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Wall Street is facing a summer of hell, and it could be just getting started

In Insider Weekly: Wall Street's hellish summer, Airbnb host panic, and Leon Black's lawyer Danya Perry. Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. On the agenda today:Airbnb hosts are panicking about a summer slowdown.Our profile of Danya Perry, the attorney defending billionaire Leon Black.Can Miami's pandemic-fueled tech boom survive an industry bust?Meet 2022's rising stars of EV, from companies like Rivian and Lucid.By the way, we have a new newsletter coming soon: 10 Things on Wall Street will cover the biggest stories in banking, private equity, hedge funds, and fintech each weekday morning. Sign up here.But first: Insider senior correspondent Linette Lopez is here with a look at the market's hectic week.Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here.  Download our app for news on the go – click here for iOS and here for Android.Wall Street's hellish summer is hereJenny Chang/Insider; Getty ImagesA week ago, I wrote that Wall Street is "heading into a summer from hell." Well, it looks like that hellish summer came early. Since I wrote that piece, the market has done almost nothing but fall, posting the worst trading days since the early weeks of the pandemic. And while the sell-off is ugly, it's clear this isn't over. The market is quickly retreating to where it was before the pandemic — and the stimulus-infused mega rally — started. And thanks to more than a decade of monumentally low interest rates, many investors think that even the current level is inflated.In the piece, I called out the tech industry, which has been riding the wave of a strong economy for years and is finally facing its first real setbacks and (in some cases) layoffs."The kiss of death for tech is when tech starts talking profitability — then the tide goes out and you'll figure out who's been swimming naked," Justin Simon, a portfolio manager at Jasper Capital, told me.But that's not all. Last week, bread-and-butter retailers Target and Walmart reported earnings that fell short of Wall Street's expectations. These consumer behemoths admitted that they are starting to feel the burn from inflation and other economic pressures.As I said in my story, "This summer, the market is melting, and investors big and small are going to get burned before it's over."Read Linette's full story here:Wall Street is heading into a summer from hell — and top investors say it's going to bring a near-biblical reckoning to the market.Airbnb hosts hit by summer slowdownAirbnb host Brian Morris' Santa Rosa Beach, Florida, rental, where revenue for July is projected to drop $12,000 from last year.Brian MorrisIn May 2021, when domestic travel and the short-term-rental market were booming, travelers kept Airbnb properties in high demand. Today, it's a different story. There is no shortage of theories about the slowdown. Some say overseas travel is siphoning traffic from domestic trips, while others believe that record-high gas prices have made guests less willing to hop in the car. One thing is certain: Vacation rentals are taking a big hit. While watching their bookings drop, many hosts are getting thrifty to shelter themselves from the current market climate.Read the full story here:Airbnb hosts are panicking about a summer slowdown as short-term vacation rentals take a hit. 'I'm probably going to lose money,' one host says.The former prosecutor defending Leon BlackPatrick McMullan/Karwai Tang/Keith Levit/Pool/Platt/Getty Images; Lucy Nicholson/Reuters; Rachel Mendelson/InsiderFormer prosecutor Danya Perry stood up to Andrew Cuomo and Eric Schneiderman. Now she's defending billionaire Leon Black against rape accusations.Perry's defense of Black, the former CEO of Apollo Global Management, might seem incongruous with her past. But interviews with several dozen people who know her paint a picture of a woman who has operated in Black's circles for a long time — and repeatedly made controversial choices based on what she believes is right.Read the full story here:Danya Perry spoke up in support of the #MeToo movement. Now she's defending billionaire Leon Black against rape accusations.Is Miami still the next Silicon Valley?Sylvain Sonnet/Getty ImagesDuring the pandemic, the tech industry fanned out across the US — and the geographically liberated workforce ended up in new places like beachy Miami. But now, the US tech sector is on tenterhooks. Markets are crumbling, startup valuations are cratering, and tech firms are announcing layoffs daily.The industry's uncertain future raises the question: Can Miami become the new Silicon Valley — or will it become a cautionary tale about placing all your bets on a bubble?Read the full story here:Miami's tech boom is in trouble — but if it moves quickly, the city can still become a tropical Silicon Valley35 Under 35: The future of the EV industry Vartan Badalian; Sila Nanotechnologies; Lucid; Sandhya Srinivas; Savanna Durr/InsiderThe electric-vehicle industry is a competitive space. The cars are critical, sure, but so are batteries, supply chains, fleet management, and charging infrastructures. These companies are complex operations that are dependent on razor-sharp talent to make it all run smoothly. Insider has vetted the market and identified 35 people under the age of 35 who we believe are most likely to advance in the industry. From cofounders and CEOs to engineers and scientists, the rising stars of the EV industry have a bright future ahead.Read the full story here:35 Under 35: Meet 2022's rising stars of the electric-vehicle industry, from companies like Rivian, Lucid, and Sila NanotechnologiesThis week's quote:"One million dollars may seem like a daunting number, but regardless of your wealth or income, it really is achievable if you have the right mindset. Map out a solid plan, adjust your budget as your income grows, and always prioritize savings."Tanya Taylor, founder of Grow Your Wealth, on how she saved $1 million for retirement by age 48. More of this week's top reads:SpaceX paid a flight attendant $250,000 to settle a sexual-misconduct claim against Elon Musk in 2018, Insider found.Here are the top 15 cities where home-price appreciation has outpaced wages.Lady Gaga's Haus Labs makeup launch on Amazon bombed. Now it's set for a Sephora debut.Inside Amazon ProServe, an elite group in the company's cloud unit.These are the tech companies that are most at-risk as the market plunges.Are we in a housing bubble? We asked 32 experts.How a freelancer earned $1.6 million designing pitch decks for startups.Plus: Keep updated with the latest business news throughout your weekdays by checking out The Refresh from Insider, a dynamic audio-news brief from the Insider newsroom. Listen here tomorrow.Curated by Matt Turner. Edited by Lisa Ryan and Hallam Bullock. Sign up for more Insider newsletters here.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 22nd, 2022

