PEU Lords and TechGods want to protect you from being de-banked. Really? That's a bit jarring for my synapses.
The Carlyle Group, a politically connected private equity underwriter (PEU), is partnering with Citi on asset back financing for fintechs.
Their press release states:
Global investment firm Carlyle (NASDAQ: CG) and Citi today announced they will collaborate on asset-backed financing opportunities in the rapidly evolving fintech specialty lending space.
Carlyle would package and sell the debt side, while Citi focuses on the equity side of promising fintechs.
TechGods Peter Thiel, Joe Lonsdale, Palmer Luckey and major Andreesen Horowitz players want to play in the same fintech sandbox. Axios reported:
.....Atticus, the stealthy stablecoin startup that we recently reported was raising funding from Anduril CEO Palmer Luckey and others at a $2.25 billion valuation.Driving the news: The agreement will see Atticus (or at least its gteam) effectively merge into something called Erebor, recently formed by Luckey with plans to get a banking license. Investors in the combined entity would include 8VC, Founders Fund, and Haun Ventures. Sources say that the new investment will be for around $250 million at the $2.25 billion valuation.
The combined business would bank startups, with a stablecoin-native element to it.
PEU (pricktechs) and TechGod (dicktechs) want to fee your mind. Thus, one should recall Synapse.
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users (customers)
Andreessen Horowitz walked away from Synapse's stinking corpse. It did open a Washington, D.C. office to help manage the fallout. That should tell you what you need to know. There is a protection racket but it does not focus on customers.