Citizens Bank said on its website it was working to resolve an issue that caused duplicate transactions on some customer accounts.

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GloriFi, a Texas-based banking startup that billed itself as a financial services alternative for conservatives and co-founded by right-wing influencer Candace Owens, is shutting down, the Wall Street Journal reported Monday.

https://www.chron.com/business/article/candace-owens-glorifi-startup-17601803.php?fbclid=IwAR1ooYZMDtu4KlPiGKSAr6OPlUpzTAbuEpMQECJ-YhFKeTu2ITsKzZiCegw

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A group of conservatives – backed with tens of millions of dollars from wealthy right wingers – recently started a bank to combat what they viewed as “woke banks” in the market. But the plan hasn’t gone very well, and the CEO was recently forced to resign after losing nearly all the startup money that had been given to them. Farron Cousins explains why this plan was doomed to fail from the start.

Link – https://www.thedailybeast.com/toby-neugebauer-ceo-of-anti-woke-bank-glorifi-resigns?ref=home

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*This transcript was auto-generated. Please excuse any typos.

Last year, a couple of, uh, Republican idiots decided to start their own bank called Glory Fi Fi f i, at the end of G L O R I. Um, because according to these idiot Republicans, one of them being Mike Pence’s, former chief of staff, Nick Iers, uh, said regular banks out there in America have somehow gone too woke. So we’re starting an anti woke conservative bank. We just, you know, need a lot of money to do it. And they got tens of millions of dollars, you know, in, in startup capital to start their own conservative bank. And within a matter of months, almost all the money was gone. And this week it was announced that the bank’s CEO man by the name of, uh, Toby Nuj Bower, was resigning after reports suggested that Mr. Nuj Bauer had a terrible temper and was prone to drinking on the job.

And it was probably pretty easy for him to drink, seeing as how they were running the entire company out of his mansion, which for the record, is actually designed to look like the White House in Texas. Now, does that sound like the kind of bank you want to go to where your CEO is allegedly drinking on the job, screaming at employees that are working out of his own house, that he is designed to look like the White House and they’ve already blown through tens of millions of dollars doing God knows what, because there’s no actual bank to speak of. But just because the CEO resigned doesn’t mean the bank is over with. Oh God, no. He’s actually still gonna serve as an executive chairman. He’s just not gonna be the CEO anymore, right? He’s still kind of in charge, but he’s not totally in charge.

And they’ve now moved all the employees, the ones that are left, cuz they did have massive layoffs cuz like I said, they’re near bankrupt. Um, they’ve moved them to an actual headquarters, like a real office. They’re not having to work out of the dude’s house anymore as they start their, uh, bank. Here’s where the story gets pretty sick. It turns out that not only did they get tens of millions of dollars right to start this so-called bank that they blew through, again, doing God knows what we don’t know, but a special acquisition company decided they wanted to purchase this conservative only bank because yeah, that’s definitely a, a market you need to capture. So they valued this special acquisition company, much like Digital World acquisition and uh, Donald Trump’s social media company. It’s the same kind of situation. So this spec comes along, values glorify bank at 1.7 billion. Like it’s not a physical bank, okay? It doesn’t actually exist other than

I guess on paper they’ve blown through tens of millions of dollars and we don’t know where it went. And this company comes along saying, We wanna value, uh, we wanna buy your bank. And uh, you know what? We, we think it’s worth almost $2 billion. So all we need you to do this company says is, uh, we need you to raise another 60 and then we can go through the deal. Now, this bank, so-called Bank glorify, has already missed multiple different deadlines, right? They didn’t launch when they were supposed to launch. Like I said, there’s no actual physical bank locations and they only have 48,291 total customers. So if you’re talking about 48,000 people, you know what? Let’s give ’em the benefit of that. Let’s say it’s 50,000 people and let’s say that those 50,000 people each have $10,000 in the bank, which is probably way generous, right?

Most Americans do not have that kind of money in the bank what so ever. But even if, even if they had that, you’re looking at a bank that has assets of, what, $50 million. If I did my math correctly in my head, which I don’t know if I did, maybe it’s 5 million, I think it’s 50, but $50 million. You, you’ve already blown through tens of millions. You can’t have a bank survive on $50 million. You signed up a grand total of 5,000 new accounts after Candace Owens promoted your app. That’s it. 5,000 people. So you got what, maybe $10,000 off that and this special acquisition company valued you at 1.7 billion. Something smells a little fraudy here, you got no money. How are you valued at 1.7 billion?