The Tucker Carlson origin story

Tucker Carlson's journey from prep school provocateur to Fox News flamethrower, according to his friends and former classmates. Tucker Carlson during a CNN National Town Meeting on coverage of the White House sex scandal, on January 28, 1998.Richard Ellis/Getty Images Tucker Carlson is remembered as a provocateur and gleeful contrarian by those who knew him in his early days. His bohemian artist mother abandoned her young family and cut Tucker and his brother out of her will. At a Rhode Island prep school and at Trinity College, classmates remember him as a skilled debater who could both amuse and infuriate his audiences. On Oct. 29, 1984, New York police killed an elderly Black woman named Eleanor Bumpurs in her own home. Bumpers, who lived in a public housing complex in the Bronx, had fallen four months behind on her rent. When officials from the city housing authority tried to evict her, she refused, and they called the police. Five officers responded by storming into her apartment. Bumpurs, who had a history of mental illness, grabbed a butcher knife as two officers pushed her against a wall with their plastic shields and a metal pole. A third officer fired two shots from his 12-gauge shotgun, striking Bumpurs in her hand and chest.Eleanor Bumpurs' death dominated the city's news for two months and led the NYPD to revise its guidelines for responding to emotionally disturbed individuals.At St. George's prep school, some 175 miles away in Rhode Island, the incident deeply haunted Richard Wayner. He was one of the school's few Black students and had grown up in a residential tower not far from where Bumpurs had lived. He earned straight As and was so admired that in 1984 his peers elected him senior prefect, the prep equivalent of student body president, making him the first Black class leader in the school's 125-year history. Harvard soon beckoned.Wayner was frustrated with how the St. George's community seemed to ignore the conversations about racial justice that were happening outside the cloistered confines of Aquidneck Island. It bothered Wayne that almost no one at St. George's seemed to know anything about Bumpurs' killing. "You had your crew, you put your head down, and you tried to get through three or four years of prep school with your psyche intact," Wayner said of those days.As senior prefect, one of the duties was to deliver an address each week at the mandatory Sunday chapel service. One Sunday, perched from the chapel podium, Wayner described the shooting as a sea of white faces stared back at him. He concluded with the words: "Does anyone think that woman deserved to die?"Near the front of the chapel, a single hand went up for a few brief seconds. It was Tucker Carlson.Eleanor Bumpurs was shot and killed by the New York Police Department on October 29, 1984APThen a sophomore, Tucker had a reputation as a gleeful contrarian – an indefatigable debater and verbal jouster who, according to some, could also be a bit of a jerk. "Tucker was just sort of fearless," said Ian Toll, a St. George's alumnus who would go on to be a military historian. "Whether it was a legitimate shooting may have been a point of debate but the fact was that Tucker was an underclassmen and the culture was to defer to the seniors." Wayner himself never saw Tucker's hand go up, and the two kept in touch over the years. (Note on style: Tucker Carlson and the members of his family are referred to here by their first names to avoid confusion.)  Four decades later, glimmers of that prep school provocateur appear on Tucker's Prime Time show on Fox, which garners an average of between 3 to 4 million viewers a night. His furrowed visage and spoiling-for-a-fight demeanor are all too familiar to those who have known him for decades. In the words of Roger Stone, a Republican political operative, frequent guest, and longtime friend of Tucker's: "Tucker Carlson is the single most influential conservative journalist in America… It is his courage and his willingness to talk about issues that no one else is willing to cover that has led to this development."Tucker's name has even been floated as a possible Republican presidential candidate in 2024. "I mean, I guess if, like, I was the last person on earth, I could do it. But, I mean, it seems pretty unlikely that I would be that guy." he said on the "Ruthless" podcast in June, dismissing this possibility.Tucker's four decades in Washington, and his transition from conservative magazine writer to right-wing television pundit, have been well documented. But less well known are his early years and how they shaped him: his bohemian artist mother, who abandoned her young family and cut Tucker and his brother out of her will; the Rhode Island prep school where he met his future spouse; and his formation into a contrarian debater who could both amuse and infuriate his audience with his attention-getting tactics.Tucker declined to participate in an interview with Insider, saying in a statement. "Your level of interest in the boring details of my life is creepy as hell, and also pathetic," he wrote. "You owe it to yourself and the country to do something useful with your talents. Please reassess."California roots Tucker Carlson's West Coast roots burrow as deep as a giant redwood. He was born in San Francisco in May 1969 as the excesses of the Sixties peaked and the conservative backlash to the counterculture and the Civil Rights movement started to take shape. Tucker's mother, Lisa McNear Lombardi, born in San Francisco in 1945, came from one of the state's storied frontier families. Lisa's mother, Mary Nickel James, was a cattle baron heiress. Her great-great-grandfather had owned 3 million acres of ranchland, making him among the largest landowners west of the Mississippi. Her father Oliver Lombardi was an insurance broker and descendant of Italian-speaking Swiss immigrants. Lisa enrolled at UC Berkeley, where she majored in architecture. She met Richard Carlson, a San Francisco TV journalist from a considerably less prosperous background, while still in college. Lisa and Richard eloped in Reno, Nevada in 1967. The couple didn't notify Lisa's mother, who was traveling in Europe with her new husband at the time. "Family members have been unable to locate them to reveal the nuptials," a gossip item published in the San Francisco Examiner dished.Tucker arrived two years later. A second son, Buckley, was born two years after that. As Richard's career began to flourish, the family moved first to Los Angeles and then, in 1975, to La Jolla, a moneyed, beach-front enclave about 12 miles north of San Diego. When Lisa and Richard divorced a year later, in 1976, Richard got full custody of their sons, then 6 and 4. According to three of Tucker's childhood classmates, Lisa disappeared from her sons' lives. They don't recall Tucker talking about her, or seeing her at school events. Marc Sterne, Tucker's boarding school roommate who went on to be executive producer of the Tony Kornheiser Show, says the two didn't talk much about Tucker's relationship with his mother and he got the impression that Tucker and Richard were exceptionally close. When Sterne's own parents split up that year, he said Tucker was supportive and understanding. Lisa spent the next two decades as an artist – moving first to Los Angeles, where she befriended the painter David Hockney, and later split her time between France and South Carolina with her husband, British painter Michael Vaughan. In 1979, Richard Carlson married Patricia Swanson, heiress to the Swanson frozen foods empire that perfected the frozen Salisbury steak for hassle-free dinners. She soon legally adopted Tucker and Buckley.  When Lisa died in 2011, her estate was initially divided equally between Tucker, his brother Buckley, and Vaughan. But in 2013, Vaughan's daughter from another marriage found a one-page handwritten document in Lisa's art studio in France that left her assets to her surviving husband with an addendum that stated, "I leave my sons Tucker Swanson McNear Carlson and Buckley Swanson Peck Carlson one dollar each." A protracted battle over Lombardi's estate involving Vaughan and the Carlson brothers wound up in probate court. The Carlsons asserted the will was forged but a forensic witness determined that Lisa had written the note. The case eventually went to the California Appellate Court, which allowed the Carlson brothers to keep their shares in 2019."Lisa was basically sort of a hippie and a free spirit," said one attorney who  represented the Vaughan family and recalled having conversations about the case. "She was very liberal and she did not agree with Tucker's politics. But she stuck the will in the book, everyone forgot about it, and then she passed away."In a 2017 interview with The New Yorker, Tucker described the dissolution of his family as a "totally bizarre situation — which I never talk about, because it was actually not really part of my life at all." Several pieces of art produced by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderLisa When Lisa left her husband and two young sons, she was escaping suburban family life in favor of the more bohemian existence as an artist. One of Tucker and Buckley's former teachers said their mother's absence "left some sour grapes." "I felt they sided with the father," Rusty Rushton, a former St. George's English teacher said. After the divorce, Lisa returned to Los Angeles and tried to break into the city's thriving contemporary art scene. She befriended Mo McDermott, an LA-based British sculptor, model, and longtime assistant to David Hockney, one of the most influential artists of the 20th century. A few years before he met Lisa, the scene was captured in Jack Hazan's 1974 groundbreaking documentary "A Bigger Splash," which followed Hockney and his coterie of gay male friends idly lounging around the pool in his Hollywood Hills home."When love goes wrong, there's more than two people who suffer," said McDermott, playing a slightly exaggerated version of himself, in a voiceover in the documentary.Lisa and McDermott became a couple and Lisa won admission into Hockney's entourage. Hockney lived a far more reclusive lifestyle than his pop art compatriot Andy Warhol but some four dozen or so artists, photographers, and writers regularly passed through his properties."She was more like a hippie, arty kind of person. I couldn't ever imagine her being a mother," said Joan Quinn, the then-West Coast editor of Andy Warhol's Interview Magazine, who knew Lisa during those years and still owns several of her works. "She was very nervous all the time… She was ill-content."The pair were often seen at Hockney's Hollywood Hills home and at Friday night gallery openings on La Cienega Boulevard. They collaborated on playful, large-scale wood sculptures of animals, vegetables, and trees. A handful of their pieces could be seen around Hockney's hillside ranch."Hockney had me over to meet them. He wanted a gallery to handle their work," said Molly Barnes, who owns a gallery in West Hollywood and gave the pair shows in 1983 and 1984. "They were brilliant and David loved Mo. He thought they were the best artists around.""She was quiet and intellectual and somewhat withdrawn," Barnes said. "She had come from a lot of money and that reflected on her personality. She wasn't a snob in any way but she had the manners of a private school girl and someone who was fighting the establishment."A sculpture by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderNone of them recall Lisa discussing her two sons. McDermott died in 1988. After his death, Hockney discovered that McDermott had been stealing drawings from him and selling them. Hockney said the betrayal helped bring on a heart attack. "I believe I had a broken heart," Hockney told The Guardian in 1995. (Hockney did not answer multiple inquiries about Lisa or McDermott.)In 1987, Lisa met Vaughan, one of Hockney's peers in the British art scene known as the "Bradford Mafia." They married in February 1989 and for years afterward they lived in homes in the Pyrenees of southwest France and South Carolina's Sea Islands.Lisa continued to make art, primarily oversized, wooden sculptures of everyday household items like peeled lemons and dice, but she exhibited her work infrequently. She died of cancer in 2011, at which point Carlson was a decade into his media career and a regular contributor on Fox News. Richard In contrast to Lisa's privileged upbringing, Richard's childhood was full of loss. Richard's mother was a 15-year-old high school girl who had starved herself during her pregnancy, and he was born with a condition called rickets. Six weeks later, his mother left him at an orphanage in Boston called The Home for Little Wanderers. Richard's father, who was 18, tried to convince her to kidnap the infant and marry him, but she refused. He shot and killed himself two blocks from her home.A Massachusetts couple fostered Richard for two years until he was adopted by a wool broker and his wife, which he described in a 2009 reflection for the Washington Post. His adoptive parents died when he was still a teenager and Richard was sent to the Naval Academy Preparatory School. He later enlisted in the Marines and enrolled in an ROTC program at the University of Mississippi to pay for college.In 1962, Richard developed an itch for journalism while working as a cop in Ocean City, Maryland at the age of 21, and the future NBC political correspondent Catherine Mackin, helped him get a copy boy job at the Los Angeles Times. Richard moved to San Francisco three years later and his career blossomed. He started producing television news features with his friend, Lance Brisson, the son of actress Rosalind Russell. They filmed migrant farm workers in the Imperial Valley living in cardboard abodes in 110 degree weather, traipsed the Sierra Nevada mountains to visit a hermit, and covered the Zodiac Killer and Bay Area riots (during one demonstration in 1966, they sent television feeds from their car where they trapped for four hours  and a crowd roughed up Brisson, which required four stitches under his left eye). Another time, they rented a helicopter in search of a Soviet trawler but they had to jump into the Pacific Ocean when the chopper ran low on fuel near the shore and crashed.In 1969, Richard and Brisson co-wrote an article for Look Magazine that claimed San Francisco Mayor Joseph Alioto had mafia ties. Alioto sued the magazine's owner for libel and won a $350,000 judgment when a judge determined the article's allegations were made with "actual malice" and "reckless disregard for whether they were true or not." (Richard was not a defendant in the case and has stood by his story. Brisson declined an interview.)Richard moved back to Los Angeles to join KABC's investigative team two years later. One series of stories that delved into a three-wheeled sports car called the Dale and the fraudulent marketing practices of its founder, Geraldine Elizabeth Carmichael, won a Peabody award in 1975. The series also outed Carmichael as a transgender woman. (Richard's role in Carmichael's downfall was explored in the HBO documentary "The Lady and the Dale.") Soon after arriving as an anchor for KFMB-TV, San Diego's CBS affiliate, Richard ran a story revealing that tennis pro Renee Richards, who had just won a tournament at the La Jolla Tennis Club, was a transgender woman."I said, 'You can't do this. I am a private person,'" Richards, who years later would advise Caitlyn Jenner about her transition, urged the television journalist to drop his story, according to a 2015 interview. "His reply? 'Dr. Richards, you were a private person until you won that tournament yesterday.'" By the time he left the anchor chair in 1977 to take a public relations job with San Diego Savings and Loan, Richard had soured on journalism. "I have seen a lot of arrogance and hypocrisy in the press and I don't like it," he told San Diego Magazine in 1977. "Television news is insipid, sophomoric, and superficial… There are so many things I think are important and interesting but the media can be counted on to do handstands on that kind of scandal and sexual sensation."Years later, Richard said that he never tried to encourage his eldest son in politics or journalism, but that Tucker had a clear interest in both from an early age. "I never thought he was going to be a reporter or a writer. I never encouraged him to do that," Richard told CSPAN of his eldest son in 2006. "I actually attempted not to encourage him politically, either. I decided those are the things that should be left up to them."A LaJolla, California post card.Found Image Holdings/Corbis via Getty ImagesA La Jolla childhoodAfter the divorce, Richard and his boys stayed in La Jolla in a house overlooking the La Jolla Beach and Tennis Club. Friends of Tucker's would later say that the trauma of their mother's absence brought the three of them closer together.  "They both really admired their dad. He was a great source of wisdom. He's one of the great raconteurs you'll ever meet. They loved that glow that came from him," said Sterne, Tucker's boarding school roommate. "They both looked up to him, it was clear from my eyes."In an essay included in his book "The Long Slide: Thirty Years in American Journalism," Tucker described Richard as a kind parent who imbued family outings with a deeper message.One of Tucker's earliest memories, he writes, was from just after the divorce, when Tucker was seven and Buckley was five: the brothers gripping the edge of a luggage rack on the roof of his family's 1976 Ford Country Squire station wagon, while their father gunned the engine down a dirt road."I've sometimes wondered what car surfing was meant to teach us," Tucker wrote. "Was he trying to instill in us a proper sense of fatalism, the acknowledgement that there is only so much in life you can control? Or was it a lesson about the importance of risk?... Unless you're willing to ride the roof of a speeding station wagon, in other words, you're probably not going to leave your mark on the world."More often, the boys were left unsupervised and found their own trouble. Tucker once took a supermarket shopping cart and raced it down a hill in front of their house with Buckley in its basket. The cart tipped over, leaving Buckley with a bloody nose. He also recalled building makeshift hand grenades with hydrochloric acid and aluminum foil – using a recipe from their father's copy of "The Anarchist Cookbook"  and tossing them onto a nearby golf course."No one I know had a father like mine," Tucker wrote. "My father was funnier and more outrageous, more creative  and less willing to conform, than anyone I knew or have known since. My brother and I had the best time growing up."Richard sent Tucker to La Jolla Country Day, an upscale, largely white private school with a reputation as one of the best in Southern California, for elementary and middle school. In his book, "Ship of Fools: How a Selfish Ruling Class Is Bringing America to the Brink of Revolution," Tucker described his first grade teacher Marianna Raymond as "a living parody of earth-mother liberalism" who "wore long Indian-print skirts," and sobbed at her desk over the world's unfairness. "As a conservative, I had contempt for the whiny mawkishness of liberals. Stop blubbering and teach us to read. That was my position," he wrote. "Mrs. Raymond never did teach us; my father had to hire a tutor to get me through phonics.""I beg to differ," Raymond countered in an interview, saying that she was also Tucker's tutor during the summer after first grade and was even hired again. "I'm a great teacher. I'm sure he liked me." For her part, she remembered Tucker as a fair-haired tot who was "very sweet" and "very polite." (When The Washington Post reached out her her, she said Carlson's characterization had been "shocking.")  Friends from La Jolla remember that Tucker loved swimming the mile-and-a-half distance between La Jolla Shores Park and La Jolla Cove, jumping off cliffs that jut out into the Pacific Ocean, riffing on the drums, and playing Atari and BB gun games at the mall with his friends. "He was a happy kid. We were young, so we used to go to the beach. We did normal kid stuff," said Richard Borkum, a friend who is now a San Diego-based attorney. When they weren't at the beach or the mall, Borkum and another friend, Javier Susteata, would hang out at the Carlson home listening to The Who, AC/DC, and other classic rock bands. Borkum said the adults at the Carlson household largely left them alone. "I'm Jewish and Javier was Mexican and I'm not sure they were too happy we were going to their house," Borkum said.Another friend, Warren Barrett, remembers jamming with Tucker and going snow camping at Big Bear and snorkeling off Catalina Island with him in middle school."Tucker and I literally ate lunch together every day for two years," Barrett said. "He was completely the opposite of now. He was a cool southern California surfer kid. He was the nicest guy, played drums, and had a bunch of friends. And then something must have happened in his life that turned him into this evil diabolical shithead he is today."LaJolla is a upscale beach community outside of San Diego. Carlson and his family moved their in 1975.Slim Aarons/Hulton Archive/Getty ImagesSan Diego's next mayorRichard, meanwhile, was exploring a second career in public service. By 1980, he had risen to vice president of a bank headed by Gordon Luce, a California Republican power broker and former Reagan cabinet official. The following year, Richard's public profile got a boost when he tangled with another veteran television journalist, CBS's Mike Wallace. The 60 Minutes star had interviewed Richard for a story about low-income Californians who faced foreclosures from the bank after borrowing money to buy air conditioners without realizing they put their homes up for collateral. Richard had his own film crew tape the interview, and caught Wallace saying that people who had been defrauded were "probably too busy eating their watermelon and tacos." The remark made national headlines and Wallace was forced to apologize.Pete Wilson, the U.S. Senator and former San Diego mayor, encouraged Richard to run for office. In 1984, Richard entered the race to challenge San Diego Mayor Roger Hedgecock's re-election. "He was a very well-regarded guy," Hedgecock told Insider. "He had an almost Walter Cronkite-like appearance, but because he was in local news he was all about not offending anybody. He didn't have particularly strong views. He was nice looking, articulate, and made good appearances, but what he had to say was not particularly memorable other than he wanted me out of office."Sometimes Tucker tagged along for campaign events. "He would always show up in a sport coat, slacks and a bowtie and I thought that's really nice clothing for someone who is a kid," Hedgecock remembers. He was a very polite young man who didn't say much."Five days before voters went to the polls, Hedgecock went on trial for 15 counts of conspiracy and perjury, an issue that Richard highlighted in his television campaign ads. Richard still lost to Hedgecock 58 to 42 percent despite pouring nearly $800,000 into the race and outspending Hedgecock two to one. (Hedgecock was found guilty of violating campaign finance laws and resigned from office in 1985 but his convictions were overturned on appeal five years later.)People are seen near a beach in La Jolla, California, on April 15, 2020.Gregory Bull/AP PhotoPrep school In the fall of 1983, a teenaged Tucker traded one idyllic beachfront community for another.At 14, Tucker moved across the country to Middletown, Rhode Island, to attend St. George's School. (Buckley would follow him two years later.) The 125-year-old boarding school sits atop a hill overlooking the majestic Atlantic Ocean, and is on the other side of Aquidneck Island where Richard Carlson went to naval school. The private school was known as a repository for children of wealthy East Coast families who were not as academically inclined as those who attended Exeter or Andover. Its campus had dorms named after titans of industry, verdant athletic fields, and a white-sand beach.Senators Claiborne Pell and Prescott Bush graduated, as did Vermont Gov. Howard Dean, and poet Ogden Nash. Tucker's class included "Modern Family" actor Julie Bowen; Dede Gardner, the two-time Oscar-winning producer of "12 Years a Slave" and "Moonlight"; and former DC Entertainment president Diane Nelson. Billy Bush – "Extra" host, and cousin to George W. Bush – was three years behind him.Tuition at St. George's cost $13,000 per year in the 1980s (it's now up to $67,000 for boarding school students) and student schedules were tightly regimented with breakfast, classes, athletics, dinner, and study hall encompassing each day. Students were required to take religion classes, and attend chapel twice a week. Faculty and staff would canvass the dorms on Thursdays and Sundays to ensure no one skipped the Episcopal service. Tucker impressed his new chums as an hyper-articulate merrymaker who frequently challenged upperclassmen who enforced dorm rules and the school's liberal faculty members."He was kind of a California surfer kid. He was funny, very intelligent, and genuinely well-liked," said Bryce Traister, who was one year ahead of Tucker and is now a professor at the University of British Columbia. "There were people who didn't like Tucker because they thought he was a bullshitter but he was very charming. He was a rascal and a fast-talker, as full of shit as he is today."Back then Tucker was an iconoclast more in the mold of Ferris Bueller than preppy neocon Alex P. Keaton, even if his wardrobe resembled the "Family Ties" star. Students were required to wear jackets, ties, and khakis, although most came to class disheveled. Tucker wore well-tailored coats and chinos, pairing his outfit with a ribbon-banded watch and colorful bowtie which would later become his signature. "He was always a very sharp dresser. He had a great rack of ties. He always knew how to tie a bowtie but he didn't exclusively wear a bowtie," said Sterne, Tucker's freshman year roommate. "He always had great clothes. It was a lot of Brooks Brothers." Their crew crew held court in each others' dorm rooms at Auchincloss, the freshman hall, kicking around a Hacky Sack and playing soccer, talking about Adolph Huxley, George Orwell, and Hemingway, and dancing to Tom Petty, the Grateful Dead, and U2 on the campus lawn. Televisions weren't allowed so students listened to their Sony Walkman swapping cassette recordings of live concerts. Tucker introduced several bands to his friends."He loved classic rock and he was and still is a big fan of Jerry Garcia and the Grateful Dead," said Sterne, who saw a Dead show with Tucker at RFK Stadium in 1986.Sometimes the clique got slices at Aquidneck Pizza and played arcade games in town, hung out in history instructor William Schenck's office, and smoked pot and Marlborough Red cigarettes on a porch in the main building's common room that faced the ocean, according to multiple sources. When the school administrators banned smoking indoors the following year so they congregated behind the dumpster behind the dining hall. Vodka (often the brand Popov) mixed with Kool-Aid was the drink of choice and students stockpiled bottles under their beds.Tucker was an enthusiastic drinker, half a dozen classmates recall. In his book, "The Long Slide," Tucker credits Hunter S. Thompson's "Fear and Loathing in Las Vegas" for enticing him to try drugs in 10th grade, The experience gave him "double vision and a headache." By the time he got to college, Tucker writes, "I switched to beer."By the late 1990s Tucker stopped smoking. He eventually cut alcohol too in 2002 after drinking so much while covering George W. Bush in New Hampshire during the 2000 primary that he accidentally got on the wrong plane, according to a friend.Most of Tucker's fellow students remember him best as a skilled speaker."He was always eager to take the less palatable side of the argument and argue that side," said Mahlon Stewart, who attended prep school and college with Tucker and is now a geriatric specialist at Columbia University. "Back then it was comedic. I thought it was an act.""His confidence was just amazing. He could just put out some positions and be willing to argue anything no matter how outlandish," Keller Kimbrough, a former classmate who's now a professor at the University of Colorado. "We were talking about politics and religion one time Tucker pulled this card out of his wallet and said, 'Well actually I'm an ordained minister, I'm an authority on the subject.' This was a stunt. He could literally play the religion card." "When he got the job at Fox I just thought 'Wow that's perfect for him, that's exactly what he can do.'"Their dorm room discourses were never serious. Tucker would pick a side in a debate between whether the color red or blue were better, and the crowd would erupt whenever he made a good point, friends said.  "Even at age 15 he was verbally dexterous and a great debater," Ian Toll said. "His conservative politics was fully formed even back then. He believed in strong defense and minimal government."His teachers saw a pupil who was primed for law school."Language and speaking came naturally to him. He took pleasure in it," said Rusty Rushton, Tucker's former English teacher. Tucker's politics, though, "seemed fluid to me," Rushton said. "I don't think of him as a deeply ensconced ideologue."He ditched soccer after sophomore year to act in a school theater production of Ayn Rand's courtroom thriller "Night of January 16th" (Julie Bowen starred as the prosecuting attorney. Tucker played a juror). But Tucker found his voice in competitive debate when he eventually joined the school's debate club. The team traveled to other private school campuses to compete against schools like Andover, Exeter, and Roxbury Latin in tournaments."He won some debate and basically did a victory lap afterward and got in the face of all the faculty there," one alum from a rival school who debated against Tucker said. "After defeating the student team, he started challenging the faculty, and said, 'Do any of you want to take me on? Are any of you capable of debating me?'"SusieIn the fall of Tucker's sophomore year, a new headmaster arrived at St. George's, Rev. George Andrews II. Andrews' daughter, Susie – who Tucker would eventually marry – was in Tucker's class. According to school tradition, a rotating group of underclassmen was charged with serving their classmates dinner and, one night in late September, Tucker and Susie had the shift at the same time. "They were sitting at a table at the far end of Queen Hall just leaning in, talking to each other," Sterne recalled. "You could see the sparks flying, which was cool."Susie floated between the school's friend groups easily. When she was seen mingling with Tucker, some questioned what she saw in him."People were saying, 'Come on Susie, why are you dating Tucker?' He's such a loser slacker and she was so sweet," Traister said. The pair started dating at the age of 15 and quickly became inseparable. Tucker gained notoriety on campus for repeatedly sneaking into Susie's room on the second floor of Memorial Schoolhouse, the school's stately administrative office that housed the headmaster's quarters. He had less time for his dumpster buddies now that the couple hung out on the campus lawn, attended chapel and an interdenominational campus ministry organization called FOCUS. His senior yearbook included a photo of Tucker squinting in concern to a classmate, with the caption "What do you mean you told Susie?While Susie was universally liked within the St. George's community, her father was polarizing.Andrews led the school during a turbulent period – it was later revealed – when its choirmaster Franklin Coleman was accused of abusing or having inappropriate conduct with at least 10 male students, according to an independent investigation by the law firm Foley Hoag in 2016. (Two attorneys representing several victims said 40 alumni contacted them with credible accounts of molestation and rape accusations at the hands of St. George's employees between 1974 and 2004 after a 2015 school-issued report detailed 26 accounts of abuse in the 1970s and 1980s. (Coleman was never criminally charged and he has not responded to Insider's attempts to reach him.) Over his eight-year tenure as school music director, from 1980 to 1988, Coleman invited groups of boys to his apartment for private parties. Sometimes he shared alcohol and pot with some of them, gave them back and neck rubs, showed pornographic videos, traveled with them on choral trips and stayed in their hotel rooms, and appeared nude around some of them, the report found. Several of Tucker's classmates and former faculty said they had no reason to believe he would have been aware of the accusations. "There were rumors circulating wildly that Coleman was bad news. The idea was he would cultivate relationships with young men," Ian Toll, a St. George's alum, said. "Anyone who was there at that time would have likely been aware of those rumors."Andrews told Foley Hoag investigators he was not aware of any complaints about Coleman until May 1988 (by then, Tucker had finished his freshman year in college) when school psychiatrist Peter Kosseff wrote a report detailing a firsthand account of misconduct. But Andrews acknowledged to investigators the school could have been aware of "prior questionable conduct" before then, the report said. Andrews fired Coleman in May 1988 after the school confronted Coleman with allegations of misconduct and he did not deny them. According to the investigation, Andrews told students Coleman resigned due to "emotional stress" and that he had the "highest regard and respect for him." On the advice of a school attorney, Andrews did not report the music teacher to child protective services. He also knew that his faculty dean wrote Coleman a letter of recommendation for a job at another school, according to investigators. Andrews left the school a few weeks after Coleman departed. By September 1989, he was named headmaster at St. Andrew's School in Boca Raton, Florida which he led for 18 years. (Andrews declined to speak about Tucker or his tenure at either school.) St. George's, meanwhile, reached an undisclosed settlement with up to 30 abuse survivors in 2016. Coleman found work as a choir director at Tampa Preparatory School in Tampa Bay, Florida before he retired in 2008. Tucker Carlson attended St. George’s School, a boarding school starting at age 14.Dina Rudick/The Boston Globe via Getty ImagesTrinity In the fall of 1987, Tucker enrolled at Trinity College in Hartford, CT, where Rev. Andrews had also attended.Nearly two-thirds of Trinity's student body back then originated from private schools and many came from wealthy backgrounds. Tuition in 1987 cost $11,700 plus an additional $3,720 for room and board—around $27,839 in today's dollars."When the Gulf War broke out" in 1990, one Trinity alum who knew Tucker recalled, "there was a big plywood sign in front of the student center that read, 'Blood for Oil,' and someone else threw a bucket of paint on it."The posh campus was situated in the middle of Hartford, Connecticut, the state's capital and one of its poorest cities. Discussions about race and inequality were sometimes at the forefront of campus politics, but many students avoided engaging in them entirely."There were issues about whether black students should only date other black students, that kind of thing," said Kathleen Werthman, a classmate of Tucker's who now works at a Florida nonprofit for people with disabilities. "My sophomore year, for new students, they had a speaker talking about racism, and one of the students said, 'I never met a black student, how are you supposed to talk to them?' And the idea that only white people can be racist was challenged too."Susie was at Vanderbilt in Nashville, Tennessee. His brother remained in Rhode Island and other prep school friends had fanned out across the East Coast. Tucker moved into a four-bedroom dormitory overlooking the main quad. One suitemate, Neil Patel, was an economics major from Massachusetts who played intramural softball. (They would co-found the Daily Caller together two decades years later.) Other roommates played on the varsity soccer team and they formed a tight-knit group."I remember being struck by him. He was the same way he is now," said Rev. Billy Cerveny, a college friend of Tucker's who's now a pastor at Redbird Nashville. "He was a force of nature. He had a sense of presence and gravitas. You might get into an argument with him, but you end up loving the guy."Tucker often went out of his way to amuse his friends. Once during the spring semester, several activists set up a podium and microphone beneath his dorm window to protest the CIA's on-campus recruitment visits. The demonstration was open-mic so Tucker went up to the stage and told the crowd of about 15 people, "I think you're all a bunch of greasy chicken fuckers.""I think people laughed. He did," Cerveny said. "There was always a small collection of people any time there was an issue who tried to stir the pot in that way. Some people were dismissive and other people loved it, thinking 'Oh we're getting a fight here.'"As a sophomore, Tucker and his friends moved into a dingy three-story house on Crescent Street on the edge of the campus. He ditched his tailored jackets, khakis, and bowties for oversized Levi jeans, t-shirts, and untucked oxford shirts. Tucker commandeered a low-ceilinged room above the front porch with so many windows he had to hang up tapestries to keep out the sun. The tiny alcove had barely enough space for an eight-foot futon and several bookshelves Tucker built himself stacked with books he collected. Friends remember Tucker receiving an 8-by-10 manilla envelope that his father sent through the mail once or twice a month containing dozens of articles from newspapers and magazines.One of Tucker's friends, Cerveny, remembered stopping by Richard's home in Washington, D.C. and finding evidence of his hobbies, including the world's second largest collection of walking sticks."His house was filled with rare canes he collected from all over the world," Cerveny said. "The hallways had really amazing rows of canes hung on hooks that were specially made to mount these things on the house. One used to be a functional shotgun, another one was made out of a giraffe. His dad would pull out newspaper clippings of WWII Navy aircraft carriers. It changed the way I thought about a lot of things. I had never seen anything like that. Who collects canes?"During sophomore year, Tucker's friends decided to rush Delta Phi, a well-to-do fraternity also known as St. Elmo's. The Greek scene had a large presence on campus — about 20 percent of men joined them even though Trinity was a liberal arts school — and St. Elmo's had a reputation as freewheeling scamps. Once a year, a St. Elmo's brother would ride his motorcycle naked through the campus cafeteria. (Faculty voted in 1992 to abolish Greek life saying they were sexist and racist, and school administrators instead forced fraternities to become co-ed.)But Tucker refused to come aboard. Some classmates thought it was because he didn't want to be hazed."Tucker was not a joiner like that," Mahlon Stewart said. "He wouldn't have set himself up for whatever humiliation would have been involved. He would not have put up with that." But Cerveny, who pledged the fraternity, said it was a matter of faith."I remember explicitly him saying 'Look, I want to focus on what my faith is about and I thought this would be a big distraction,'" Cerveny said. "But he was very much in the mix with us. When we moved to a fraternity house [on Broad Street], we asked him to live with us."Tucker occasionally dropped in on his friends' fraternity events and occasionally brought Susie when she visited or Buckley when he drifted into town. Other times they hung out at Baker's Cafe on New Britain Avenue. Mostly Tucker stayed in his room."He was basically a hermit. It wasn't like he was going to a ton of parties" one Trinity St. Elmo's brother said. "He was not a part of the organizational effort of throwing big parties, or encouraging me to join the fraternity." Susie, who didn't drink or smoke, was a moderating influence. "Tucker and Susie had their moral compass pointing north even back then," Sterne said. "Tucker's faith was not something he was focused on in his early years but when he met Susie and he became close to her family, that started to blossom and grow in him. Now it's a huge part of his life."By the time his crew moved to another house on Broad Street, they each acquired vintage motorcycles and tinkered with them in their garage. Tucker owned a 1968 flathead Harley Davidson that barely ran and relied on a red Jeep 4X4 to transport friends around town (the Volkswagen van he had freshman year blew up). He smoked Camel unfiltered cigarettes, sipped bourbon, and occasionally brewed beer in the basement, including a batch he named "Coal Porter," according to GQ.When he wasn't reading outside of his courses or tinkering with his carburetor, Tucker took classes in the humanities and ultimately majored in history. Tucker dabbled in other fields including Russian history, Jewish history, Women's Studies, and Religious Studies, sitting in the back of lecture halls with his friends. Ron Kiener, who taught an introductory level course in Judaism, recalled Tucker performing "poorly" but earning a credit. "He did not get a stellar grade from me," Kiener said. "Based on what he says now he surely didn't get very much out of my courses."But Leslie Desmangles, who led courses in Hinduism, Buddhism, and Myth, Rite, and Sacrament, said Tucker was engaged and likely did just enough to pass his courses even if he wasn't very studious or vocal in class discussions."He was interested in understanding the nature of religious belief and studying different cultures and religions but I'm not sure if he had an interest in diversity," Desmangles said. "He was genuinely interested in ritual since a lot of the Episcopal church is highly ritualistic."Tucker's fascination with religion extended to his extracurricular activities too. He and several friends joined Christian Fellowship, a Bible study group that met weekly and helped the school chaplain lead Sunday services. Some members even volunteered with ConnPIRG, a student advocacy group on hunger and environmental issues, and traveled to Washington D.C. to protest the Gulf War. But Tucker steered clear of campus activism. He spent his free time reading and seeing Blues Traveler, Widespread Panic, and Sting perform when they came through Connecticut. Sometimes he skipped school to follow his favorite band, the Grateful Dead, on tour.He took an interest in Central American politics too. At the end of freshman year, Tucker and Patel traveled to Nicaragua. "We did not have a place to stay or any set plans," Tucker told the Trinity Tripod, his college paper, in March 1990. "It was very spontaneous. We are both extremely political and we felt that getting to know the country and some of its citizens would give us a better perspective on the situation." In February 1990, Tucker returned with three friends to Managua for 10 days to observe Nicaragua's elections. The National Opposition Union's Violetta Chamoro, which was backed by the U.S. government, defeated the leftist Sandinista National Liberation Front Daniel Ortega who had been in power since 1979. A month later Tucker and his classmate Jennifer Barr, who was separately in Nicaragua to observe elections and distribute medical supplies to the Sandinistas, shared their perspectives about their visits to a small crowd at the Faculty Club for the school's Latin America Week. Tucker thought press coverage of the election was too left-leaning and criticized the media for skewing a conservative victory, according to Barr."I don't think it was necessarily true," Barr said. "He was dismissive [about my views]. I did get a sense that he believed in what he was saying, and it was very different from my experience and my understanding of the race."Tucker's stance on U.S. politics at the time was less didactic. As the 1992 presidential election loomed his senior year, Tucker touted the independent candidacy of Ross Perot, a Texas business magnate, to his friends although it did not appear that Tucker was an ardent supporter."Tucker would go on and on about how Ross Perot was the answer to this or that, as a joke, and every one would participate" one St. Elmo's brother said. "He liked the way Ross Perot was basically throwing a wrench into the system. He wasn't a serious Ross Perot proponent. He was cheering on somebody who was screwing up the system."In Tucker's college yearbook, below his tousle-haired, bowtie wearing thumbnail photo, was a list of his extra-curricular activities: "History; Christian Fellowship 1 2 3 4, Jesse Helms Foundation, Dan White Society." Neither of the latter two – named, respectively, after the ultra-conservative North Carolina Senator, and a San Francisco supervisor who assassinated Harvey Milk in 1978 – ever existed. Tucker admired Helms for being a "bull in the china shop" of Congress, one classmate said. Some friends believed Tucker slipped in the off-color references as a lark."It's like a joke you and a friend would put in a series of anagrams that only you and two friends would remember and no one else would," the St. Elmo's friend said. "It's so niche that only someone like Tucker is thinking things like that or would even know the name of the person who killed Harvey Milk. He paid attention to things like that."Others claimed Tucker was the victim of a prank."It would not at all surprise me if one of the other guys in the [fraternity] house filled it in for him, and not just an inside joke, but pegging him with something that he got grief for," another close friend said. Protesters rally against Fox News outside the Fox News headquarters at the News Corporation building, March 13, 2019 in New York City.Drew Angerer/Getty ImagesAn outsider among insidersBy the spring of 1991, Tucker's academic performance had caught up with him. He had accumulated a 1.9 grade point average and may have finished with a 2.1 GPA, according to one faculty member who viewed a copy of his transcript. Tucker would eventually graduate from Trinity a year late. Falling behind was not uncommon. About 80 percent of Trinity students completed their degrees in four years, according to Trinity College records. (A Trinity spokeswoman would not comment on Tucker's transcript due to FERPA laws, which protect student privacy.Tucker's post-collegiate plans fell through too. Tucker applied to the CIA that spring. The spy agency passed."He mentioned that he had applied and they rejected him because of his drug use," another college friend said, while declining to be named. "He was too honest on his application. I also probably should say I don't know whether he was telling the truth or not." Once the school year was over, Tucker and Neil Patel hit the road on a cross-country motorcycle ride. After that: Washington DC.  Tucker's family left Southern California for Georgetown after President Reagan named his father head of Voice of America. In June 1991, President George H.W. Bush appointed Richard ambassador to the Seychelles and the Carlson family upgraded to a nicer house in Georgetown with a pool in the basement. That summer, with Tucker's father and stepmother often out of town, the Carlson household was the center of Tucker's social lives, the place they retired to after a night drinking at Georgetown college dive bars like Charing Cross and Third Edition, and pubs like Martin's Tavern and The Tombs, immortalized in St. Elmo's Fire. In August, Tucker and Susie got married in St. George's chapel and held a reception at the Clambake Club of Newport, overlooking the Narragansett Bay. Back in Washington, Tucker's prep school, college, and his father's Washington-based networks began to mesh. Tucker took a $14,000-a-year job as an assistant editor and fact checker of Policy Review, a quarterly journal published at the time by the Heritage Foundation, the nation's leading conservative think tank. For the next three decades, Tucker thrived in the Beltway: He joined The Weekly Standard and wrote for several magazines before appearing on cable news networks as a right-of-center analyst and host at CNN, PBS, and MSNBC. His father embarked on a third career as a television executive where he ran the Corporation for Public Broadcasting and his brother became a political operative and a pollster. By the time Tucker reached the core of the conservative media sphere, a slot on Fox News's primetime opinion lineup, he shed friends from his youth who couldn't grapple with the hard-right turn he veered once he became the face of the network.One friend was not surprised with Tucker's act. In the spring of 2016, during the heat of Donald Trump's presidential campaign against Hilary Clinton and a few months before "Tucker Carlson Tonight" premiered on Fox, Tucker had lunch with his old prep school classmate Richard Wayner who made the speech about Eleanor Bumpurs all those years ago. Wayner believed Tucker's gesture from his pew was never serious. "As a 9th or 10th grader in a chapel full of people in a conversation, he was trying to get attention," Wayner said.The two stayed in touch over the years and Tucker at one point suggested he write a handful of pieces for the Daily Caller, the conservative news and opinion site that Tucker co-founded and ran in the 2010s. As they settled into their table at a Midtown Manhattan steakhouse, the two chatted about Wayner's experience on the board of St. George's (which Susie was about to join) and their respective careers. Tucker was floating around at Fox, and Wayner, now an investor and former Goldman Sachs investment banker, said the conversation drifted toward salaries."He was asking, 'How much do you make on Wall Street' and was like, 'Wow, Wall Street guys make a lot.'" Wayner said. When they left the restaurant and headed back toward the Fox News headquarters, several people recognized Tucker on the street even though he had jettisoned his trademark bowtie years ago. Wayner saw Tucker making the pragmatic decision to follow a business model that has made his conservative media counterparts a lot of money."I don't think he has a mission. I don't think he has a plan," Wayner said. "Where he is right now is about as great as whatever he thought he could be.""Tucker knows better. He does. He can get some attention, money, or both." he added. "To me, that's a shame. Because he knows better." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 5th, 2022

