Anti-Woke Banking Startup Cancels Itself

[tulipsandroses]

Less than three months after its public debut, the “anti-woke” banking startup GloriFi is canceling itself. The company has laid off employees and informed them the end is nigh, via an email from Chief Marketing Officer Cathy Landtrop obtained by the Wall Street Journal. Landroop cited “financial challenges related to startup mistakes, the failing economy, reputational attacks, and multiple negative stories,” as reasons for the downfall.
SNIP—-


Pitching itself as a financial institution that allowed one to be “free to celebrate your love of God and country without fear of cancellation,” GloriFi’s marketing read more like a campaign ad than an enticing APR offer on a new credit card. Highlights from the “about us” page include: “OUR BILL OF RIGHTS IS NON-NEGOTIABLE” and “WE ARE ONE NATION UNDER GOD.”

In its short tenure GloriFi, managed to launch checking and savings accounts as well as credit cards, with plans to offer mortgages and insurance in a future that will no longer take place. Founder and CEO Toby Neugebauer pitched plans to offer gun owners discounts on home insurance, credit cards made of shell casing material, and assistance paying legal bills if customers shot someone in self-defense. Over the summer, GloriFi secured conservative commentator Candace Owens as a co-founder and spokesperson for the brand.

In October, the Wall Street Journal detailed the tumultuous beginning of the startup that led to its swift collapse. Neugebauer and business partner Nick Ayers, former chief of staff to Vice President Mike Pence, managed to secure an imposing roster of financial backers for their Texas-Based company. Enticing investors like conservative billionaire Peter Thiel, former Georgia Republican Sen. Kelly Loeffler, Vivek Ramaswamy, and Citadel founder Ken Griffin with promises of a market chalk full of “plumbers, electricians and police officers,” who “are fed up with big banks that don’t share their values.”

https://www.rollingstone.com/politics/politics-news/anti-woke-bank-glorifi-shuts-down-1234634682/amp/

[Sky Jewels]

1. Lol

The got smacked upside the head by the invisible hand.

[SCantiGOP]

2. Excellent turn of phrase, Sky Jewels

[Sky Jewels]

8. Thank you kindly.

[Chainfire]

3. Certainly they can pray their way to a successful business.

I mean, who's side is God on? Anyway?

[MLAA]

11. Good one!

[TexasTowelie]

4. The CEO is the son of former GOP Rep. Randy Neguebauer.

The apple doesn't fall far from the Republican tree.

[yankee87]

5. Another grift?

Wondering how much the owner grifted in salary and bonuses for himself. Seems everyone involved in anything on the right is a grift.

[awesomerwb1]

6. Thoughts and prayers.

Grift? Money laundering?

[MLAA]

7. Dayum. Candace Owens is on a roll.

First she is associated with Kanye and his financial meltdown after Adidas ‘cancelled’ him and now some right week banking nut job misadventure she is associate is ‘cancelling’ itself. Everything she touches turns to shit. Hello Karma and thanks for stopping by!

[underpants]

9. Printing money

I had a conservative boss 20 years ago. He was actually an interesting guy. This was in the public sector. We were discussing someone who was appointed to a position that we had to account to. I asked who is this guy? How did he get there? My boss said, “He’s a black Republican so he’ll never be out of a job”.

She’s one of their black friends.

[underpants]

10. This sounds like it's anti-ESG which is big shakes in conservative circles.

Specifically Glenn Beck. This is their new New World Order thing.

https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp

What Is Environmental, Social, and Governance (ESG) Investing?
Environmental, social, and governance (ESG) investing refers to a set of standards for a company’s behavior used by socially conscious investors to screen potential investments.

Environmental criteria consider how a company safeguards the environment, including corporate policies addressing climate change, for example. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

KEY TAKEAWAYS
Environmental, social, and governance (ESG) investing is used to screen investments based on corporate policies and to encourage companies to act responsibly.
Many mutual funds, brokerage firms, and roboadvisors now offer investment products that employ ESG principles.
ESG investing can also help portfolios avoid holding companies engaged in risky or unethical practices are held accountable.
The rapid growth of ESG investment funds in recent years has led to claims that companies have been insincere or misleading in touting their ESG accomplishments

[Iggo]

12. ....chalk full of...

I’m done.