chickens Come Home To Roost n/t

[BeckyDem]

33. I believe they call this the free markets, bud.

Enjoy.

[flying_wahini]

34. He broke.

[world wide wally]

36. I can't figure out which rich guy is more persecuted....Lindell or Trump.

[keithbvadu2]

37. Remember how Buick scratched Tiger Woods as their 'success' spokesman a little while before his wand

Remember how Buick scratched Tiger Woods as their 'success' spokesman a little while before his wandering ways became public?

[Emile]

38. What happened for them to drop him for reputational damage?

[ahlnord]

39. debanked?

I have never heard of this term before - "debanked." It is perfect. Reminds me of "depantsed."

[Zambero]

40. Brain damage would suffice

I'm guessing this action nudges said bank toward the top of Lindell's impressive arrest list.

[Elwood P Dowd]

41. Maybe they don't like Lindell's favorite new My Pillow product...

[zbird]

43. He's been running a commercial non-stop whining about cancel culture.

Claiming that he, his company and his employees (as well as many dear viewers) have been victimized by cancel culture. It's just not fair!!!! But you can use "your special code" to save about 66% on his crap pillows. He is now selling "hundreds" of other products, including mattresses and slippers. The slippers are so awesome you can wear them anywhere, even out shopping or out to dinner! He's a pathetic fool.

[ProfessorGAC]

45. His Employees Were Already Victims

By being his employees. Average compensation is a bit under $48k. That includes what they're paying him & his idiot execs. So, he's probably paying his rank & file under $18/hour.
That little company has 1,500 full time equivalents. Now that revenues have plummeted to under $100 million, they have a revenue stream of $66,000 per employee. That's BRUTALLY bad in their industrial segment.
These people bust their butts for short pay to make crappy products for a guy who's ruining their future.
The person victimizing the employees is Lindell.

[Initech]

51. Where's Nelson when you need him?

[Rachel M at 6 pm]

53. Double the pleasure, double the fun

I already have this clown up near the top of my list of most-despised TFG fans, so this news makes my day.

But to get to watch him complain about it just doubles the fun. Thanks for posting this.

[gopiscrap]

58. welcome to DU

[Rachel M at 6 pm]

59. Thank you. Question...

Can you tell me the source of your signature line? I like that quote.

[gopiscrap]

61. gopiscrap? is that what you're refering to?

do u live WA? I live in Tacoma

[gopiscrap]

62. oops I see what you mean

the quote is from a Roman Catholic Archbishop in Brazil by the name of Helder Passoa Camera 1909-1999
Read the wikapedia article on him, very interesting person

[LiberalFighter]

54. On a slight connection...

I noticed yesterday that Menards had his pillows at their store.

[NurseJackie]

56. Haaaaa!

[lagomorph777]

60. Damage to his reputation (for being nuts) or theirs (for dealing with him)?