Jan. 6 live updates: Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panel

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot held a surprise hearing on Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, testified. Hutchinson said that Trump knew supporters were armed and even tried to get to the Capitol himself. Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panelA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesFormer President Donald Trump on Tuesday unleashed a dozen social media posts in the wake of the testimony of a former top White House aide before the January 6 committee, calling the staffer a "total phony," "third rate social climber' and suggesting she was a "whacko" because of her handwriting."There is no cross examination of this so-called witness. This is a Kangaroo Court!" Trump wrote on his social media platform.In another post, he said that her "body language is that of a total bull…. artist. Fantasy Land!"Read MoreA former Trump White House chief of staff says the latest January 6 hearing provided 'stunning' new evidence of potential criminalityWASHINGTON, DC - DECEMBER 05: U.S. President Donald Trump (R) and Acting chief of staff Mick Mulvaney (L) listen to comments during a luncheon with representatives of the United Nations Security Council, in the Cabinet Room at the White House on December 5, 2019 in Washington, DC.Mark Wilson/Getty ImagesTuesday's congressional hearing on the insurrection was a "very, very bad day" for the former president, former Trump White House chief of staff Mick Mulvaney said.The hearing featured a former White House aide testifying that Donald Trump knew some protesters were armed before they marched to the US Capitol — and that his own top advisors asked for pardons after the January 6 riot."A stunning 2 hours," Mulvaney, a onetime Trump loyalist, posted on Twitter following the testimony of Cassidy Hutchinson, a former aide to Mark Meadows, who succeeded Mulvaney as Trump's White House chief of staff.Keep ReadingA Capitol Police officer injured on January 6 said 'our own president set us up'US Capitol Police Sgt. Aquilino Gonell wipes his eye as he watches a video being displayed during a House select committee hearing on the Jan. 6 attack on Capitol Hill in Washington, Tuesday, July 27, 2021.Jim Bourg/Pool via APA US Capitol Police officer injured during the January 6, 2021, attack on the Capitol told HuffPost's Igor Bobic "our own president set us up" during the sixth public hearing of the House commitee investigating the Capitol riot. Sgt. Aquilino Gonell, an Army veteran who was in the room during Tuesday's hearing, testified before Congress last year about the injuries he suffered while defending the Capitol. Gonell underwent surgery and was moved to desk duty as a result of the injuries he sustained to his foot and shoulder while being physically attacked by rioters during the Capitol siege."I just feel betrayed," Gonell told Bobic on Tuesday. "The president should be doing everything possible to help us and he didn't do it. He wanted to lead the mob and wanted to lead the crowd himself ... he wanted to be a tyrant." Read MoreCongressman says Trump sent police to the Capitol to be 'potentially slaughtered'Trump supporters clash with police and security forces as people try to storm the US Capitol on January 6, 2021.Brent Stirton/Getty ImagesDemocratic Rep. Ruben Gallego said US Capitol cops were 'sent to be potentially slaughtered' on January 6 after a former White House staffer gave stunning testimony that former President Donald Trump knew that protesters were armed and heading to the Capitol. "If it wasn't because of this brave 25-year-old woman, we wouldn't even know what was happening," the Arizona lawmaker told reporters at the hearing on Thursday, referring to Cassidy Hutchinson. "This is a very sad moment in our country right now."Read Full StoryFormer top White House aide says Trump's attacks on Pence 'disgusted' herFormer Trump White House aide Cassidy HutchinsonJacquelyn Martin/APFormer top Trump White House aide Cassidy Hutchinson said ex-President Donald Trump's attacks on then-Vice President Mike Pence during the Capitol riot "disgusted" her."I remember feeling frustrated, disappointed, and really, it felt personal, I was really sad," she testified when asked for her reaction to Trump's praise of the rioters on January 6, 2021. "As an American, I was disgusted. It was unpatriotic, it was un-American. We were watching the Capitol building get defaced over a lie." Read Full StoryLiz Cheney shares evidence of witness tampering at Jan. 6 hearingUS Representative Liz CheneyPhoto by OLIVIER DOULIERY/POOL/AFP via Getty ImagesJanuary 6 panel vice chair and GOP Rep. Liz Cheney shared two messages purportedly received by witnesses before their testimony that she said are signs of witness tampering.Cheney shared two messages that she said witnesses had received ahead of their depositions. The witnesses, who Cheney didn't name, subsequently shared the messages with the committee.In one, a witness received a phone call: "[A person] let me know you have your deposition tomorrow. He wants me to let you know that he's thinking about you. He knows you're loyal, and you're going to do the right thing when you go in for your deposition," the caller allegedly said.Witness tampering is a federal crime.Read MoreEx-White House aide said she wanted Mark Meadows to 'snap out of it' during Capitol riotFormer White House chief of staff Mark Meadows.AP Photo/Andrew HarnikTrump White House chief of staff Mark Meadows' former top aide testified that she wanted him to "snap out it" and pay attention to the chaos unfolding at the Capitol building on January 6, 2021.During her testimony before the January 6 committee, Cassidy Hutchinson said she saw Meadows on his couch on his phone as rioters stormed the Capitol building and fought with police.Hutchinson said she asked Meadows: "The rioters are getting really close. Have you talked with the president?"Meadows allegedly replied: "No, he wants to be alone right now."Read Full StoryRudy Giuliani and Mark Meadows both sought pardons from TrumpRudy Guiliani and Mark MeadowsGetty ImagesDonald Trump's lawyer and ex-mayor Rudy Giuliani as well as the president's Chief of Staff Mark Meadows both sought pardons after the Capitol riot on January 6, 2021.That's according to explosive testimony from Meadows' aide during a House hearing investigating the insurrection.Read Full Story Trump threw dishes and flipped tablecloths 'several times' while at the White House: former aideCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's temper flared "several times" in the White House, a former top aide says, recounting how he threw dishes and flipped tablecloths in the White House dining room."There were several times throughout my tenure with the chief of staff that I was aware of him [Trump] either throwing dishes or flipping the tablecloth to let all the contents of the table go onto the floor and likely break or go everywhere," said former aide Cassidy Hutchinson.After one outburst, Hutchinson said she had to wipe ketchup off the wall.KEEP READINGFox News host: Trump throwing his lunch isn't 'wholly out of character'Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts while he attempted to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall."MacCallum said the alleged outburst didn't sound "wholly out of character," even as a Fox News colleague called the revelations "stunning."Read Full StoryDonald Trump says he 'hardly' knows the former top aide who gave damning testimony against himDonald TrumpChet Strange/Getty ImagesFormer President Donald Trump called the ex-White House aide who gave damning testimony about his actions on January 6 "bad news" and said he "hardly" knew her."I hardly know who this person, Cassidy Hutchinson, is, other than I heard very negative things about her (a total phony and "leaker") ...," Trump wrote in part on his social media platform, Truth.Read Full StoryMike Flynn pleaded the 5th when asked whether the violence on January 6 was justifiedFormer National Security Advisor Michael Flynn at a campaign event in Brunswick, Ohio on April 21, 2022.Dustin Franz/Getty ImagesMike Flynn, a former 3-star general and Trump's national security advisor, waited over a minute before pleading the Fifth Amendment when asked if violence during the Capitol riot was justified.During a House panel on the insurrection, committee vice chair Rep. Liz Cheney of Wyoming aired a clip of Flynn appearing to struggle with the question.Flynn also refused to say whether he supported the peaceful transition of power.Read MoreTrump threw his lunch at the wall after Barr said there wasn't widespread voter fraud: ex-aideCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesA former top White House aide testified that ex-President Donald Trump threw his lunch at a wall after then-Attorney General Bill Barr told him there was no evidence of widespread voter fraud."There was ketchup dripping down the wall and there was a shattered porcelain plate on the floor," Cassidy Hutchinson testified on Tuesday before a House panel investigating the Captiol riot on January 6, 2021.Read Full StoryTrump said Mike Pence 'deserves it' as Capitol rioters chanted that he should be hung: ex-aideDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesFormer President Donald Trump defended Capitol rioters who were chanting to hang Vice President Mike Pence during the Capitol riot, a top White House aide testified."Mike deserves it," Trump allegedly said, according to testimony from ex-aide Cassidy Hutchinson.Donald Trump also said that the rioters storming the Capitol building "weren't doing anything wrong." Read Full StoryEx-aide says top GOP Rep. Kevin McCarthy warned White House officials that Trump shouldn't go to the Capitol on January 6President Donald Trump (R) speaks as he joined by House Minority Leader Rep. Kevin McCarthy (R-CA) (L) in the Rose Garden of the White House on January 4, 2019 in Washington, DC.Alex Wong/Getty ImagesFormer White House aide Cassidy Hutchinson testified that top House Republican Kevin McCarthy called White House advisors on January 6, 2021, warning that then-president Donald Trump should not come to the US Capitol.Hutchinson told a House panel that she got a call from McCarthy after Trump's speech on the Ellipse that day. McCarthy wasn't convinced that Trump wasn't planning to make his way to the Capitol building."Well, he just said it on stage, Cassidy. Figure it out. Don't come up here," she testified he said in the call.Read Full StoryTrump lunged at his driver and demanded to be taken to the Capitol on January 6.Former President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump lunged at his driver and tried to grab the steering wheel on January 6, 2021, as he demanded to be taken to the Capitol building as his supporters were marching away from his speech that morning, a former aide testified.Cassidy Hutchinson, a former top aide to the then-White House chief of staff, told a House panel investigating the Capitol riot that a Secret Service agent relayed the story of what happened to her.Hutchinson said that Trump "said something to the effect of 'I'm the effing president, take me up to the Capitol now.' "Read Full StoryTrump knew the January 6 crowd was armed, but said 'they're not here to hurt me,' aide testifiesDonald TrumpSeth Herald/Getty ImagesA former White House aide said Donald Trump knew that his supporters were armed on January 6 hours before they stormed the Capitol building."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Hutchinson said Trump was incensed that there were gaps in the crowd of his speech on January 6.Read Full StoryTrump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons.Trump was insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, former White House aide Cassidy Hutchinson told the House panel investigating the insurrection.She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

Jan. 6 live updates: Trump defended Capitol rioters chanting to hang Pence, ex-aide testifies

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot is holding a surprise hearing at 1 p.m. ET Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, is testifying. Rudy Giuliani and Mark Meadows both wanted pardons after the Capitol riot, she said. Rudy Giuliani and Mark Meadows both sought pardons from TrumpRudy Guiliani and Mark MeadowsGetty ImagesDonald Trump's lawyer and ex-mayor Rudy Giuliani as well as the president's Chief of Staff Mark Meadows both sought pardons after the Capitol riot on January 6, 2021.That's according to explosive testimony from Meadows' aide during a House hearing investigating the insurrection.Read Full Story Trump threw dishes and flipped tablecloths 'several times' while at the White House: former aideCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's temper flared "several times" in the White House, a former top aide says, recounting how he threw dishes and flipped tablecloths in the White House dining room."There were several times throughout my tenure with the chief of staff that I was aware of him [Trump] either throwing dishes or flipping the tablecloth to let all the contents of the table go onto the floor and likely break or go everywhere," said former aide Cassidy Hutchinson.After one outburst, Hutchinson said she had to wipe ketchup off the wall.KEEP READINGDonald Trump says he 'hardly' knows the former top aide who gave damning testimony against himDonald TrumpChet Strange/Getty ImagesFormer President Donald Trump called the ex-White House aide who gave damning testimony about his actions on January 6 "bad news" and said he "hardly" knew her."I hardly know who this person, Cassidy Hutchinson, is, other than I heard very negative things about her (a total phony and "leaker") ...," Trump wrote in part on his social media platform, Truth.Read Full StoryMike Flynn pleaded the 5th when asked whether the violence on January 6 was justifiedFormer National Security Advisor Michael Flynn at a campaign event in Brunswick, Ohio on April 21, 2022.Dustin Franz/Getty ImagesMike Flynn, a former 3-star general and Trump's national security advisor, waited over a minute before pleading the Fifth Amendment when asked if violence during the Capitol riot was justified.During a House panel on the insurrection, committee vice chair Rep. Liz Cheney of Wyoming aired a clip of Flynn appearing to struggle with the question.Flynn also refused to say whether he supported the peaceful transition of power.Read MoreTrump threw his lunch at the wall after Barr said there wasn't widespread voter fraud: ex-aideCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesA former top White House aide testified that ex-President Donald Trump threw his lunch at a wall after then-Attorney General Bill Barr told him there was no evidence of widespread voter fraud."There was ketchup dripping down the wall and there was a shattered porcelain plate on the floor," Cassidy Hutchinson testified on Tuesday before a House panel investigating the Captiol riot on January 6, 2021.Read Full StoryTrump said Mike Pence 'deserves it' as Capitol rioters chanted that he should be hung: ex-aideDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesFormer President Donald Trump defended Capitol rioters who were chanting to hang Vice President Mike Pence during the Capitol riot, a top White House aide testified."Mike deserves it," Trump allegedly said, according to testimony from ex-aide Cassidy Hutchinson.Donald Trump also said that the rioters storming the Capitol building "weren't doing anything wrong." Read Full StoryEx-aide says top GOP Rep. Kevin McCarthy warned White House officials that Trump shouldn't go to the Capitol on January 6President Donald Trump (R) speaks as he joined by House Minority Leader Rep. Kevin McCarthy (R-CA) (L) in the Rose Garden of the White House on January 4, 2019 in Washington, DC.Alex Wong/Getty ImagesFormer White House aide Cassidy Hutchinson testified that top House Republican Kevin McCarthy called White House advisors on January 6, 2021, warning that then-president Donald Trump should not come to the US Capitol.Hutchinson told a House panel that she got a call from McCarthy after Trump's speech on the Ellipse that day. McCarthy wasn't convinced that Trump wasn't planning to make his way to the Capitol building."Well, he just said it on stage, Cassidy. Figure it out. Don't come up here," she testified he said in the call.Read Full StoryTrump lunged at his driver and demanded to be taken to the Capitol on January 6.Former President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump lunged at his driver and tried to grab the steering wheel on January 6, 2021, as he demanded to be taken to the Capitol building as his supporters were marching away from his speech that morning, a former aide testified.Cassidy Hutchinson, a former top aide to the then-White House chief of staff, told a House panel investigating the Capitol riot that a Secret Service agent relayed the story of what happened to her.Hutchinson said that Trump "said something to the effect of 'I'm the effing president, take me up to the Capitol now.' "Read Full StoryTrump knew the January 6 crowd was armed, but said 'they're not here to hurt me,' aide testifiesDonald TrumpSeth Herald/Getty ImagesA former White House aide said Donald Trump knew that his supporters were armed on January 6 hours before they stormed the Capitol building."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Hutchinson said Trump was incensed that there were gaps in the crowd of his speech on January 6.Read Full StoryTrump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons.Trump was insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, former White House aide Cassidy Hutchinson told the House panel investigating the insurrection.She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

Jan. 6 live updates: Trump knew the January 6 crowd was armed but still wanted metal detectors removed, former White House aide testifies

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot is holding a surprise hearing at 1 p.m. ET Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, is testifying. Trump knew the MAGA crowd on January 6 was armed, Hutchinson testified on Tuesday.  Trump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Trump was also insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, Hutchinson told the House panel investigating the insurrection. She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

The financial startups bubble is bursting and pink slips are being handed out. Here are the fintechs that have announced layoffs so far, from Coinbase to Robinhood.

Coinbase laid off 18% of its staff, or roughly 1,100 people, in June. Other financial tech companies to slash headcount include Robinhood and Better. The tech bubble is bursting and people are getting laid offPhoto by Frank Rumpenhorst/picture alliance via Getty Images Rising interest rates are hurting mortgage lenders and some stock trading platforms.  Fintech companies like Coinbase and Robinhood are reacting to the slowdown by cutting staff. Here's the list of financial technology company layoffs so far. America's tech industry enjoyed an unprecedented boom during the pandemic when Americans turned to their phones like never before to do everything from shopping to online banking. Financial technology startups that help consumers bank, trade or shop online were among the winners. But business is slowing as people increasingly return to their pre-pandemic lives.Compounding the slowdown for fintechs are rising interest rates, which hurt demand for services like mortgage lending and stock trading. Signs of distress are showing up in the form of layoffs, which have been popping up all over Silicon Valley businesses in the last few months, from no-fee trading app Robinhood to mortgage software provider Blend.Here are some of the most notable examples so far: Coinbase: Roughly 1,100 peopleCoinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesOn June 14, Coinbase CEO Brian Armstrong announced in a blog post the company was laying off 18% of its staff, or roughly 1,100 employeesEmployees who spoke to Insider say the company went overboard in hiring — and in what it paid talent."For what we did, they paid way too much and they hired too many people, honestly," said one former employee who earned $70,000 to answer phones, which is nearly double the average annual salary of a call-center representative in the US, according to employment website Indeed. See more here: Coinbase laid off 1,100 employees this week. These are some of the teams that were hit the hardest.Robinhood: More than 300 peopleRobinhood cofounders Vlad Tenev and Baiju Bhatt were "visibly shaken" in announcing jobs cuts in April.Photo by Cindy Ord/Getty Images for RobinhoodDuring the pandemic, so-called "meme stocks" from GameStop and AMC exploded as stuck-at-home investors armed with no-fee trading platforms looked for ways to spend their pandemic stimulus checks.As new users piled in, Robinhood hired rapidly. Between 2020 and 2021, the trading app's staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth ended up proving too much, too fast. In April, Robinhood was forced to slash headcount by 9% — more than 300 people altogether.See more here: Robinhood's founders were 'visibly shaken' in announcing layoffs, but insiders say the writing was on the wall. 'There was not enough work and too many people.'Robinhood has big crypto ambitions, but employees claim product delays, an overly cautious legal team, and turnover in leadership may be getting in the way of successBetter: About 4,000 peopleBetter.com CEO Vishal Garg laid off 900 employees on a video call in December.BetterStarting in late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.The first wave started right before the holiday season in 2021, when CEO Vishal Garg laid off "hundreds" of people in a video call.Garg told employees via Zoom that the company, "lost $100 million last quarter," which he said, "was my mistake." He then said the layoffs shouldn't have happened right before the holiday, but, "three months ago."Better followed up with another 3,000 layoffs in March, and is now accepting voluntary layoffs in some departments.See more here: Better locked staff out of laptops and sent severance to their bank accounts before facing the laid-off employeesInside Better's week from hell: How America's top startup fell from grace after its Zoom layoffs went viralEmbattled mortgage startup Better offers some remaining employees voluntary layoffs after terminating 4,000 people in the last 5 monthsBlend: About 200 employeesNima Ghamsari, founder and CEO of BlendBlendAlthough Blend doesn't write home loans, its technology is used by major US lenders from Wells Fargo to US Bank, so its fortunes are tied closely to theirs. Blend's layoffs this spring affected roughly 200 people, many concentrated within Blend's title insurance business. Ahead of its IPO last July, Blend bought Title365, which has been particularly exposed to swings in refinance volumes, for more than $400 million.The size and pace of rate increases "is unprecedented, certainly in modern history," Tim Mayopoulos, the president of Blend, told Insider. Prior to joining Blend, Mayopoulos spent nearly 10 years at Fannie Mae, where he ultimately served as president and CEO of the mortgage giant."These are big movements in a very, very big market," Mayopoulos added. "It shouldn't be surprising to any of us that everybody who's touching this market is having to think about how to bring their cost structure in line with market realities."See more here:Here's why mortgage players, from highflying startups like Better and Blend to traditional lenders like Wells Fargo, are laying off thousands of employees — and why it may get way worseMainstreet: About 50 employeesMainStreet's homepage as of May 4, 2022.MainStreetIn January 2022, B2B financial-services startup MainStreet flew the entire company out for a week-long working vacation in Maui. About 150 employees stayed at the luxurious Grand Wailea Hotel, attended meetings, and enjoyed free buffets at the beachfront Hawaiian resort. Workers who questioned the expense were told the startup was aiming to land a significant Series B funding round that would ensure significant runway.But the funding that ultimately materialized was smaller than originally planned, Insider has learned, and in early May the company cut around 50 employees — roughly a third of its workforce.B2B financial startup MainStreet eliminates a third of its staff, citing 'today's incredibly rough market'PayPal: 4-person emerging technology R&D teamA PayPal sign is seen at an office building in San Jose, California May 28, 2014.Thomson ReutersPayPal has laid off its security R&D team focusing on emerging technologies, Insider has learned. And a source with direct knowledge of the cuts believes it won't be the only unit to be affected as the payments giant undergoes an internal restructuring to cut spend."There's a lot of restructuring, a lot of refocusing for the company. As you know, the last quarters haven't been really great from a financial perspective. I think there's a lot of tightening going on in the company," said the source, who asked to remain anonymous for fear of retribution. The source added that employees in other advanced security topics, such as threat intelligence, were also let go.Market conditions, like supply chain issues and rising inflation, have put downward pressure on growth, Schulman said. Meanwhile, eBay's migration to managing the end-to-end payments process "put $1.4 billion of pressure on our top line," Schulman said during the earnings call. Competition from fintechs like Stripe and Shopify also continues to saturate the payments and e-commerce space.See more here:PayPal just laid off its research team responsible for quantum computing, cryptography, and distributed ledger technology as market pressures squeeze the payments giantRead the original article on Business Insider.....»»

Category: personnelSource: nytJun 23rd, 2022

These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. New twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series APersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalG 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionA trading app for activismAntoine Argouges, CEO and founder of TulipshareTulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundHelping small banks lendTKCollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed roundA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BAn alternative auto lenderTricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investors A new way to access credit The TomoCredit teamTomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingQuantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series AHelping fintechs manage dataProper Finance co-founders Travis Gibson (left) and Kyle MaloneyProper FinanceAs the flow of data becomes evermore crucial for fintechs, from the strappy startup to the established powerhouse, a thorny issue in the back office is becoming increasingly complex.Even though fintechs are known for their sleek front ends, the back end is often quite the opposite. Behind that streamlined interface can be a mosaic of different partner integrations — be it with banks, payments players and networks, or software vendors — with a channel of data running between them. Two people who know that better than the average are Kyle Maloney and Travis Gibson, two former employees of Marqeta, a fintech that provides other fintechs with payments processing and card issuance. "Take an established neobank for example. They'll likely have one or two card issuers, two to three bank partners, ACH processing for direct deposits and payouts, mobile check deposits, peer-to-peer payments, and lending," Gibson told Insider. Here's the 12-page pitch deck a startup helping fintechs manage their data used to score a $4.3 million seed from investors like Redpoint Ventures and Y CombinatorE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series AShopify for embedded financeProductfy CEO and founder, Duy VoProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series ADeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Branded cards for SMBsJennifer Glaspie-Lundstrom is the cofounder and CEO of Tandym.TandymJennifer Glaspie-Lundstrom is no stranger to the private-label credit-card business. As a former Capital One exec, she worked in both the card giant's co-brand partnerships division and its tech organization during her seven years at the company.Now, Glaspie-Lundstrom is hoping to use that experience to innovate a sector that was initially created in malls decades ago.Glaspie-Lundstrom is the cofounder and CEO of Tandym, which offers private-label digital credit cards to merchants. Store and private-label credit cards aren't a new concept, but Tandym is targeting small- and medium-sized merchants with less than $1 billion in annual revenue. Glaspie-Lundstrom said that group often struggles to offer private-label credit due to the expense of working with legacy players."What you have is this example of a very valuable product type that merchants love and their customers love, but a huge, untapped market that has heretofore been unserved, and so that's what we're doing with Tandym," Glaspi-Lundstrom told Insider.A former Capital One exec used this deck to raise $60 million for a startup helping SMBs launch their own branded credit cardsCatering to 'micro businesses'Stefanie Sample is the founder and CEO of FundidFundidStartups aiming to simplify the often-complex world of corporate cards have boomed in recent years.Business-finance management startup Brex was last valued at $12.3 billion after raising $300 million last year. Startup card provider Ramp announced an $8.1 billion valuation in March after growing its revenue nearly 10x in 2021. Divvy, a small business card provider, was acquired by Bill.com in May 2021 for approximately $2.5 billion.But despite how hot the market has gotten, Stefanie Sample said she ended up working in the space by accident. Sample is the founder and CEO of Fundid, a new fintech that provides credit and lending products to small businesses.This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers. The funding announcement capped off the company's first year: Sample introduced the Fundid concept in April 2021, launched its website in May, and began raising capital in August."I never meant to do Fundid," Sample told Insider. "I never meant to do something that was venture-backed."Read the 12-page deck used by Fundid, a fintech offering credit and lending tools for 'micro businesses'Embedded payments for SMBsThe Highnote teamHighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingHelping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersAutomating accounting ops for SMBsDecimal CEO Matt Tait.DecimalSmall- and medium-sized businesses can rely on any number of payroll, expense management, bill pay, and corporate-card startups promising to automate parts of their financial workflow. Smaller firms have adopted this corporate-financial software en masse, boosting growth throughout the pandemic for relatively new entrants like Ramp and massive, industry stalwarts like Intuit. But it's no easy task to connect all of those tools into one, seamless process. And while accounting operations might be far from where many startup founders want to focus their time, having efficient back-end finances does mean time — and capital — freed up to spend elsewhere. For Decimal CEO Matt Tait, there's ample opportunity in "the boring stuff you have to do to survive as a company," he told Insider. Launched in 2020, Decimal provides a back-end tech layer that small- and medium-sized businesses can use to integrate their accounting and business-management software tools in one place.On Wednesday, Decimal announced a $9 million seed fundraising round led by Minneapolis-based Arthur Ventures, alongside Service Providers Capital and other angel investors. See the 13-page pitch deck for Decimal, a startup automating accounting ops for small businessesInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now co-foundersNowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionCheckout made easyRyan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DPayments infrastructure for fintechsQolo CEO and co-founder Patricia MontesiQoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ABetter use of payroll dataAtomic's Head of Markets, Lindsay DavisAtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounderGleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPOAgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionInsurance goes digitalJamie Hale, CEO and cofounder of LadderLadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionData science for commercial insuranceTanner Hackett, founder and CEO of CounterpartCounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in fundingDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysSoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalPay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingConnecting startups and investorsHum Capital cofounder and CEO Blair SilverbergHum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Helping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo ParejoKaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed roundThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionRead the original article on Business Insider.....»»

Category: personnelSource: nytJun 22nd, 2022

Futures Rise As ECB Panics And Fed Looms

Futures Rise As ECB Panics And Fed Looms After five days of non-stop losses, US index futures finally bounced modestly along with stocks in Europe as the ECB announced it would hold an emergency meeting to undo the damage done by its meeting from last week, and ahead of the Fed which today will hike by 75bps, the most since 1994, and will then scramble to undo the damage from pushing the US into a recession in coming days and weeks. Contracts on the S&P 500 and Nasdaq 100 posted modest gains, rising 0.8% and 1% respectively, ahead of the Fed, with markets fully pricing in the biggest rate hike since 1994 amid worries about the outlook for the economy. Europe's Stoxx Europe 600 index jumped more than 1%, snapping a six-day losing streak, while the euro strengthened and the region’s bonds advanced as the European Central Bank’s Governing Council started an emergency meeting. Treasury yields dipped and the dollar retreated from a two-year high. In premarket trading, major technology and internet stocks are higher in premarket trading along with US stock futures ahead of Wednesday’s Federal Reserve announcement, with investors expecting a 75 basis-point increase in rates. Bank stocks were also higher in premarket trading. Here are some other notable premarket movers: Spotify (SPOT US) shares gain 2.2% in premarket trading as Wells Fargo upgraded the stock to equal-weight, saying the music streaming firm’s recent investor day laid out a more profitable company than the brokerage has modeled historically. Chinese tech stocks are mostly higher in US premarket trading, with education shares continuing their winning streak since peer Koolearn’s livestreaming hit went viral. Alibaba (BABA US) +1.9%, Baidu (BIDU US) +3.6%, Pinduoduo (PDD US) +2.3%, New Oriental Education (EDU US) +8.4%, TAL Education (TAL US) +4.5%. iQIYI (IQ US) shares decline 3.9% in US premarket trading as Baidu is in talks to sell its majority stake in the streaming service in a deal that could value all of iQIYI at $7 billion, Reuters reported, citing people with knowledge of the matter. Cryptocurrency-related stocks fell in premarket trading on Wednesday as Bitcoin and Ethereum tumbled. MicroStrategy (MSTR US) -7.6%, Marathon Digital Holdings (MARA US) -7.6%, Riot Blockchain (RIOT US) -7%, Coinbase (COIN US) -6.6%. Apple (AAPL US) and other consumer computer-hardware stocks may be in focus today as Morgan Stanley cut its price targets for such shares due to risks related to a potential slowdown in consumer spending. Moderna’s (MRNA US) shares rose 1.2% in US after-hours trading on Tuesday, while analysts said that the unanimous verdict from an FDA panel, which supported the biotech firm’s Covid vaccine for children, came as no surprise. Qualcomm (QCOM US) stocks could be in focus after the company won a European Union court bid to topple a 997 million-euro antitrust fine for allegedly pressuring Apple to only buy its 4G chips. Fears of stagflation have driven stocks into a bear market and triggered a stunning selloff in bonds in recent days. Uncertainty is elevated heading into the Fed decision: increments of 50 basis points, 75 basis points and even 100 basis points have all been chewed over by commentators. Parts of the US yield curve remain inverted, signaling concerns that restrictive monetary policy will lead to an economic downturn. Today's main event is of course the Fed decision which is expected to include a 75bp rate hike, with latest forecasts released at the same time. Swaps market is currently pricing in around 70bp of rate hikes for the meeting with a combined 202bp of additional hikes priced for the June, July and September meetings. From the forecasts, focus will be on revisions to the Fed’s long-term rate; swaps market is currently pricing a rate peak at around 3.90% by the middle of next year (full preview here). “Markets are poised for aggressive rate hikes, but what of US economic growth?” said Nema Ramkhelawan-Bhana, an economist at Rand Merchant Bank in Johannesburg. “It might not be in recessionary territory just yet, but the landing is not going to be as soft as the Fed predicates. Anything less than 75 basis points or at least a strong willingness to make more significant adjustments will likely turn the market on its head, eroding total returns of global bonds and equities even further.” European equities trade well but off session highs. FTSE MIB outperforms, rallying as much as 3.3% before stalling. Stoxx 600 rises as much as 1.2% with travel, banks and insurance names doing much of the heavy lifting, while the euro strengthened and the region’s bonds advanced as the European Central Bank’s Governing Council started an emergency meeting. While new stimulus may not be on the agenda, officials will discuss a crisis strategy and the reinvestment of bond purchases conducted under the now-halted pandemic emergency program, Bloomberg reported. Here are the biggest European movers: Rate-sensitive sectors such as financials and technology gained in Europe as the ECB holds an ad hoc meeting to discuss market conditions and the Fed concludes its two-day policy meeting. Finecobank shares rise as much as 8.4%, Intesa Sanpaolo +7.5%, Assicurazioni Generali +5.3%. Europe auto stocks are among outperforming sectors in the wider equity gauge, led by French part suppliers Faurecia and Valeo, and carmaker Renault. Faurecia shares gain as much as 8.7%, Valeo +6.5%, Renault +5.6% Whitbread shares rise as much as 6.4% after the hotel operator reported quarterly sales, with Barclays noting the company’s “upbeat tone.” Gerresheimer shares rise as much as 17% after a Bloomberg report that the German maker of packaging for drugs and cosmetics rejected an informal takeover approach from Bain Capital in recent weeks. Nordic and European forestry and paper mill companies’ shares rebound, breaking sharp declines triggered after brokers cut their  respective outlooks for the sector in the past week. Smurfit Kappa stock rises as much as 5.3%, BillerudKorsnas +4.8%, Huhtamaki +5.6% H&M shares drop as much as 6.4% with uncertainty about the margin outlook and ongoing cost pressures overshadowing the apparel retailer’s 2Q sales beat. Getinge shares fall as much as 18% after the medical technology firm lowered guidance, projecting flat organic sales growth for the year. Nordea and JPMorgan downgraded their recommendations. Elia Group shares fell as much as 12% after the electricity transmission company laid out plans for a rights offering. Autoneum shares drop as much as 5.2% after the car- parts maker warned on profits. Vontobel analyst Arben Hasanaj noted the firm’s difficulty in passing on higher costs, along with further likely delays in car production recovery. Voltalia slumps as much as 9.1% after Oddo downgrades to neutral in note as it questions what level of growth is possible after 2023. “The ECB is between rock and a hard place, like most other central banks,” said Marija Veitmane, a senior strategist at State Street Global Markets. “Inflation is very high and shows little signs of quickly declining, while the economy is increasingly fragile, particularly with the war in Europe and ever-rising energy costs. So anything the ECB can announce to reduce systemic risk is very welcome.” Earlier in the session, Asian stocks posted modest declines as sentiment improved from earlier in the week, with Chinese shares rising after domestic economic data showed pockets of recovery. The MSCI Asia Pacific Index was down 0.4% as of 6:07 p.m. in Singapore, as losses in regional tech hardware shares offset advances in China’s internet giants. South Korea and the Philippines led declines, while Japanese stocks fell ahead of a central bank policy meeting this week. Gains in China and Hong Kong helped offset losses elsewhere as data showed the country’s industrial production unexpectedly increased in May. Meanwhile the nation’s central bank kept a key policy rate unchanged, avoiding further policy divergence as the Federal Reserve tightens. “A more accommodative policy and fiscal environment together with stronger corporate fundamentals should be positive for Chinese equity assets,” said Jessica Tea, an investment specialist at BNP Paribas Asset Management. The MSCI Asia gauge dropped almost 4% over the previous two sessions as inflation data from the US fueled bets of a 75-basis-point rate hike by the Fed at Wednesday’s meeting. Still, the index has outperformed a measure of global peers this year, with the latter now in a bear market. Japanese stocks dropped ahead of a Federal Reserve rate decision. A Bank of Japan review on Friday is also on the radar.  The Topix Index fell 1.2% to close at 1,855.93 while the Nikkei gauge declined 1.1% to 26,326.16. Keyence Corp. contributed the most to the Topix Index’s decline, decreasing 3.9%. Out of 2,170 shares in the index, 288 rose and 1,829 fell, while 53 were unchanged. “The sharp decline in JGBs is also contributing to the drop in stock prices as uncertainty mounts ahead of the BOJ meeting,” said Hajime Sakai, chief fund manager at Mito Securities Co Indian stocks fell after swinging between gains and losses for the most part of the session, as concerns over higher inflation and likely tighter monetary policy measures weighed on sentiment.   The S&P BSE Sensex slipped 0.3% to close at 52,541.39 in Mumbai to its lowest level since July 28. The NSE Nifty 50 Index also slipped by a similar magnitude. Reliance Industries Ltd. posted its longest run of losses in more than a month and was the biggest drag on the Sensex, which had 17 of 30 member stocks trading lower. Ten of the 19 sector sub-indexes compiled by BSE Ltd fell, led by a gauge of power stocks. Retail inflation in India held above the central bank’s target in May, while wholesale prices accelerated for a third-straight month as input costs continue to rise, hurting company earnings.  “Commodity prices continue to remain elevated and despite passing on the costs to consumers, India Inc. is still facing margin pressures,” Mitul Shah, head of research at Reliance Securities wrote in a note.   Australia's S&P/ASX 200 index fell 1.3% to close at 6,601.00, the fourth straight day of declines. All sectors finished lower, with mining stocks and banks the biggest drags on the index. During early trade, Australia’s industrial relations umpire raised the minimum wage by 5.2% from July 1, a larger-than-expected increase, affirming speculation of faster tightening by the central bank.  Meanwhile, in New Zealand, the S&P/NZX 50 index was little changed at 10,635.92., after entering a bear market Tuesday. The gauge has shed more than 20% from its January 2021 peak. In FX, the Bloomberg Dollar Spot Index fell as the greenback weakened against all of its Group-of-10 peers apart from the Canadian dollar. Risk-sensitive Scandinavian currencies and the Aussie dollar lead gains. The euro rose by as much as 0.9% to 1.0508, and the yield on 10-year Italian bonds fell as much as 30bps after the ECB announced the Governing Council would hold an ad-hoc meeting on Wednesday “to discuss current market conditions.” ECB officials will be invited to sign off on the reinvestment of bond purchases conducted under the now-halted pandemic emergency program, a crisis response that they flagged in their decision last week, according to people familiar with the matter. Three-month euribor fixes higher by the most in more than two years, climbing to the highest since April 2020 as funding rates seek to mirror ECB rate hike expectations. Japanese bond futures drop most since 2013 as traders ramp up bets BOJ will give in to tweak policy. Australian bonds slumped with three-year yields posting steepest two-day climb since 1994. The Aussie extended an advance after the Fair Work Commission said the minimum wage will be increased by 5.2%. Earlier, the RBA said it “will do what’s necessary” to bring inflation back down to its 2-3% target as Goldman sees three more half-point hikes. In rates, Treasuries pared a recent drop, with yields falling up to 8bps led by shorter maturities amid a TSY rally in Asia and early European sessions, leaving yields richer by as much as 12.5bp across front-end leading into US session.  Markets are pricing in 73bps worth of hikes from the Fed today. US 10-year yields around 3.36%, richer by 10bp on the day while front-end outperformance steepens 2s10s, 5s30s spreads by 3bp and 6.5bp respectively. Curve steepens as long-end lags front-end rally and some rate hike premium eases out the swaps market ahead of 2pm ET Fed policy decision. European bonds rallied after ECB announces emergency meeting to discuss market conditions, with French and UK outperforming along with Italy and other peripherals. In commodities, crude futures drop back toward the lows for the week. WTI falls 1.2% near $117.50. Most base metals trade in the green; LME tin rises 2.3%, outperforming peers. Spot gold rises roughly $16 to trade near $1,825/oz Looking to the day ahead, the main highlight will likely be the aforementioned FOMC decision and Chair Powell’s subsequent press conference. There’s also an array of ECB speakers, including President Lagarde, as well as the ECB’s Holzmann, Nagel, Centeno, Muller, De Cos, Panetta and Knot. Otherwise, data releases include Euro Area industrial production for April, US retail sales for May, the NAHB housing market index for June and the Empire State manufacturing survey for June. Market Snapshot S&P 500 futures up 0.8% to 3,768.50 STOXX Europe 600 up 1.2% to 412.15 MXAP down 0.4% to 159.27 MXAPJ little changed at 529.71 Nikkei down 1.1% to 26,326.16 Topix down 1.2% to 1,855.93 Hang Seng Index up 1.1% to 21,308.21 Shanghai Composite up 0.5% to 3,305.41 Sensex up 0.2% to 52,797.58 Australia S&P/ASX 200 down 1.3% to 6,601.03 Kospi down 1.8% to 2,447.38 Brent Futures down 0.2% to $120.90/bbl Gold spot up 0.6% to $1,818.80 U.S. Dollar Index down 0.56% to 104.93 German 10Y yield little changed at 1.77% Euro up 0.6% to $1.0479 Brent Futures down 0.2% to $120.90/bbl Top Overnight News from Bloomberg Federal Reserve Chair Jerome Powell, who’s carefully telegraphed interest rate hikes over four years, looks likely to abandon gradualism and move more forcefully to stamp out inflation along with growing concerns that it will persist The European Central Bank’s Governing Council is ready to step in if it considers moves in government bond markets to be unjustified, according to Belgium’s Pierre Wunsch, as the ECB prepared for an emergency meeting on recent euro-zone bond turbulence The European Union is restarting infringement proceedings against the UK and will launch two new legal actions after London proposed legislation to override part of the Brexit withdrawal agreement, according to an EU official The first batch of a Chinese offshore yuan sovereign bond sale saw the strongest demand in nearly two years, defying a recent stream of outflows at a time when the global debt market is showing deepening levels of stress Even after central banks recognized they got their inflation calls wrong last year, they’ve continued to flub their policy guidance, threatening greater damage to their credibility, roiling markets and undermining the pandemic recovery A more detailed look at markets courtesy of Newsquawk Asia-Pac stocks traded mixed amid cautiousness heading into the FOMC with markets pricing in a more than 90% chance of a 75bps rate hike, while the region also digested better-than-expected Chinese activity data. ASX 200 was led lower by energy, resources and tech, despite a 5.2% national minimum wage increase. Nikkei 225 failed to benefit from strong Machinery Orders data amid the ongoing currency-related jitters. Hang Seng and Shanghai Comp. were positive with encouragement from the latest activity data that showed surprise growth in Industrial Production and a narrower than feared contraction in Retail Sales, while attention was also on the PBoC which rolled over CNY 200bln through its 1-year MLF with the rate unchanged. Top Asian News PBoC injected CNY 200bln via 1-year MLF vs. CNY 200bln maturing with the rate kept at 2.85%, as expected. China's stats bureau said the main indicators show marginal improvement and the economy shows good recovery momentum, but added that the economic recovery still faces many difficulties and challenges. Furthermore, it said policies to stabilise economic growth gained traction and it expects economic performance to improve further in June due to policy support, but noted recovery is still at an initial stage and main indicators are at low levels, according to Reuters. Hong Kong reports 1047 new COVID cases. Appears to be the first time since early April that cases have surpassed the 1k mark. European equities are firmer across the board ahead of the impromptu ECB meeting, Euro Stoxx 50 +1.0%; unsurprisingly,  periphery-nation indexes are outperforming, FTSE MIB +3.0%, given upside in banking names. As such, the Banking sector outperforms with most of its peers also in the green, though the Energy sector lags amid benchmark pricing. Stateside, futures are firmer across the board deriving impetus from European performance, but with overall action somewhat more contained ahead of the Fed and uncertainty around 75bp, ES +0.3%. Baidu (BIDU) is in discussions with potential suitors to offload its 53% stake in video-streaming name Iqiyi, according to Reuters sources. +3.8% in the pre-market. Top European News UK PM Johnson is reportedly determined to reverse Chancellor Sunak's planned GBP 15bln tax raid on business as he tries to firm up support following last week's confidence vote, according to The Times. UK PM Johnson is understood to have told his cabinet to 'de-escalate' the Northern Ireland Protocol stand-off with the EU, according to The Telegraph. UK exports to the EU during H1 of last year fell by 15.6% amid Brexit frictions, according to a study by Aston University cited by FT. Swiss SECO Forecasts (summer): Inflation: 2022 2.5% (prev. 1.9%), 2023 1.4% (prev. 0.7%). GDP: 2022 2.8% (prev. 3.0%), 1.6% (prev. 1.7%) Central Banks BoJ offers an additional emergency bond buying operation; to buy unlimited amounts of 10yr JGBs on June 16th & 17th at 0.25%. Fall in JGB futures has triggered a circuit breaker at the Tokyo stock exchange, via Japan Exchange Group. Japan's Securities Dealer Association's Morita says the JPY may have weakened too much, via Reuters. 8/9 members (vs. 3/9 at the May meeting) of the Times' shadow MPC believe that the BoE should raise rates by 50bps at its policy meeting tomorrow, according to the Times. FX Buck backs off from best levels into FOMC and US data awaiting confirmation of the hawkish hype or half point hike signalled pre-hot CPI; DXY slips from 105.650 peak on Tuesday into 105.380-104.700 range. Aussie rebounds on risk grounds and more aggressive RBA tightening calls, AUD/USD reclaims 0.6900+ status. Yen takes note of latest verbal intervention and Hong Kong Dollar supported by more physical HKMA buying to keep it pegged; USD/JPY sub-134.50 vs 135.50+ overnight. Euro extends recovery rally as ECB holds ad hoc meeting to discuss fragmenting debt markets and Wunsch contends that gradualism does not rule out larger than 25 bp moves; EUR/USD pops over 1.0500 from just below 1.0400 yesterday. Yuan gleans impetus from better than expected or feared Chinese industrial production and retail sales, USD/CNH nearer 6.7200 than 6.7600, USD/CNY close to 6.7100 and not far from 21 DMA at 6.6965 today. Fixed Income Decent bear market retracement in debt approaching the FOMC. Bunds up to 143.79 at best vs new 143.25 cycle low, Gilts towards top of 112.48-111.88 band and 10 year T-note closer to 115-06 than 114-10. BTPs markedly outperform after near 3 full point bounce from Tuesday close in anticipation of an anti-fragmentation tool from the ECB as GC meets for crisis talks. Commodities Currently, WTI and Brent are lower by circa. USD 1.00bbl but reside within comparably narrow ranges of around USD 2.00bbl vs, for instance, yesterday’s USD +6.00/bbl parameters. Curtailed amid COVID updates from China and Hong Kong alongside Biden's reported push for an explanation from producers over why supply isn't increasing. US President Biden has demanded an explanation from oil companies over why they are refraining from putting additional gasoline on the market and wants concrete ideas as to how they can increase supplied, according to a letter seen by Reuters. US Energy Inventory Data (bbls): Crude +0.7mln (exp. -1.3mln), Cushing -1.1mln, Gasoline -2.2mln (exp. +1.1mln), Distillates +0.2mln (exp. +0.3mln) US DoE announced contract awards and issued the fourth emergency sale of crude oil from SPR (as previously announced), in which contracts were awarded to nine including Chevron (CVX), Exxon (XOM) and Marathon Petroleum (MPC). Kazakhstan has capped wheat exports at 550k tonnes and wheat flour at 370k tonnes until September 30th, according to the Agriculture Ministry, via Reuters. Spot gold derives impetus from the USD’s retreat and is now back above USD 1820/oz but still shy of yesterday’s USD 1831/oz best and the subsequent 200-, 10- & 21-DMAs ahead at USD 1842, 1843 & 1845 respectively. US Event Calendar 07:00: June MBA Mortgage Applications +6.6%, prior -6.5% 08:30: May Import Price Index YoY, est. 11.9%, prior 12.0%;  MoM, est. 1.1%, prior 0% May Export Price Index YoY, prior 18.0%; MoM, est. 1.3%, prior 0.6% 08:30: May Retail Sales Advance MoM, est. 0.1%, prior 0.9% May Retail Sales Ex Auto MoM, est. 0.7%, prior 0.6% May Retail Sales Control Group, est. 0.3%, prior 1.0% 08:30: June Empire Manufacturing, est. 2.2, prior -11.6 10:00: April Business Inventories, est. 1.2%, prior 2.0% 10:00: June NAHB Housing Market Index, est. 67, prior 69 14:00: June FOMC Rate Decision 16:00: April Total Net TIC Flows, prior $149.2b DB's Jim Reid concludes the overnight wrap In these crazy days for markets, I'm willing to stake my reputation that I've done something in the last 24 hours that no-one else reading this did. Yes, after a business trip to Europe yesterday, I watched the original Top Gun on my iPad on the plane ride home for the very first time, some 36 years after it came out. My wife wants to watch the sequel, so I thought I ought to see what all the fuss was about. She's seen it around 20 times and always asks what I was doing in my teenage years that's made me miss all the films of her youth. The truth is I was either studying or playing cricket or golf. Not much else. My review is that it was a decent film, but Mavericks' courting technique doesn't really age very well. I'm not sure Maverick and Goose would have been able to get out of the tight spot that the Fed are in at the moment very easily. After the astonishing price action over the previous 2 business days, markets have settled somewhat over the last 24 hours, but overall have continued to struggle as they await today’s all-important Federal Reserve decision. Up until the CPI report last Friday, that decision seemed like a lock in favour of a second consecutive 50bp hike, not because that was the right move, but because the Fed had firmly guided us to such an outcome. The CPI report raised doubts as to whether they could hold that line over the summer, but the WSJ article on Monday night broke the levee as a 75bps move tonight is now suddenly pretty much consensus. Our economics team agrees and have now updated their previously street leading view to have a +75bp hike tonight followed by another +75bp increase in July. The team believes fed funds will reach 3.5% by the end of the year, and hit a terminal rate of 4.1% in Q1 2023, sooner than they thought before the WSJ story. See their full updated call, available here. As we hit this big day, markets now fully price in a 75bps hike today. Indeed, 76.3bps is priced, so that actually incorporates a small risk of 100bps, something former New York Fed President Bill Dudley was openly considering yesterday, which may have contributed to the sentiment that drove the next leg of the selloff in the New York afternoon. A total of 289bps worth of rate hikes by year-end is now priced. So quite the turnaround from a few weeks back when some were even floating the strange idea of a “pause” in September. Clearly the 75bp call is mostly based on a WSJ article so we can't be certain but you would have thought the Fed would have tried to leak out a rebuttal if that wasn't what they wanted to guide the market towards. We will see. Whilst the size of any rate hike will be the focal point, today also brings the latest dot plot from the FOMC and offers an insight into the potential pace of rate hikes over the months ahead. Our US economists expect that to undergo substantial revisions, with the median dot likely rising to 3.5% and 3.8% for 2022 and 2023 respectively. Meanwhile on the economic projections, they think they’ll also show further movements towards a “softish landing”, with growth revised lower throughout the forecast, albeit stopping short of anticipating a recession. Ahead of all that, US equities slipped to fresh lows yesterday with the S&P 500 (-0.37%) falling to its lowest closing level since January 2021. Tech stocks outperformed, in contrast to the recent trend, with the NASDAQ (+0.18%) and the FANG+ Index (+1.97%) bouncing off of recent lows. Small-caps fared less well today and the Russell 2000 (-0.39%) fell to its lowest closing level since November 2020. Over in Europe, equities similarly fell to fresh lows and the STOXX 600 (-1.26%) likewise fell to levels unseen since March 2021. Rates sold off by a smaller magnitude than the previous two sessions (low bar to clear), but an initial rally gave way to a selloff in the European afternoon that continued to gather pace into the New York close. Yields on 10yr Treasuries were up +11.3bps to a fresh post-2011 high of 3.47%, supported by a further rise in the 10yr real yield (+13.7bps) that took it up to a 3-year high of 0.82 The 2s10s curve just about clambered out of inversion territory where it’d closed on Monday, steepening by +3.8bps to end the day at just 3.6bps. But even the Fed’s preferred yield curve measure of the near-term forward spread fell to its flattest level in 3 months, even if it’s still well out of inversion territory for now. This spread will likely collapse in the months ahead. As we go to press, yields on 10yr USTs (-4.63 bps) are moving lower to 3.42% with 2yrs -5.6bps. Today’s focus may be on the Fed, but over at the ECB we had Isabel Schnabel of the Executive Board give a significant speech last night about policy fragmentation. Recall, one of the key takeaways from last week’s ECB meeting was the apparent lack of progress on anti-fragmentation tools, shining a spotlight on Schnabel’s remarks last night. As our European economists emphasised last week, Schnabel argued that any tool would be reactionary, that is in response to more spread widening. She did not offer new details of any potential tool last night, instead echoing President Lagarde that PEPP purchase flexibility would be used to ensure smooth policy transmission in the interim. However, Schnabel also re-emphasised the ECB’s commitment to ensure smooth policy transmission. That Schnabel, a relative hawk on the committee and one that has expressed trepidation about a new facility in the past, so willingly supported the idea of doing what was needed to support policy implementation was an important shift for the ECB. The language Schnabel used last night may support the notion that the spread widening seen to date may already be approaching levels inconsistent with smooth policy transmission. It may not take much more pressure for the ECB to act but we are still in the dark on how they will. Earlier in the day, Dutch central bank governor Knot made some incredibly hawkish comments, saying that if “conditions remain the same as today, we will have to raise rates by more than 0.25 points” in September, and that “our options are not necessarily limited” to a 50bps move, so openly floating the potential to move by even more, which hasn’t been something discussed by the ECB to date. European sovereign bonds sold off significantly against that backdrop, with fresh multi-year highs seen for yields on 10yr bunds (+11.9bps), OATs (+13.7bps) and BTPs (+14.9bps). Peripheral spreads hit new post-Covid highs too, with the gap between Italian and German 10yr yields widening to 241bps. And there were some significant milestones on the credit side as well, with iTraxx Crossover widening +10.4bps to a fresh 10 year high of 544bps outside of 2-months around peak covid, and in North America we saw the CDX IG spread move above 100bps in trading for the first time since April 2020, before settling back at 99.0bps. In Asia markets are mixed with the Hang Seng (+1.44%) trading up boosted by technology stocks following the Nasdaq's overnight gain. Likewise, stocks in mainland China are also higher in early trade with the Shanghai Composite (+1.41%) and CSI (+1.57%) edging higher as the economy showed a slightly better than expected recovery in May (see below). However, the Nikkei (-0.73%) and the Kospi (-1.54%) are trading lower, extending earlier session losses. Outside of Asia, US equity futures are reversing losses this morning with contracts on the S&P 500 (+0.38%) and NASDAQ 100 (+0.59%) trading up. Early this morning, data released showed that China’s industrial production unexpectedly rebounded +0.7% y/y in May (v/s -0.9% expected), against a drop of -2.9% in April, whilst retail sales slid -6.7% in the period, less than -7.1% projected decline and slightly better than April’s -11.1% plunge. Meanwhile, Fixed-asset investment grew +6.2% in the first 5 months of the year (v/s +6.0% expected). Elsewhere, Japan’s core machinery orders strongly beat at +10.8% m/m in April, its fastest pace in 18 months (v/s -1.3% market consensus and +7.1% in March). Yesterday we also heard that the Bank of Japan had bought a record ¥2.2tn in government notes through its fixed-rate operation as they seek to defend their yield curve target and keep 10-year JGB yields beneath their stated limit of 0.25%. This has continued to put pressure on the Yen however, which fell to a closing level of 135.47 per dollar yesterday, thus moving beneath its 2002 closing low of 134.71 and leaving it at levels unseen since 1998. We're at just above 135 this morning after a small rally back. Speaking of currencies under pressure, Bitcoin fell to a 17-month low of $21,966 yesterday, having been trading around $30,000 just prior to the CPI release on Friday. This morning it's at $21,100. Elsewhere, brent crude and WTI futures reversed mid-day gains of near 2% to close -0.90% and -1.65% lower, respectively, following reports that the Biden Administration may pose a surtax on oil company profit margins, as another sign Biden is looking high and low for potential actions to curb oil gains into this year’s mid-terms. The big moves were seen in natural gas however, where US futures were down -16.5% and European futures were up +16.12% after the operator Freeport LNG said that they aiming for a partial resumption of operations at one of their Texas export terminals in 90 days, and that full operations wouldn’t return until late 2022. That’s a longer delay than was expected, and by keeping gas in the US led to that decline in US futures and the rise in European ones. Looking at yesterday’s data, the Fed got a fresh reminder about inflation pressures from the PPI release for May, where the monthly headline gain in prices rose to +0.8% in line with expectations, up from +0.4% in April. That left the year-on-year measure at +10.8% (vs. +10.9% expected), which does mark a second consecutive decline in that measure from its peak of +11.5% in March. One positive for the Fed ahead of today’s meeting is that elements that comprise a larger share of core PCE, such as healthcare, showed some softness, but time will tell. Separately, the UK employment data saw the number of payrolled employees in May grow by +90k (vs. +70k expected), but unemployment ticked up to 3.8% in the three months to April (vs. 3.6% expected). Finally, the ZEW survey from Germany saw an improvement relative to May’s readings, with expectations up to -28.0 (vs. -26.8 expected), and the current situation up to -27.6 (vs. -31.0 expected). To the day ahead now, and the main highlight will likely be the aforementioned FOMC decision and Chair Powell’s subsequent press conference. There’s also an array of ECB speakers, including President Lagarde, as well as the ECB’s Holzmann, Nagel, Centeno, Muller, De Cos, Panetta and Knot. Otherwise, data releases include Euro Area industrial production for April, US retail sales for May, the NAHB housing market index for June and the Empire State manufacturing survey for June. Tyler Durden Wed, 06/15/2022 - 07:53.....»»

Category: dealsSource: nytJun 15th, 2022

Check out these 41 pitch decks fintechs disrupting trading, investing, and banking used to raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. New twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series APersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalG 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionA trading app for activismAntoine Argouges, CEO and founder of TulipshareTulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundHelping small banks lendTKCollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed roundA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BAn alternative auto lenderTricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investors A new way to access credit The TomoCredit teamTomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingQuantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series AE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series AShopify for embedded financeProductfy CEO and founder, Duy VoProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series ADeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Catering to 'micro businesses'Stefanie Sample is the founder and CEO of FundidFundidStartups aiming to simplify the often-complex world of corporate cards have boomed in recent years.Business-finance management startup Brex was last valued at $12.3 billion after raising $300 million last year. Startup card provider Ramp announced an $8.1 billion valuation in March after growing its revenue nearly 10x in 2021. Divvy, a small business card provider, was acquired by Bill.com in May 2021 for approximately $2.5 billion.But despite how hot the market has gotten, Stefanie Sample said she ended up working in the space by accident. Sample is the founder and CEO of Fundid, a new fintech that provides credit and lending products to small businesses.This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers. The funding announcement capped off the company's first year: Sample introduced the Fundid concept in April 2021, launched its website in May, and began raising capital in August."I never meant to do Fundid," Sample told Insider. "I never meant to do something that was venture-backed."Read the 12-page deck used by Fundid, a fintech offering credit and lending tools for 'micro businesses'Embedded payments for SMBsThe Highnote teamHighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingHelping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now co-foundersNowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionCheckout made easyRyan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DPayments infrastructure for fintechsQolo CEO and co-founder Patricia MontesiQoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ABetter use of payroll dataAtomic's Head of Markets, Lindsay DavisAtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounderGleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPOAgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionInsurance goes digitalJamie Hale, CEO and cofounder of LadderLadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionData science for commercial insuranceTanner Hackett, founder and CEO of CounterpartCounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in fundingDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysSoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalPay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingConnecting startups and investorsHum Capital cofounder and CEO Blair SilverbergHum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Helping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo ParejoKaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed roundThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionRead the original article on Business Insider.....»»

Category: dealsSource: nytJun 6th, 2022

"No Justice, No Booty": Portland strippers continue organizing for better working conditions two years after Stripper Strike PDX

Portland strippers are organizing mutual aid groups and union-style collectives to support one another and negotiate for better working conditions. Dancer at Lucky Devil Lounge in PortlandShon Boulden Dancers in Portland, Oregon, have continued organizing for better working conditions since 2020's Stripper Strike,  Sex workers were left without access to aid during the pandemic and created mutual aid groups to make ends meet. Since then, labor groups for strippers have expanded beyond Portland to Los Angeles and beyond.  Two years since a general strike among strippers in Portland, Oregon, prompted nearly 30 clubs to adopt worker-protecting measures, sex workers in the region are still organizing to secure better living and working conditions, while their movement has gained steam nationwide and internationally. Strippers and other sex workers told Insider they still face sexual harassment and assault at work, by both management and customers of clubs, and conditions have been more challenging since the pandemic made owners more desperate for business. Despite some progress, Black dancers reported hearing racist remarks and facing discrimination at work.  Portland is home to the most strip clubs per capita in the US, with a unique culture and economy that relies on club tourism. In summer 2020, more than 100 dancers protested for better working conditions and nearly 30 strip clubs – facing the financial pressure of the pandemic as well as missing dancers – ultimately agreed to undergo anti-racism training, listening sessions, and hire more dancers of color. "We've shifted our focus from dealing with the clubs directly to dealing with people's personal everyday safety and security, to put them in a spot where they feel okay telling their boss to fuck off for a week," Cat Hollis, organizer of the 2020 Portland Stripper Strike, told Insider."And it's really hard to do that when you're a person of color who's scraping by and in a town that's meant to chew you up and spit you out." A Stripper Strike LegacyIn 2020, Hollis, who is nonbinary, uses they/them pronouns and worked as a stripper at the time, felt called to organize a series of protests among other strippers in Portland as they and other Black dancers reported facing racist harassment and discrimination at work. They alleged multiple clubs illegally withheld wages and required illegal kickbacks in addition to the risk of sexual violence they and other dancers regularly face in the clubs. A post shared by Haymarket Pole Collective (@pdxstripperstrike) Hollis, as well as three other dancers, have a suit pending against six different strip clubs in Oregon, alleging federal wage violations similar to those faced by gig workers, including management stealing tips and demanding illegal kickbacks and house fees. While they're dedicated to seeing the suit through, Hollis said, they are focused more on taking concrete actions directed toward helping sex workers and enabling them to further organize on their own.  "When I started listening to what the community was saying during our listening sessions throughout 2020 and into 2021, was that people needed to take care of their basic needs — they needed things like diapers, they needed things like COVID testing," Hollis said. "They needed things that create the stability in their lives to be able to go up against their boss."Since 2020, Hollis, now a full-time organizer with the Haymarket Pole Collective, has helped the nonprofit raise $1.6 million in donations and grant funding to provide material support for strippers and sex workers in Portland.Outside Portland, the wave of momentum caused in part by Hollis' organizing hit Los Angeles, where dancers at the Star Garden in North Hollywood voted this month to become the nation's first unionized strip club since San Francisco's Lusty Lady closed its doors in 2013. An Owner's Perspective For club owners, the needs of dancers frequently take a backseat to the financial needs of the business — especially during the pandemic, when strip clubs – classified as "live entertainment" venues – were forced to close due to coronavirus concerns. Some owners, faced with business closures and striking dancers, had contentious relationships with strippers who organized during the early days of the pandemic. One club, Union Jacks, was repeatedly named by dancers who said the club had issues with fair treatment and that management unfairly discriminated against Black dancers both before and during the pandemic. Union Jacks club did not respond to Insider's requests for comment. Other business owners, like Shon Boulden, who runs both Lucky Devil Lounge and Devils Point club in Portland, tried to embrace requests from organizing dancers in hopes of keeping morale up and doors open. "This whole industry, as far as in Portland, the strip club industry, the restaurants, the nightclubs, the nightlife in the street, you know, it all feeds off of each other," Boulden told Insider. "So that even impacted you know, you know, bartenders, all the people who were staff, sound engineers, security people, bartenders."During the early days of the pandemic, Boulden turned his club into a drive-through strip venue that served food to ensure he and his employees kept working. The dancers who volunteered to stay working despite club closures were mostly white, prompting Boulden to be called out by the Haymarket Pole Collective for racist hiring policies in his own clubs. He said he and his staff took the criticism to heart and underwent an implicit bias training hosted by HPC and tried to make his club more inclusive. "Lucky Devil Lounge strives to create an inclusive, equal opportunity space and welcome all races and ethnicities! BIPOC performers to the front!" reads a disclaimer on the Lucky Devil Lounge website. "We are aware & take responsibility for the past narratives surrounding our clubs. We are here to provide a safe, positive, and profitable atmosphere for everyone."Since being called out in 2020, Boulden has become a more vocal supporter of labor and mutual aid organizations for strippers, which he says are a benefit to the larger community. "I think anybody that supports support dancers and provides like information for them as a resource is a good thing," Boulden told Insider, adding that providing mental health and housing resources to dancers helps his business in the long run. "You know, those are all things that help us continue to keep this industry."Current ConcernsIn a high-turnover industry like sex work, dancers with less experience are unlikely to have heard of mutual aid organizations or labor and union groups like Haymarket Pole Collective and the group behind the Los Angeles strike, Strippers United. More experienced dancers, who have been stripping longer than two years, see the benefit of the groups, but have urgent needs beyond hiring practices and tipping procedures that need to be addressed before they consider unionizing.Dancers face sexual harassment and assault by both management and clients while stripping. One stripper told Insider she wore a butt plug with a fox tail during a dance on stage, which was suddenly pulled out by a customer. She reflexively punched the man who had just sexually assaulted her and, while he was not removed from the venue, she was fired by the club owners. Another dancer told Insider she helped a new girl home after she'd been drugged by a customer. Others still told Insider about stories of druggings, shootings, and other sexual violence while at work.In addition to the risk of violence, dancers also face increased stigma when seeking traditional aid resources. Many were ineligible for unemployment benefits, even as clubs closed during the pandemic, given the under-the-table nature of their work."I think that groups like that should also partly focus on things that they can do to help dancers," a stripper by the name of Mercedes told Insider. "Like, help find housing that will not deny us, help find programs that we can actually get into that aren't like, 'well, we can't track your income. We can't help you.'" A post shared by Haymarket Pole Collective (@pdxstripperstrike)  Strippers currently employed in clubs told Insider there are three main things they're seeking when it comes to pursuing better working conditions: one, management that treats them equitably and does not discriminate based on gender identity or race. Second, clubs that offer protection from threatening clients and do not punish strippers for standing up for themselves. Last, strippers told Insider they hope to find club owners who do not charge unreasonable fees and skim funds from private dances.If a dancer can find fair treatment in a safe club with high-end clientele, they've found a "good" club — though most experienced strippers will settle for two signs of a "good" club to begin dancing somewhere new, knowing how difficult it can be to find all three. Ultimately, the dancers who spoke to Insider all expressed how much they love their jobs and the financial security stripping provides. However, each also indicated that the sex work industry itself faces magnified issues of prejudice and stigma, which in turn makes it a hard job to sustain without strong community help. "It's still very mixed. I feel like it's really positive because, financially, I've been able to like gain a lot of freedom. But you know, you see a lot of things like drug addiction. Things like racism, like fatphobia," a dancer by the name of Sarah told Insider."You see a lot of negative things and it is like a really emotionally taxing job." Read the original article on Business Insider.....»»

Category: dealsSource: nytMay 28th, 2022

Wall Street is facing a summer of hell, and it could be just getting started

In Insider Weekly: Wall Street's hellish summer, Airbnb host panic, and Leon Black's lawyer Danya Perry. Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. On the agenda today:Airbnb hosts are panicking about a summer slowdown.Our profile of Danya Perry, the attorney defending billionaire Leon Black.Can Miami's pandemic-fueled tech boom survive an industry bust?Meet 2022's rising stars of EV, from companies like Rivian and Lucid.By the way, we have a new newsletter coming soon: 10 Things on Wall Street will cover the biggest stories in banking, private equity, hedge funds, and fintech each weekday morning. Sign up here.But first: Insider senior correspondent Linette Lopez is here with a look at the market's hectic week.Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here.  Download our app for news on the go – click here for iOS and here for Android.Wall Street's hellish summer is hereJenny Chang/Insider; Getty ImagesA week ago, I wrote that Wall Street is "heading into a summer from hell." Well, it looks like that hellish summer came early. Since I wrote that piece, the market has done almost nothing but fall, posting the worst trading days since the early weeks of the pandemic. And while the sell-off is ugly, it's clear this isn't over. The market is quickly retreating to where it was before the pandemic — and the stimulus-infused mega rally — started. And thanks to more than a decade of monumentally low interest rates, many investors think that even the current level is inflated.In the piece, I called out the tech industry, which has been riding the wave of a strong economy for years and is finally facing its first real setbacks and (in some cases) layoffs."The kiss of death for tech is when tech starts talking profitability — then the tide goes out and you'll figure out who's been swimming naked," Justin Simon, a portfolio manager at Jasper Capital, told me.But that's not all. Last week, bread-and-butter retailers Target and Walmart reported earnings that fell short of Wall Street's expectations. These consumer behemoths admitted that they are starting to feel the burn from inflation and other economic pressures.As I said in my story, "This summer, the market is melting, and investors big and small are going to get burned before it's over."Read Linette's full story here:Wall Street is heading into a summer from hell — and top investors say it's going to bring a near-biblical reckoning to the market.Airbnb hosts hit by summer slowdownAirbnb host Brian Morris' Santa Rosa Beach, Florida, rental, where revenue for July is projected to drop $12,000 from last year.Brian MorrisIn May 2021, when domestic travel and the short-term-rental market were booming, travelers kept Airbnb properties in high demand. Today, it's a different story. There is no shortage of theories about the slowdown. Some say overseas travel is siphoning traffic from domestic trips, while others believe that record-high gas prices have made guests less willing to hop in the car. One thing is certain: Vacation rentals are taking a big hit. While watching their bookings drop, many hosts are getting thrifty to shelter themselves from the current market climate.Read the full story here:Airbnb hosts are panicking about a summer slowdown as short-term vacation rentals take a hit. 'I'm probably going to lose money,' one host says.The former prosecutor defending Leon BlackPatrick McMullan/Karwai Tang/Keith Levit/Pool/Platt/Getty Images; Lucy Nicholson/Reuters; Rachel Mendelson/InsiderFormer prosecutor Danya Perry stood up to Andrew Cuomo and Eric Schneiderman. Now she's defending billionaire Leon Black against rape accusations.Perry's defense of Black, the former CEO of Apollo Global Management, might seem incongruous with her past. But interviews with several dozen people who know her paint a picture of a woman who has operated in Black's circles for a long time — and repeatedly made controversial choices based on what she believes is right.Read the full story here:Danya Perry spoke up in support of the #MeToo movement. Now she's defending billionaire Leon Black against rape accusations.Is Miami still the next Silicon Valley?Sylvain Sonnet/Getty ImagesDuring the pandemic, the tech industry fanned out across the US — and the geographically liberated workforce ended up in new places like beachy Miami. But now, the US tech sector is on tenterhooks. Markets are crumbling, startup valuations are cratering, and tech firms are announcing layoffs daily.The industry's uncertain future raises the question: Can Miami become the new Silicon Valley — or will it become a cautionary tale about placing all your bets on a bubble?Read the full story here:Miami's tech boom is in trouble — but if it moves quickly, the city can still become a tropical Silicon Valley35 Under 35: The future of the EV industry Vartan Badalian; Sila Nanotechnologies; Lucid; Sandhya Srinivas; Savanna Durr/InsiderThe electric-vehicle industry is a competitive space. The cars are critical, sure, but so are batteries, supply chains, fleet management, and charging infrastructures. These companies are complex operations that are dependent on razor-sharp talent to make it all run smoothly. Insider has vetted the market and identified 35 people under the age of 35 who we believe are most likely to advance in the industry. From cofounders and CEOs to engineers and scientists, the rising stars of the EV industry have a bright future ahead.Read the full story here:35 Under 35: Meet 2022's rising stars of the electric-vehicle industry, from companies like Rivian, Lucid, and Sila NanotechnologiesThis week's quote:"One million dollars may seem like a daunting number, but regardless of your wealth or income, it really is achievable if you have the right mindset. Map out a solid plan, adjust your budget as your income grows, and always prioritize savings."Tanya Taylor, founder of Grow Your Wealth, on how she saved $1 million for retirement by age 48. More of this week's top reads:SpaceX paid a flight attendant $250,000 to settle a sexual-misconduct claim against Elon Musk in 2018, Insider found.Here are the top 15 cities where home-price appreciation has outpaced wages.Lady Gaga's Haus Labs makeup launch on Amazon bombed. Now it's set for a Sephora debut.Inside Amazon ProServe, an elite group in the company's cloud unit.These are the tech companies that are most at-risk as the market plunges.Are we in a housing bubble? We asked 32 experts.How a freelancer earned $1.6 million designing pitch decks for startups.Plus: Keep updated with the latest business news throughout your weekdays by checking out The Refresh from Insider, a dynamic audio-news brief from the Insider newsroom. Listen here tomorrow.Curated by Matt Turner. Edited by Lisa Ryan and Hallam Bullock. Sign up for more Insider newsletters here.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 22nd, 2022

Check out these 45 pitch decks fintechs disrupting trading, investing, and banking used to raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. Pay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingDeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Helping small businesses manage their taxesComplYant's founder Shiloh Johnson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersHelping LatAm startups get up to speedKamino cofounders Guto Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo Parejo.KaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed round 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series A Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounder.GleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingBetter use of payroll dataAtomic's Head of Markets, Lindsay Davis.AtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Data science for commercial insuranceTanner Hackett, founder and CEO of Counterpart.CounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BCrypto staking made easyEthan and Eric Parker, founders of crypto-investing app Giddy.GiddyFrom the outside looking in, cryptocurrency can seem like a world of potential, but also one of complexity. That's because digital currencies, which can be traded, invested in, and moved like traditional currencies, operate on decentralized blockchain networks that can be quite technical in nature. Still, they offer the promise of big gains and have been thrusted into the mainstream over the years, converting Wall Street stalwarts and bankers.But for the everyday investor, a fear of missing out is settling in. That's why brothers Ethan and Eric Parker built Giddy, a mobile app that enables users to invest in crypto, earn passive income on certain crypto holdings via staking, and get into the red-hot space of decentralized finance, or DeFi."What we're focusing on is giving an opportunity for people who otherwise couldn't access DeFi because it's just technically too difficult," Eric Parker, CEO at Giddy, told Insider. Here's the 7-page pitch deck Giddy, an app that lets users invest in DeFi, used to raise an $8 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceRetirement accounts for cryptoTodd Southwick, CEO and co-founder of iTrustCapital.iTrustCapitalTodd Southwick and Blake Skadron stuck to a simple mandate when they were building out iTrustCapital, a $1.3 billion fintech that strives to offer cryptocurrencies to the masses via dedicated individual retirement accounts."We wanted to make a product that we would feel happy recommending for our parents to use," Southwick, the CEO of iTrustCapital, told Insider. That guiding framework resulted in a software system that helped to digitize and automate the traditionally clunky and paper-based process of setting up an IRA for alternative assets, Southwick said. "We saw a real opportunity within the self-directed IRAs because we knew at that point in time, there was a fairly small segment of people that was willing to deal with the inconvenience of having to set up an IRA" for crypto, Southwick said. The process often involved phone calls to sales reps and over-the-counter trading desks, paper and fax machines, and days of wait time.iTrustCapital allows customers to buy and sell cryptocurrencies using tax-advantaged IRAs with no monthly account fees. The startup provides access to 25 cryptocurrencies like bitcoin, ethereum, and dogecoin — charging a 1% transaction fee on crypto trades — as well as gold and silver.iTrustCapital, a fintech simplifying how to set up a crypto retirement account, used this 8-page pitch deck to raise a $125 million Series AA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AA trading app for activismAntoine Argouges, CEO and founder of Tulipshare.TulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionPrivate market data on the blockchainPat O'Meara, CEO of Inveniam.InveniamFor investors in publicly-traded stocks, there's typically no shortage of company data to guide investment decisions. Company financials are easily accessible and vetted by teams of regulators, lawyers, and accountants.But in the private markets — which encompass assets that range from real estate to private credit and private equity — that isn't always the case. Within real estate, for example, valuations of a specific slice of property are often the product of heavily-worked Excel models and a lot of institutional knowledge, leaving them susceptible to manual error at many points along the way.Inveniam, founded in 2017, is a software company that tokenizes the business data of private companies on the blockchain. Using a distributed ledger allows Inveniam to keep track of who is touching the data and what they are doing to it. Check out the 16-page pitch deck for Inveniam, a blockchain-based startup looking to be the Refinitiv of private-market dataHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in funding Shopify for embedded financeProductfy CEO and founder, Duy Vo.ProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series AReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPO.AgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundCheckout made easyBolt's Ryan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DHelping small banks lendCollateralEdge's Joel Radtke, cofounder, COO, and president, and Joe Beard, cofounder and CEO.CollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed round Quantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now cofounders.NowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionInsurance goes digitalJamie Hale, CEO and cofounder of Ladder.LadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionEmbedded payments for SMBsThe Highnote team.HighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingAn alternative auto lenderDaniel Chu, CEO and founder of Tricolor.TricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investorsA new way to access credit The TomoCredit team.TomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionConnecting startups and investorsHum Capital cofounder and CEO Blair Silverberg.Hum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Payments infrastructure for fintechsQolo CEO and co-founder Patricia Montesi.QoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ASoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalGRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundBlockchain for private-markets investing Carlos Domingo is cofounder and CEO of Securitize.SecuritizeSecuritize, founded in 2017 by the tech industry veterans Carlos Domingo and Jamie Finn, is bringing blockchain technology to private-markets investing. The company raised $48 million in Series B funding on June 21 from investors including Morgan Stanley and Blockchain Capital.Securitize helps companies crowdfund capital from individual and institutional investors by issuing their shares in the form of blockchain tokens that allow for more efficient settlement, record keeping, and compliance processes. Morgan Stanley's Tactical Value fund, which invests in private companies, made its first blockchain-technology investment when it coled the Series B, Securitize CEO Carlos Domingo told Insider.Here's the 11-page pitch deck a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan StanleyE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series ABlockchain-based credit score tech John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs.Spring LabsA blockchain-based fintech startup that is aiming to disrupt the traditional model of evaluating peoples' creditworthiness recently raised $30 million in a Series B funding led by credit reporting giant TransUnion.Four-year-old Spring Labs aims to create a private, secure data-sharing model to help credit agencies better predict the creditworthiness of people who are not in the traditional credit bureau system. The founding team of three fintech veterans met as early employees of lending startup Avant.Existing investors GreatPoint Ventures and August Capital also joined in on the most recent round.  So far Spring Labs has raised $53 million from institutional rounds.TransUnion, a publicly-traded company with a $20 billion-plus market cap, is one of the three largest consumer credit agencies in the US. After 18 months of dialogue and six months of due diligence, TransAmerica and Spring Labs inked a deal, Spring Labs CEO and cofounder Adam Jiwan told Insider.Here's the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnionDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews Saoud Khalifah, founder and CEO of Fakespot.FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series ANew twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series ARead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 17th, 2022

Check out these 44 pitch decks fintechs disrupting trading, investing, and banking used to raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. Deploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Helping small businesses manage their taxesComplYant's founder Shiloh Johnson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersHelping LatAm startups get up to speedKamino cofounders Guto Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo Parejo.KaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed round 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series A Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounder.GleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingBetter use of payroll dataAtomic's Head of Markets, Lindsay Davis.AtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Data science for commercial insuranceTanner Hackett, founder and CEO of Counterpart.CounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BCrypto staking made easyEthan and Eric Parker, founders of crypto-investing app Giddy.GiddyFrom the outside looking in, cryptocurrency can seem like a world of potential, but also one of complexity. That's because digital currencies, which can be traded, invested in, and moved like traditional currencies, operate on decentralized blockchain networks that can be quite technical in nature. Still, they offer the promise of big gains and have been thrusted into the mainstream over the years, converting Wall Street stalwarts and bankers.But for the everyday investor, a fear of missing out is settling in. That's why brothers Ethan and Eric Parker built Giddy, a mobile app that enables users to invest in crypto, earn passive income on certain crypto holdings via staking, and get into the red-hot space of decentralized finance, or DeFi."What we're focusing on is giving an opportunity for people who otherwise couldn't access DeFi because it's just technically too difficult," Eric Parker, CEO at Giddy, told Insider. Here's the 7-page pitch deck Giddy, an app that lets users invest in DeFi, used to raise an $8 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceRetirement accounts for cryptoTodd Southwick, CEO and co-founder of iTrustCapital.iTrustCapitalTodd Southwick and Blake Skadron stuck to a simple mandate when they were building out iTrustCapital, a $1.3 billion fintech that strives to offer cryptocurrencies to the masses via dedicated individual retirement accounts."We wanted to make a product that we would feel happy recommending for our parents to use," Southwick, the CEO of iTrustCapital, told Insider. That guiding framework resulted in a software system that helped to digitize and automate the traditionally clunky and paper-based process of setting up an IRA for alternative assets, Southwick said. "We saw a real opportunity within the self-directed IRAs because we knew at that point in time, there was a fairly small segment of people that was willing to deal with the inconvenience of having to set up an IRA" for crypto, Southwick said. The process often involved phone calls to sales reps and over-the-counter trading desks, paper and fax machines, and days of wait time.iTrustCapital allows customers to buy and sell cryptocurrencies using tax-advantaged IRAs with no monthly account fees. The startup provides access to 25 cryptocurrencies like bitcoin, ethereum, and dogecoin — charging a 1% transaction fee on crypto trades — as well as gold and silver.iTrustCapital, a fintech simplifying how to set up a crypto retirement account, used this 8-page pitch deck to raise a $125 million Series AA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AA trading app for activismAntoine Argouges, CEO and founder of Tulipshare.TulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionPrivate market data on the blockchainPat O'Meara, CEO of Inveniam.InveniamFor investors in publicly-traded stocks, there's typically no shortage of company data to guide investment decisions. Company financials are easily accessible and vetted by teams of regulators, lawyers, and accountants.But in the private markets — which encompass assets that range from real estate to private credit and private equity — that isn't always the case. Within real estate, for example, valuations of a specific slice of property are often the product of heavily-worked Excel models and a lot of institutional knowledge, leaving them susceptible to manual error at many points along the way.Inveniam, founded in 2017, is a software company that tokenizes the business data of private companies on the blockchain. Using a distributed ledger allows Inveniam to keep track of who is touching the data and what they are doing to it. Check out the 16-page pitch deck for Inveniam, a blockchain-based startup looking to be the Refinitiv of private-market dataHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in funding Shopify for embedded financeProductfy CEO and founder, Duy Vo.ProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series AReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPO.AgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundCheckout made easyBolt's Ryan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DHelping small banks lendCollateralEdge's Joel Radtke, cofounder, COO, and president, and Joe Beard, cofounder and CEO.CollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed round Quantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now cofounders.NowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionInsurance goes digitalJamie Hale, CEO and cofounder of Ladder.LadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionEmbedded payments for SMBsThe Highnote team.HighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingAn alternative auto lenderDaniel Chu, CEO and founder of Tricolor.TricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investorsA new way to access credit The TomoCredit team.TomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionConnecting startups and investorsHum Capital cofounder and CEO Blair Silverberg.Hum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Payments infrastructure for fintechsQolo CEO and co-founder Patricia Montesi.QoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ASoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalGRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundBlockchain for private-markets investing Carlos Domingo is cofounder and CEO of Securitize.SecuritizeSecuritize, founded in 2017 by the tech industry veterans Carlos Domingo and Jamie Finn, is bringing blockchain technology to private-markets investing. The company raised $48 million in Series B funding on June 21 from investors including Morgan Stanley and Blockchain Capital.Securitize helps companies crowdfund capital from individual and institutional investors by issuing their shares in the form of blockchain tokens that allow for more efficient settlement, record keeping, and compliance processes. Morgan Stanley's Tactical Value fund, which invests in private companies, made its first blockchain-technology investment when it coled the Series B, Securitize CEO Carlos Domingo told Insider.Here's the 11-page pitch deck a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan StanleyE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series ABlockchain-based credit score tech John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs.Spring LabsA blockchain-based fintech startup that is aiming to disrupt the traditional model of evaluating peoples' creditworthiness recently raised $30 million in a Series B funding led by credit reporting giant TransUnion.Four-year-old Spring Labs aims to create a private, secure data-sharing model to help credit agencies better predict the creditworthiness of people who are not in the traditional credit bureau system. The founding team of three fintech veterans met as early employees of lending startup Avant.Existing investors GreatPoint Ventures and August Capital also joined in on the most recent round.  So far Spring Labs has raised $53 million from institutional rounds.TransUnion, a publicly-traded company with a $20 billion-plus market cap, is one of the three largest consumer credit agencies in the US. After 18 months of dialogue and six months of due diligence, TransAmerica and Spring Labs inked a deal, Spring Labs CEO and cofounder Adam Jiwan told Insider.Here's the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnionDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews Saoud Khalifah, founder and CEO of Fakespot.FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series ANew twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series ARead the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 18th, 2022

The war in Ukraine is sending fertilizer prices through the roof. That could spark food shortages in countries already struggling with widespread hunger.

Fertilizer prices are up 42% since Russia invaded Ukraine. Higher prices risk higher food costs, malnutrition, and civil unrest around the world. Workers unloading imported fertilizer at the Port of Yantai in eastern China.Costfoto/Future Publishing/Getty Images The war in Ukraine has lifted fertilizer prices, leading to concerns of a global food shortage. Many low-income countries were struggling with hunger and pricey fertilizer before the invasion. The uptick in fertilizer prices also risks boosting inflation even higher. In an era of abundant economic worries, the chaos in the world's fertilizer market is one of the most concerning.The war in Ukraine has boosted already high fertilizer prices. Russia serves as the world's top fertilizer exporter, selling some $7.6 billion worth of fertilizer in 2020, according to data from the French research organization CEPII. Russia's invasion of Ukraine slammed both countries' abilities to trade, and in early March the Russian government called on fertilizer producers to suspend exports entirely.The new supply pressures have lifted prices at a stunning clip. The Green Markets North America fertilizer-price index — which tracks the costs of urea, potash, and diammonium phosphate — has soared by 42% since the invasion began in late February.Higher fertilizer prices may not seem worrisome for the average American — potash and urea don't show up on most people's grocery lists. But the prices of food staples like wheat are also soaring, risking hunger crises in low- and middle-income countries. Persistently higher fertilizer costs could turn food inflation into a lasting problem and plunge the world into a new kind of economic turmoil."I am deeply concerned that the violent conflict in Ukraine, already a catastrophe for those directly involved, will also be a tragedy for the world's poorest people living in rural areas who cannot absorb the price hikes of staple foods and farming inputs that will result from disruptions to global trade," said Gilbert Houngbo, the president of the UN's International Fund for Agricultural Development."We are already seeing price hikes, and this could cause an escalation of hunger and poverty with dire implications for global stability."Soaring fertilizer prices escalate food-shortage concernsThe world was already short on food before Russia invaded Ukraine in late February. A UN report on food security estimated that between 720 million and 811 million people faced hunger in 2020 — an increase of as many as 161 million from 2019 — as the coronavirus crisis and economic recession hobbled poorer countries.The Russia-Ukraine conflict has only worsened the problem. Wheat prices have soared by 27% since the invasion began, with markets bracing for supply from both Russia and Ukraine to fade. While advanced economies can absorb higher costs and turn to alternatives, developing countries are stuck with few options aside from footing a larger bill.Fertilizer prices are also up about 260% from prepandemic levels, having been dented by higher energy costs and new export-licensing mandates imposed by major exporters like Russia and China.These higher costs are forcing farmers to scale back production or use less fertilizer and risk harvesting smaller yields. Some are clamoring for animal manure to replace commercial nutrients. Even if the Russian invasion were to end soon and food inflation cooled, soaring fertilizer costs would have a delayed effect on the market and leave supply strained well into the future.Expensive crop nutrients hinder advanced economies' ability to fill the hole in the world's food supply. The US Department of Agriculture said in late March that it expected farmers in the US to plant less corn but a record amount of soybeans in 2022. Soybeans require less commercial fertilizer than corn, and a shift signals that farmers are gearing up for prolonged disruption in the fertilizer market.The uptick in fertilizer prices could even spark civil unrest in countries with unstable food supplies. Food-price shocks triggered riots in Haiti, Bangladesh, and Mozambique in 2007 and 2008, Insider's Jason Lalljee reported in March. Food scarcity also played a role in the Arab Spring protests of the early 2010s as people struggling with hunger and poverty mobilized against their governments.Intense damage has already emerged in the world's most vulnerable countries. The UN's World Food Programme said in late February that it had been forced to halve food assistance for 8 million people facing hunger in Yemen. The program's executive director, David Beasley, said the combination of dwindling funds and soaring prices risked pushing millions of Yemenis into famine conditions."We have no choice but to take food from the hungry to feed the starving," Beasley said, adding, "This will be hell on earth."Pricey fertilizer worsens the world's inflation problemThe fertilizer-price surge is also a major obstacle in the fight against inflation. Food prices are a major component of headline inflation measures; the category has a 14% weighting in the consumer price index, for example. If fertilizer prices don't fall back to earth, it could weigh on future crop yields and keep food supply well below US demand.The price surge also strikes at a weakness in the Federal Reserve's plan to quell price growth. The central bank started raising interest rates in March partly in an effort to ease inflation. Higher borrowing costs help rein in demand for a range of goods, but people need to eat, and the Fed's plan to fight inflation can't do much to close the gap between food supply and demand.Inflation in other pockets of the economy is worsening the fertilizer problem. Energy prices have soared more than any other major CPI category, leaping by nearly 26% over the past year. Natural gas is one of those surging energy commodities and a crucial component in the production of commercial fertilizers. Rising natural-gas prices have already forced European fertilizer factories to scale back production, threatening an even bigger nutrient shortage in the months ahead.The world is adjusting somewhat to combat the new price pressures. The USDA announced in March that it would make $250 million available in the summer to boost domestic fertilizer production.But last-minute adjustments aren't likely to fully counter a fertilizer shortage. The world is already struggling to shoulder rising food costs, and there's little indication that the war in Ukraine will end soon. As farmers make do, elevated fertilizer prices loom over hungry countries and inflation-rattled economies.Read the original article on Business Insider.....»»

Category: dealsSource: nytApr 10th, 2022

"Parents Are Not Going To Put Up With This Nonsense," Moms For Liberty Vows To Boycott Disney

"Parents Are Not Going To Put Up With This Nonsense," Moms For Liberty Vows To Boycott Disney By Patricia Tolson of The Epoch Times As the battle between The Walt Disney Co. and Florida rages on, the co-founders of Moms for Liberty are calling for a boycott, saying “Disney has severely underestimated Florida parents.” On March 28, 2022, Florida Gov. Ron DeSantis signed the Parental Rights in Education bill into law. House Bill 1557, inaccurately branded by liberal opponents as the “Don’t Say Gay” bill, prohibits Florida educators from teaching anything about sexual orientation or gender identity to children in Kindergarten through third grade. The law goes further, enabling parents to sue if they believe schools or instructors have violated the law. A week prior, after facing pressure from LGBTQ communities and staff for his silence, Disney CEO Bob Chapek issued a statement apologizing for not being a “stronger ally” to them, calling the bill “yet another challenge to basic human rights.” Chapek then announced Disney would immediately halt all political donations in Florida. In a March 28 statement, Disney’s corporate office said its new goal was “for this law to be repealed by the legislature or struck down in the courts,” and vowed to support organizations working to make such a thing happen. Moms for Liberty co-founder Tiffany Justice told Fox News Digital in a March 30 interview she found that to be “striking language” coming from a company with a target audience of children. “Parents are not going to put up with this nonsense,” Justice told The Epoch Times. “We are watching woke corporations chip away at our parental rights. So we’re not just going to stand out on the street with our ‘Boycott Disney’ signs. We’re going to do what we need to do as parents across the country and make sure we spend our money with companies that align with our values, and sexualizing children is not a value we hold. We do not believe that is an appropriate thing for any adult to be doing.” Tina Descovich, the group’s other co-founder, said Moms for Liberty’s Florida chapters worked hard for months in support of the Parental Rights in Education bill. “We are in a war and our moms are going to do what they’re going to do when it comes to organizations and businesses that support the grooming of children,” Descovich told The Epoch Times. “We brought 200 moms to Tallahassee to rally in support of this bill so parents can reclaim their rights in public education in the state of Florida. The bill has now been signed and we think it’s unacceptable that an organization like Disney wants to get involved with destroying the work we’ve been doing.” But Descovich insists their war isn’t against Disney. “Our war is for the security and safety of our children,” she said, “so our strategy is the same as it was when we launched our organization in January of last year and that’s to empower moms and dads and families to stand up for parental rights at all levels of government.” According to Justice, not only is Moms for Liberty organizing to boycott Disney to fight back against leftist ideology, they plan to secure every school board position they can in the Sunshine State to keep the ideology out of Florida’s schools. Considering their pool of more than 80,000 members in 181 chapters in 34 states across the country, these moms could prove to be a formidable financial and political foe for “the happiest place on earth.” “We just added Hawaii,” Justice said, “and we’re not leaving any of the states behind. We’re coming for California. We hear from parents in California all the time who are tired of the woke politics. We are ‘The United States of America’ and American parents are paying attention. We invited Disney into our homes and these corporations are turning their backs on us and our children. We believe the innocence of children is sacred and adults must work to protect that.” Tiffany Justice (L) and Tina Descovich, co-founders of Moms for Liberty. Courtesy of Tiffany Justice In response to Disney’s threats, Florida state Rep. Joe Harding, the Republican lawmaker who sponsored the bill, announced he is returning the $3,126 he had received in political donations associated with Disney. Other Florida lawmakers followed suit. As DeSantis wrapped up a March 30 press conference in Ponte Vedra Beach, he hinted that state lawmakers might repeal the 1967 Reedy Creek Improvement Act, which provides Disney with what DeSantis called many “special privileges.” “We have some amazing elected leaders in Florida, and they are standing up for parents and for kids,” Justice said. “I am incredibly thankful. America needs strong, elected leaders. We don’t need followers who beg at the feet of woke corporations. If you’re an elected official and you’re accepting money from Disney, you are selling out parents.” To honor Florida’s governor for his dedication in standing up for families and children, Descovich said Moms for Liberty created a hashtag referring to DeSantis as #TheParentsGovernor long before the Disney battle began. “I think Disney has severely underestimated Florida parents because they live in a California bubble, not in reality,” Justice insisted. “But it’s not surprising to me that a company that plays make-believe for a living would be out of touch with the average American parent.” It’s a sentiment shared wholeheartedly by Florida Republican state Rep. Spencer Roach. “Here in Florida, the two issues that have really galvanized voters and will continue to resonate all the way to 2024 are the woke corporations and woke school boards,” Roach told The Epoch Times. “I think when we’re looking at both of these issues, the fundamental issue is the same.” According to Roach, the question that keeps arising is one of instilling values. “Who is responsible with inculcating values systems in children? Should it be government, acting through these woke school boards and corporations, or should it be parents?” he asked rhetorically. “What we’re coming down with every time is ‘parents.’ Parents want to ensure that they are the ones having these conversations with their children and teaching their children the values they hold dear. Not the government and not these corporations. “We can’t overstate that that is such a fundamental, critical issue that school boards are missing. Terry McAuliffe missed it in Virginia and now Bob Chapek of Disney. That’s the theme they keep missing. These government actors, school boards, and corporate CEOs have awakened a sleeping giant of an interest group here in the United States called ‘parents.’ What’s more about Florida is Bob Chapek doesn’t understand a majority of Republicans and Democrats in Florida support the ‘Parents Rights in Education’ law.” Descovich included Roach in a list of Florida leaders who have stood in defense of parental rights in Florida. “We have some great leaders in the state of Florida who really recognize the role of parents and families and really respect that role and are willing to stand up and fight for it,” Descovich said, citing Roach, Harding—who sponsored House Bill 1557—and Rep. Erin Grall, who sponsored the Parents’ Bill of Rights. “We have some real champions in Florida for parental rights and we are thankful that they are in the great state of Florida,” Descovich said. On June 9, 2021, The Epoch Times reported that Florida was the No. 1 relocation destination for Americans in 2020. New York and California, both heavily Democratic, took first and second place in the contest for which states had the most people choosing to leave. In 2021, Florida took second place as the most popular relocation state behind Texas. In September 2021, satirical news site The Babylon Bee named California Gov. Gavin Newsom the “U-Haul Salesperson of the Year.” On March 12, Newsom told Disney through social media that “the door is open to bring those jobs back to California—the state that actually represents the values of your workers.” DeSantis’ press secretary Christina Pushaw noted with a laughing emoji how Newsom “had kept Disneyland closed for 13 months straight.” On April 1, The Epoch Times reported that Florida had reached a historic milestone. Republicans overtook Democrats in registered voters by a margin of 100,000. According to Justice, “we’re just getting started.” In the meantime, asked what advice she would offer to parents who want to let Disney know how they feel, Justice suggested they “find another place to vacation this summer.” Tyler Durden Thu, 04/07/2022 - 17:25.....»»

Category: smallbizSource: nytApr 7th, 2022

Check out these 43 pitch decks fintechs disrupting trading, investing, and banking used to raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. Helping small businesses manage their taxesComplYant's founder Shiloh Johnson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersHelping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo Parejo.KaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed round 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series A Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounder.GleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingBetter use of payroll dataAtomic's Head of Markets, Lindsay Davis.AtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Data science for commercial insuranceTanner Hackett, founder and CEO of Counterpart.CounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BCrypto staking made easyEthan and Eric Parker, founders of crypto-investing app Giddy.GiddyFrom the outside looking in, cryptocurrency can seem like a world of potential, but also one of complexity. That's because digital currencies, which can be traded, invested in, and moved like traditional currencies, operate on decentralized blockchain networks that can be quite technical in nature. Still, they offer the promise of big gains and have been thrusted into the mainstream over the years, converting Wall Street stalwarts and bankers.But for the everyday investor, a fear of missing out is settling in. That's why brothers Ethan and Eric Parker built Giddy, a mobile app that enables users to invest in crypto, earn passive income on certain crypto holdings via staking, and get into the red-hot space of decentralized finance, or DeFi."What we're focusing on is giving an opportunity for people who otherwise couldn't access DeFi because it's just technically too difficult," Eric Parker, CEO at Giddy, told Insider. Here's the 7-page pitch deck Giddy, an app that lets users invest in DeFi, used to raise an $8 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceRetirement accounts for cryptoTodd Southwick, CEO and co-founder of iTrustCapital.iTrustCapitalTodd Southwick and Blake Skadron stuck to a simple mandate when they were building out iTrustCapital, a $1.3 billion fintech that strives to offer cryptocurrencies to the masses via dedicated individual retirement accounts."We wanted to make a product that we would feel happy recommending for our parents to use," Southwick, the CEO of iTrustCapital, told Insider. That guiding framework resulted in a software system that helped to digitize and automate the traditionally clunky and paper-based process of setting up an IRA for alternative assets, Southwick said. "We saw a real opportunity within the self-directed IRAs because we knew at that point in time, there was a fairly small segment of people that was willing to deal with the inconvenience of having to set up an IRA" for crypto, Southwick said. The process often involved phone calls to sales reps and over-the-counter trading desks, paper and fax machines, and days of wait time.iTrustCapital allows customers to buy and sell cryptocurrencies using tax-advantaged IRAs with no monthly account fees. The startup provides access to 25 cryptocurrencies like bitcoin, ethereum, and dogecoin — charging a 1% transaction fee on crypto trades — as well as gold and silver.iTrustCapital, a fintech simplifying how to set up a crypto retirement account, used this 8-page pitch deck to raise a $125 million Series AA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AA trading app for activismAntoine Argouges, CEO and founder of Tulipshare.TulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionPrivate market data on the blockchainPat O'Meara, CEO of Inveniam.InveniamFor investors in publicly-traded stocks, there's typically no shortage of company data to guide investment decisions. Company financials are easily accessible and vetted by teams of regulators, lawyers, and accountants.But in the private markets — which encompass assets that range from real estate to private credit and private equity — that isn't always the case. Within real estate, for example, valuations of a specific slice of property are often the product of heavily-worked Excel models and a lot of institutional knowledge, leaving them susceptible to manual error at many points along the way.Inveniam, founded in 2017, is a software company that tokenizes the business data of private companies on the blockchain. Using a distributed ledger allows Inveniam to keep track of who is touching the data and what they are doing to it. Check out the 16-page pitch deck for Inveniam, a blockchain-based startup looking to be the Refinitiv of private-market dataHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in funding Shopify for embedded financeProductfy CEO and founder, Duy Vo.ProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series AReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPO.AgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundCheckout made easyBolt's Ryan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DHelping small banks lendCollateralEdge's Joel Radtke, cofounder, COO, and president, and Joe Beard, cofounder and CEO.CollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed round Quantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now cofounders.NowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionInsurance goes digitalJamie Hale, CEO and cofounder of Ladder.LadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionEmbedded payments for SMBsThe Highnote team.HighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingAn alternative auto lenderDaniel Chu, CEO and founder of Tricolor.TricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investorsA new way to access credit The TomoCredit team.TomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionConnecting startups and investorsHum Capital cofounder and CEO Blair Silverberg.Hum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Payments infrastructure for fintechsQolo CEO and co-founder Patricia Montesi.QoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ASoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalGRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundBlockchain for private-markets investing Carlos Domingo is cofounder and CEO of Securitize.SecuritizeSecuritize, founded in 2017 by the tech industry veterans Carlos Domingo and Jamie Finn, is bringing blockchain technology to private-markets investing. The company raised $48 million in Series B funding on June 21 from investors including Morgan Stanley and Blockchain Capital.Securitize helps companies crowdfund capital from individual and institutional investors by issuing their shares in the form of blockchain tokens that allow for more efficient settlement, record keeping, and compliance processes. Morgan Stanley's Tactical Value fund, which invests in private companies, made its first blockchain-technology investment when it coled the Series B, Securitize CEO Carlos Domingo told Insider.Here's the 11-page pitch deck a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan StanleyE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series ABlockchain-based credit score tech John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs.Spring LabsA blockchain-based fintech startup that is aiming to disrupt the traditional model of evaluating peoples' creditworthiness recently raised $30 million in a Series B funding led by credit reporting giant TransUnion.Four-year-old Spring Labs aims to create a private, secure data-sharing model to help credit agencies better predict the creditworthiness of people who are not in the traditional credit bureau system. The founding team of three fintech veterans met as early employees of lending startup Avant.Existing investors GreatPoint Ventures and August Capital also joined in on the most recent round.  So far Spring Labs has raised $53 million from institutional rounds.TransUnion, a publicly-traded company with a $20 billion-plus market cap, is one of the three largest consumer credit agencies in the US. After 18 months of dialogue and six months of due diligence, TransAmerica and Spring Labs inked a deal, Spring Labs CEO and cofounder Adam Jiwan told Insider.Here's the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnionDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews Saoud Khalifah, founder and CEO of Fakespot.FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series ANew twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series ARead the original article on Business Insider.....»»

Category: topSource: businessinsiderMar 28th, 2022

Sunday Collum: 2021 Year In Review, Part 3 - From "Insurrection" To Authoritarianism

Sunday Collum: 2021 Year In Review, Part 3 - From 'Insurrection' To Authoritarianism Authored by David B. Collum, Betty R. Miller Professor of Chemistry and Chemical Biology - Cornell University (Email: dbc6@cornell.edu, Twitter: @DavidBCollum), I have a foreboding of an America in my children’s or grandchildren’s time when the United States is a service and information economy; when nearly all the manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what’s true, we slide, almost without noticing, back into superstition and darkness. The dumbing down of America is most evident in the slow decay of substantive content in the enormously influential media, the 30 second sound bites (now down to 10 seconds or less), lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance. ~  Carl Sagan, 1995, apparently having invented a time machine Every year, David Collum writes a detailed “Year in Review” synopsis full of keen perspective and plenty of wit. This year’s is no exception. Read Part 1 - Crisis Of Authority & The Age Of Narratives here... Read Part 2 - Heart Of Darkness & The Rise Of Centralized Healthcare here... So, here we are at the third and final part of the 2021 Year in Review and it’s no longer 2021. Sorry about that pfuck-up. Think of it as not in 2021 but from 2021. You may have noticed that the first 200 pages (parts 1 and 2) were laced with a recurring catchphrase, “WTF is happening?” It was a literary device for noting that the events ceased to make sense within a conventional worldview, suggesting it is time to torch the old model and start anew. Our response to a disease that was killing a very small slice of the population was to sequester and vaccinate the entire population with an experimental drug of real but unquantified fatality rate. The apparent scientific illiteracy was not some mass psychosis. Y’all just got suckered by America’s Most Trusted Psychopathic Mass Murderer assisted by an epic media blitz sponsored by the pharmaceutical industry that had a distinct authoritarian quality. Unthinking respect for authority is the greatest enemy of truth. ~ Albert Einstein During the brief period after uploading part 2 while grinding on this last portion, the Supreme Court took on the vaccine mandate issue, ruling that the only people forfeiting control of their own healthcare are the healthcare workersref 2 The court also illustrated their profound ignorance of the pandemic and what they were even charged to assess—the Constitutionality of mandates, not the efficacy.ref 3 The CEO of a major insurer reported a 40% spike in fatalities within the 18–65 age bracket that was not from Covid.ref 4 He said 10% would be a 3-sigma, once-every-200-year event: 40% is unheard of. Although he refrained from identifying a cause—deaths of despair, neglected healthcare, or a toxic vaccine—he knows precisely what did them in. They have been studying this stuff for centuries. I suspect his real message was that the insurance industry is about to contribute to inflation with rising premiums. Meanwhile, the pathological liars running the covid grift decided after two years the masks you’ve been wearing served no medical purpose and that the vaccines don’t work either. Wait: who said the masks and vaccines don’t work? We have known for many months that COVID-19 is airborne and therefore, a simple cloth mask is not going to cut it…Cloth masks are little more than facial decorations. ~ Leana Wen, MD, CNN medical expert with no admitted ties to the CCPref 5 Two doses of the vaccine offers very limited protection, if any. Three doses with a booster offer reasonable protection against hospitalization and deaths. Less protection against infection. ~ Albert Bourla, Pfizer CEOref 6 Here is my most heartfelt response to them: You psychopathic lying sacks of shit. You had us wear rags across our faces and put rags across the kids’ faces when clinical studies that could be read by people with half your IQs showed they were worthless. Suicide rates and other deaths of despair soared while you petty tyrants played your little games and generated billions of dollars of profits while destroying the middle class. You have maimed or killed an unknown number of gullible victims with your lockdowns, vaccines, remdesivir, and oppression of Ivermectin. You jammed a vaccine that bypassed animal trials into the fetuses of pregnant women, assuring them it was safe. If we spoke up, we got muzzled. If we refused the vaccine, we got fired. You should all hang from your necks until dead. I will piss on your graves. I feel better already. Very refreshing. Meanwhile, many of my friends and colleagues look at the same data and say, “Oh. I guess I better get the booster and a KN95 mask.” You have got to unfuck yourselves. You’ve been duped. It will get worse. The tactics used to oppress us would have made Stalin smirk. Australia was a beta test for what is to come in the rest of the west if we don’t wake up soon. They are gonna keep coming for one simple reason: we accepted it. We got bent over and squealed like pigs. What normalization does is transform the morally extraordinary into the ordinary. It makes us able to tolerate what was once intolerable by making it seem as if this is the way things have always been. ~ Jason Stanley, How Fascism Works A person is considered ‘ordinary’ or ‘normal’ by the community simply because he accepts most of its social standards and behavioral patterns; which means, in fact, that he is susceptible to suggestion and has been persuaded to go with the majority on most ordinary or extraordinary occasions. ~ William Sargant, in Battle of the Mind Meanwhile, the financial world became even more dominated by central bankers who haven’t the slightest understanding of free-market capitalism. These twits or criminals—maybe both—have blown the most colossal bubble in history if you account for both price and breadth across the spectrum of asset classes. For the layperson, that means they have set us up for a colossal failure. Go back and re-read Valuations if you cannot picture the epic financial carnage lying dead ahead. The gap between the Fed funds rate and headline inflation has never been this large. These pinheads believe that if the markets do not coincide with their world views, the markets must be wrong. I am not an economist, but it appears that none of them are either. The notion that a dozen nitwits should set the most important price of them all—the price of capital—rather than letting the markets set it through price discovery is financial authoritarianism or what some call State Capitalism. I am angry in case it doesn’t show. Meanwhile, in 2020–21 the Fed contributed to destroying upwards of a half-million mom ’n’ pop businesses—they gutted the middle class—while giving BlackRock credit at 0.15% interest rates to buy up all their houses. Here is my advice to those day trading criminals: look both ways as you enter crosswalks. What I believe the response of society to a severe downturn given the current political climate will be epic. Big downturns come after euphorias. We have never entered a downturn with society at large this grumpy. We are in the early stages of The Fourth Turning.ref 7 The deterioration of every government begins with the decay of the principles on which it was founded. ~ Charles-Louis De Secondat When a State has mortgaged all of its future revenues the State, by necessity, lapses into tranquility, langor, and impotence. ~ David Hume, 1752 So, WTF is going on here? In this final part, I address geopolitics. It begins with a relatively benign analysis of Biden’s first year in office, culminating with what I think Afghanistan is really about. The second section addresses my view of what may prove to be the most important day in US History—January 6, 2021. Although it is my best shot—Dave’s Narrative—I will not attempt to nor will I inadvertently spread the love to both sides of the political spectrum. It is a right-wing view that most right-wing politicians and pundits are too cowardly to state in polite company. The final section addresses the Rise of Global Authoritarianism. For a topic covered by thousands of treatises to call my knowledge skeletal is a reach. I have merely created an intellectual foundation—a chalk outline—to ponder why authoritarianism is here and what could stop it. (Plot spoiler: I do not believe it can be stopped.) They know where we are, they know our names, they know from our iPhones if we’re on our way to the grocery store or not. But they haven’t acted on that to put people in camps yet. They could do it. We could be East Germany in weeks, in a month. Huge concentration camps and so forth. ~ Daniel Ellsberg (@DanielEllsberg), author of The Pentagon Papers and Secrets Before moving on, let me give a plug for a book.ref 8 I have not even finished it yet, but it will change your worldview. Look at those ratings! I can guarantee none of those readers enjoyed it. Kennedy will curdle your bone marrow describing 35 years of atrocities commited by America’s Most Trusted Madman. It is emblematic of a much larger problem. Evil is powerless if good men are unafraid – Americans don’t realize what they have to lose. ~ Ronald Reagan The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. ~ H. L. Mencken Biden – Freshman Year Scorecard Let’s go, Brandon! ~ Cheers across America Most presidents begin their reign with a calling. Reagan raised our national self-esteem after a period of economic and political malaise. Bush Sr. took on the Gulf War, for better or worse. Clinton oversaw the economic boom and bank deregulation, again for better or worse. Bush Jr. was handed 9/11 and, in my opinion, boned it badly. Obama had to wrestle with the Great Financial Crisis. Trump was charged with disturbing the peace—drain the swamp if you will. Biden undeniably needed to begin healing the social discord that, regardless of its source, left the country wounded and divided. Maybe that was not Biden’s calling, but I wanted to see him become the president of all the people. This is not revisionist history of my failing memory: Biden’s the last of the Old Guard, which is probably why he was slipped into the office by the DNC old guard. I am guessing there will be no Supreme Court stacking; that was just rhetoric (I hope). There will be wars just like every president (except Trump, who brought troops home.) Congress is more balanced again and, at the time of this writing, the Senate is still in Republican hands. Hopefully, the gridlock will usher in some garden-variety dysfunction. I have subtle concerns about a Harris presidency. Admittedly, my opinion is based on precious few facts, but Harris displays a concerning shallowness of character, a lack of a moral compass, and the potential to slide to the left of Bernie. (I sometimes reflect on what it must have been like raising the teenaged Kamala.) I am trying to reserve judgment because first impressions scavenged from the digital world are sketchy if not worthless. ~ 2020 Year in Review By this description, Biden tanked his GPA. He ushered in a Crusade to erase the Trump era and its supporters. The weaponizing of social media and censorship against one’s opponents was probably unavoidable, but the downside will be revealed when the wind changes. Team Biden took banishing of political opponents on social media to new levels by, as noted by Jen Psaki, flagging “problematic posts” and the “spread of disinformation” for censorship. NY Timeslapdog Kevin Roose called for a “reality Czar,” not noticing the Russian metaphor problem. The War on Domestic Terror may prove to be a turning point in American history, one that risks extinguishing the flame of the Great American Experiment. Significant erosions of Constitutionally granted civil liberties discussed throughout the rest of this document may not have been Biden’s fault, but they occurred on his watch. If you see an injustice and remain silent, you own it. I can’t remain silent. Biden is the epitome of the empty, amoral creature produced by our system of legalized bribery. His long political career in Congress was defined by representing the interests of big business, especially the credit card companies based in Delaware. He was nicknamed Senator Credit Card. He has always glibly told the public what it wants to hear and then sold them out. ~ Chris Hedges, right-wing hatchet man Team Biden. Books have been written about Trump’s fumbles in the first months (or four years) of his presidency. See Josh Rogin’s Chaos Under Heaven in Books or Michael Lewis’ less balanced The Fifth Risk reviewed in last year’s YIR. The Cracker Jack team assembled for Joe reveals a glob of feisty alt-left activists and omnipresent neocons. According to Rickards, two dozen players on Biden’s roster were recruited from the consulting firm WestExec Advisors (including Psaki and Blinken.)ref 1 That’s power and groupthink. David Axelrod: You must ask yourself, ‘Why are we allowing him to roll around in the hallways doing impromptu interviews?’ Jen Psaki: That is not something we recommend. In fact, a lot of times we say ‘don’t take questions.’ Young black entrepreneurs are just as capable of succeeding given the chance as white entrepreneurs are, but they don’t have lawyers; they don’t have accountants. ~ Joe Biden Joe Biden, President – Joe is the Big Guy. In an odd sense, he is immunized from criticism because he is visibly losing his marbles. His cognitive decline is on full display; this 52 seconds of gibberish about inflation is emblematic.ref 2 He’s 80 years old, for Cripes sake. I read a book this year entitled, When the Air Hits Your Brain, which derives from a neurosurgical aphorism that finishes with “you ain’t never the same.” Wanna guess who had two brain aneurysms (one rupturing) years ago leading to a miraculous recovery?ref 3 You’re the most famous African-American baseball player. ~ Joe Biden to the Pope, context unknown (possibly even a deep fake)ref 4 I am neither reveling in Joe’s problems nor do I believe he is calling the shots. Claims that the puppet master is Harris are, no offense, on the low side of clueless. Obama seems like a better guess but Barrack was a front man too. Having an impaired leader of a superpower, however, is disquieting and potentially destabilizing, especially with Taiwan in play. Biden’s energy policy that clamped down on fossil fuel production only to ask OPEC to open the spigots is one for the ages. The covid policies bridging both administrations were catastrophic, but throwing workers out of jobs into the teeth of unprecedented labor shortages makes zero sense. The nouveau inflation—Bidenflation—may stick to him like it stuck to Jimmy Carter, but that is unfair to both presidents. Look to the Fed in both cases for blame. Troubles at the southern border and the Afghanistan pullout are a couple of serious logs for a raging inferno that represents Biden’s first year in office. As discussed in a later section, demonizing “white supremacists”—not just political opponents but opponents labeled by their race—will not be viewed well by historians unless history is at a serious fork and Joe is ultimately protrayed as the founder of some new Fatherland. Kamala Harris, Vice President – Whenever situations heat up, Harris is off like a prom dress. During the crisis at the border that she was charged with overseeing, she took off to Europe, cackling about never even visiting the border. Kamala endorsed and claimed credit for the Kabul evacuation.ref 5,6 Realizing she had pulled yet another boner she pulled out before they renamed it Kamalabad. (Hey: At least I had the decency to pass on the Kamalatoe joke.) In a moment of surreal comedy, Harris hosted a public chat with Bill Clinton on “empowering women.”ref 7 She can even serve up semi-reasonable ideas with dollops of cringe. If the Democrats nominate her in 2024, may God have mercy on their souls—she is unelectable—or maybe on our souls—I could be wrong. Jen Psaki, Press Secretary – The role of any press secretary is to calm the press down with nuggets of insight—to feed the birds. When that fails, lie your ass off, all with a cold, calculating sociopathy. I would say she did the best job imaginable given the hand she was dealt. Disagree? I’ll just have to circle back with you on that. Ron Klain, Whitehouse Chief of Staff – This guy might be the rainmaker, but I haven’t quite figured him out. He has the durability of Andrei Gromyko, maintaining a central role through three democratic administrations. Keep an eye on him. Janet Yellen, Secretary of the Treasury – We have yet to find out Yellen’s role because she has not been pressed into service by a crisis. To resolve the minor “meme stock” bruhaha, which did not call for a resolution, she needed an ethics waiver owing to the soft corruption of her bank-sponsored million-dollar speaking tour. My expectations of her are quite low, and I imagine she will meet them. Antony Blinken, Secretary of State – He has a good resume. Like Psaki, he is forced to play a weak hand. He lacks Psaki’s skills. Jennifer Mulhern Granholm, US Energy Secretary – In a press conference she was asked how many barrels of oil a day the US consumes and said, “I do not have those numbers in front of me.” ‘Nuff said. Get her out of there. Merrick Garland, Attorney General – The press will tear anybody a new one so snippets with bad optics are always dangerous. I would say, however, ordering the FBI to investigate parents who get irate at school boards—even those who seem rather threatening—is over the top. Leave that to the local and state police. His role in the January 6th event and push into domestic terrorism is potentially sinister and moves him onto my shitlist. Saule Omarova, nominee for Comptroller of the Currency – This one blows my circuits. She is what in the vernacular is called “a commie” straight from Kazakhstan with a thesis on Marxism—a devout believer that the State should run the show. She also hails from Cornell Law School. (Yeah. I know. STFU.) Matthew Continetti of the National Review noted she is, “an activist intellectual who is—and I say this in the kindest way possible—a nut.”ref 8 There will be no more private bank deposit accounts and all of the deposit accounts will be held directly at the Fed. ~ Saule Omarova, Cornell Law Professor   We want them to go bankrupt if we want to tackle climate change. ~ Saule Omarova, on oil and gas companies For those who have seen the horror movie The Ring, Cornell tried to exorcise the demon by sending “the VHS tape” to Washington, D.C., but it came back stamped “Return to Sender.” She withdrew. Hey Team Biden: you could want to snatch up MIT’s Venezuelan-derived president who is already on the board of the World Economic Forum and was instrumental in pushing Aaron Swartz to off himself.ref 9 John Kerry, Climate Czar – Don’t we have enough Czars? John is charged with flying around the world in his private jet, setting the stage for a 30-year $150 trillion push to make many bank accounts much My disdain for the climate movement catches Kerry in the splash zone. Pete Buttegieg, Transportation Secretary – I must confess to liking Mayor Pete and would have been happier if he had gotten the crash course in the oval office rather than Joe. The one criticism I would make is that taking two months of paternity leave during the nation’s greatest transportation crisis seemed odd. I think when you are in such an important position you find a way. Get a nanny. Bring the twins to your office. Leave them with your spouse. For Pete’s sake (sorry), stay at your post. For the record, after my youngest son was born my wife had health problems. I used to bring him to work and lecture with him in a Snugly and changed a shitload of diapers. You could have done it too, Pete. Samantha Power, Head of the US Agency for International Development (USAID) – Sam is a garden-variety neocon, having served as ambassador to the UN and on the National Security Council, both under Obama. She was central to the planning behind destabilizing Libya,ref 10 which sure looks like a bad idea unless destabilizing the Middle East is our foreign policy. Please just don’t fuck up too much. Cass Sunstein, Homeland Security employee. This is not really an appointment, per se. Cass is the Harvard-employed husband of neocon Samantha Powers. In his 2008 book, Conspiracy Theories, Cass declared “the existence of both domestic and foreign conspiracy theories” to be our greatest threat, outlining five possible solutions, and I quote, “(1) Government might ban conspiracy theorizing. (2) Government might impose some kind of tax, financial or otherwise, on those who disseminate such theories. (3) Government might engage in counter-speech, marshaling arguments to discredit conspiracy theories. (4) Government might formally hire credible private parties to engage in counter-speech. (5) Government might engage in informal communication with such parties, encouraging them to help.” Guys like Cass who come out of Harvard’s CIA training camps are menaces to society. Marvelous hire, Joe. Victoria Nuland, Undersecretary for Political Affairs – She is famous for her hot mic “Fuck the EU” comment and for engineering the coup in Ukraine—a Wonder Bread neocon. William J. Burns, Head of the CIA – I’ve got nothing on Bill, not even a fingerprint. It would be difficult for me to grade him poorly on a curve with the likes of John Brennan, William Casey, and Alan Dulles. (I once had dinner with a former CIA head John Deutch. What a dick.) Christopher Wray, Head of the FBI – As the FBI increasingly looks like the Praetorian Guard for the power elite (both in and out of public office), Wray has followed in the footsteps of his predecessors like J. Edgar Hoover and James Comie to be both top cop and dubious scoundrel. Wray’s fate might be dictated by the ongoing Durham investigation, but I have not seen any heads roll inside the Beltway since Watergate a half-century ago. Tony Fauci, Director of NIAID – That bipartisan, power-hungry authoritarian—The Most Trusted Madman in America—is a recurring theme. He doesn’t know any science. He is a political hack—a chameleon—who survived 35 years multiple administrations by being able slither out of anybody’s claws and regrow his tail. Rochelle Walensky, Director of the CDC – She got serious attention in part 2. I am horrified by her sociopathy. I think she is evil. Amy Gutmann, Ambassador to Germany – Guttman was given the job after giving the Big Guy more than $900,000 in speaking fees and an honorary degree from UPenn when she was the University’s president. I am sure every ambassador pays market rates for the job.  Cathy Russell, Biden’s Director of Presidential Personnel–She is married to Tom Donlin, Chairman of the gargantuan multinational investment firm, BlackRock. Their daughter made it into the Whitehouse National Security Council. A talented family enjoying the political respect accorded to billionaires. Asmeret Asefaw Berhe, Head of the Office of Science – Despite scientific chops as a climate-change-supporting agronomist, she has no administrative experience and is inexperienced in the scientific programs that she is overseeing. Of course, everything is now about the $150 trillion climate grift, so she’s our girl. Jared Bernstein, Whitehouse Economic Advisor – He is highly educated, with a bachelor’s degree in music, master’s degrees in social work and philosophy, and a Ph.D. in social welfare. His greatest strength may be his complete lack of training in economics. Shalanda Baker, Deputy Director for Energy Justice in the Office of Economic Impact and Diversity at the Department of Energy – Is that a salaried position? ‘Nuff said. General Mark Milley, Chairman of the Joint Chiefs of Staff – Mark transitioned from the Trump administration. It caused a stir when he went more “woke” than Chelsea Manning. We will no longer defeat our enemy but assign them pronouns and include them. This was followed by a scandal outlined in Bob Woodward’s book in which he instructed military leaders in a secret meeting to bypass Trump on important military decisions.ref 11 He then unilaterally told his peer in the Chinese military that he would drop a dime if there was an impending military conflict. He tried to hang it on the Secretary of Defense, but the Secretary spit the bit fast.ref 12 My theory is that the sudden wokeness was to commandeer allies on the far left knowing that scandal was coming. It worked. He looks like he is right out of Dr. Strangelove without the lip gloss and eye shadow. Xavier Becerra, Secretary of Health and Human Services. He refuses to acknowledge the merits of natural Covid-19 immunity. That puts him near the top of my shitlist. Becerra has no medical or scientific training. He’s a lawyer, but at least he is from an underrepresented group. Rachel Levine, Assistant Secretary of Health and Human Services – I know little about her. She might be the most qualified candidate, certainly more so than her boss Becerra. Call me skeptical of a purely merit-based appointment. Hunter Biden. I was going to place Hunter in the bullets and call him Head of the DEA and National Association of the Arts, but I had reservations. There are sad, heartwarming, and troubling roles played by Hunter Biden. His addiction is a highly personal problem that is difficult for the first family to deal with, especially given other tragedies in their lives. Joe Rogan succinctly explained Hunter’s remarkably odd behavior: “he is a crackhead.” They are part and parcel of being dopesick. Leaked emails from the laptop show Dad to be a compassionate and loving father struggling to save his son. Ironically, old footage surfaced of Joe ranting about how we have to deal with crackheads severely no matter whom they know.ref 13 It did not age well. It is clear that Hunter Biden was selling access and influence. It appears that Joe Biden was aware of that effort. That is very serious. If these emails are false, this is a major story. If they are true, this is a major scandal. ~ Jonathan Turley Before you start blubbering, however, recall that Hunter’s laptop revealed that he was playing critical roles in Russian and Chinese dealings for the Biden family. The Kleenex gets tossed and the gloves now come off. Hunter’s business partner stepped forward admitting nefarious deals were made with Joe involved. Joe denied knowing the clown, but a then photo of the two surfaced.ref 14 This year Hunter also began selling his artwork for up to $500,000 a pop behind a “Chinese Wall”—a veil that ensures we cannot find out who bought the art.ref 15,16,17 The money might literally be from behind a Chinese wall. That buys a lot of crack even after the Big Guy’s 10% cut. Figure 1 shows two paintings, one by a Hunter and the other by two elephants. (No joke, elephants have been painting brilliant pictures free-trunk for decades.) Figure 1. Biden art (left) brought $500,000. The elephant painting (shown being painted) brought $39,000. We are a democracy…there are things you can’t do by executive order unless you are a dictator. ~ Joe Biden, several years ago Executive Orders. Before the first week of his presidency was over, Biden had signed 37 of those beauties. Some, such as the order extending rent moratoria, were overtly unconstitutional. Some merely unwound Trump’s orders that had unwound Obama’s orders. This is dodge ball. While Yale was battling a civil rights case for discriminatory admissions practices, the Biden DOJ dismissed it without comment.ref 18 Yale is said to have promptly destroyed the evidence, which shows they have good lawyers. Transgender athletes were reinstated in women’s sports, ensuring that longstanding records will be shattered.ref 19 It got surreal when UPenn’s transgender swimmer was beaten by Yale’s transgender swimmer.ref 19a An executive order giving the IRS direct access to our bank accounts seems both sinister and inevitable…death and taxes as they say.ref 20 There are a lot of Republicans out there giving speeches about how outraged they are about the situation at the border. Not many who are putting forward solutions. ~ Jen Psaki, forgetting about the wall idea Crisis at the Border. The mainstream press covered this one exhaustively. There are parallels here with the North Africans crossing into Europe several years back. It looks intentional, but why? Don’t tell me about building a democratic base. That is too far in the future and too simplistic. It is far easier to control the elections at the server level. Baffling details include the administration’s suggestion that border agents should be empowered to authorize the immigration of “climate migrants.”ref 21 That could boost a few agents salaries. Rumors of US military planes transporting illegals into the US suggests somebody could punk the elite: load up a boat and drop a couple hundred on Martha’s Vineyard. On further thought, rather than offering Vineyardians more gardeners, drop off some Afghans.ref 22Whoever is calling the shots, this is neither about civil rights nor climate change. Attorney General Merrick Garland clarified the immigration challenge: Today marks a step forward in our effort to make the asylum process fairer and more expeditious. This rule will both reduce the caseload in our immigration courts and protect the rights of those fleeing persecution and violence. If you do that, that will set off a mass migration that’s like nothing that we have ever seen in this country because the entire world will then come on through to get their asylum, essentially legalizing illegal immigration, in a very clever way. ~ Attorney General Merrick Garland WTF did Garland just say? Both his meaning and intent are unclear. The immigrants, of course, were all unvaccinated, which would have been OK by me had the administration not gone Third Reich to vaccinate US citizens. The administration also wanted to offer $450,000 to every immigrant family separated from their loved ones: why?ref 23They seemed to walk that third-trimester idea back and then walked it forward again. A half-billion-dollar, no-bid contract to manage the immigrants went to friends of the administration.ref 24 Your tax dollars at work. At least we are back to business as usual. By the way, where is Border Czar Kamala Harris while all this is going on? Making creepy videos.ref 25,26 People who like quotes love meaningless generalizations. ~ Graham Greene Miscellaneous issues surfaced that either went away or are still festering quietly. On the positive side, stacking the Supreme Court—increasing the number of justices to get a left-leaning majority—seems to have been only a political football. Granting Washington DC statehood, while to a plebe like me doesn’t seem nuts, has the trappings of a massive powershift to the left in national elections. Joe invaded the legal process by declaring Chauvin guilty and Kyle Rittenhouse a white supremacist. Would Obama have done this? I don’t think so. Rittenhouse may get his “10% for the Young Guy” in defamation suits against Joe and every media outlet on the planet. Joe checking his watch five times at the funeral of dead marines didn’t play well,ref 27 but if you put a camera on me I wouldn’t make it to lunchtime without serving up Jim Acosta fresh meat. The main drama of Biden’s first year, however, played out in a distant land.   Afghanistan—where empires go to die. ~ Mike Malloy Afghanistan. I’ve been groping for nomenclature — Afghazi, Afghazistan, Benghanistan, Benghazistan, Saigonistan, Clusterfuckistan, and Bidenistan—to describe this odd moment in history. That 20-year skirmish cost an estimated $2.3 trillion.ref 28 The idea that it was only a few thousand troops with no fatalities in the last year or two makes me question my wisdom, but I can’t start revising history. Whether for right or wrong, I was glad we were getting out. The ensuing Crisis in Kabul looked like the graveyard of a presidency—a combination of the Bay of Pigs and the Iran Hostage Crisis that would dog us for years. They are chanting “Death to America”, but they seemed friendly at the same time. ~ CNN reporter wearing a burka looking for a husband Even before the evacuation started we were hearing about huge caches of weapons that would be abandoned.ref 29 In an eat-and-dash that would make an IHOP waiter wince, we bugged out at 2:00 AM without telling anybody.ref 30Jalalabad Joe had assured us repeatedly the 300,000-strong Afghan army would hang tough. They were defeated in time to chow down on some goat stew for dinner. Images of desperate Afghan’s clinging to transport planes brought up images of the Saigon Embassy rooftop. We left service dogs in cages.ref 31 Marines would never do that. Stranded Americans and Afghan collaborators were begging for help to get to the airport and even to get into the airport.ref 32The administration used a drone to strike on some kids and their dads loading water into a truck to change the news cycle briefly.ref 33 The Afghan who is credited with saving Joe Biden and John Kerry in a disastrous excursion to Afghanistan years earlier got left behind pleading for help:ref 34 Hello Mr. President: Save me and my family. Don’t forget me here. Mercenaries like Blackwater’s Erik Prince tried to prevent Americans from taking The Final Exit,ref 35 only to get stonewalled by the Whitehouse. Meanwhile, the top commander and four-star Wokie, Mark Milley, was too mired in scandal.ref 36 Retired generals were calling for the active-duty generals to resign.ref 37 The withdrawal could not be botched worse if you tried. The populace are now facing a winter of profound famine.ref 38 Rural Afghanistan has been rocked by climate change. The past three decades have brought floods and drought that have destroyed crops and left people hungry. And the Taliban — likely without knowing climate change was the cause — has taken advantage of that pain. ~ CBS News, sticking it like a Russian gymnast This vexing story was from the Theater of the Absurd. Starting with the caches of military equipment left behind, I have two simple solutions that a group of teenagers could have concocted: Announce Blow Shit Up Friday (BSUF). Provide the military personnel with some grenade launchers and a few kegs of beer, grill up some goat burgers, and start blowing shit up. That would be a blast. If that is too unprofessional, you gather all armaments and anything of else of value into an open space. Once the wheels go up on the last troop transport, drop a MOAB—Mother of All Bombs.ref 39 Tough luck for those who were trying to hotwire the stuff when the MOAB arrives. It will take a year to get them out…If you use those billions of dollars of weapons behind I promise they’ll be using them against your grandchildren and mine someday. ~ Joe Biden, Presidential Candidate, 2007ref 40 The collapse of the Afghan Army also couldn’t have come as a surprise. The military and CIA certainly knew that those troops wouldn’t withstand a West Side Story-level brawl.ref 41 The soldiers were paid by the US for their service COD, and there was no C left. Shockingly, most of the payroll booty had long-since been snarfed up by the politicians and top military brass from the only swamp in Afghanistan.ref 42 Whocouldanode? Taliban can murder as many people as they want. But if they keep trolling Biden like this they’re gonna get kicked off of social media. ~ Jesse Kelley, noting the Taliban has an active Twitter feed Here is a script playing out in my noggin. The Crisis in Kabul was an arms deal—Fast and Furious 2.0. One of our top diplomats called the Taliban and said, “We are pulling out in a month. We’ll leave the keys in the ignition and pallets of $100 billsref 43 to help pay for upkeep. If you guys let us sneak out unmolested, you can party like it’s 999—an authentic Taliban-themed fraternity party. We will leave you guns, money, nice facilities, and even a few wives. If you fuck this up, however, we will be right back here.” The Whitehouse also lent a legitimizing tone to the regime when speaking about “working with the Taliban” as part of the deal. In return, the State Department called on the Taliban to form an “inclusive and representative government,”ref 44 so there’s that bit of risible nonsense. Neville Chamberlain couldn’t have done any better. The bottom line: 90% of Americans who wanted to leave Afghanistan were able to leave Afghanistan. ~ Jalalabad Joe Biden That might be a great poll number or inflated final exam grade at a college Joe erroneously claimed to attend, but I am not sure “90%” is impressive in this context. The actual evacuation was ineptly executed from the get-go. Mr. Rogers, with the help of his viewing audience of toddlers, could have Kabuled together a better plan based on the simple precept, “pull out the civilians then the military.” Baffling claims the Whitehouse was obstructing evacuations of charter flights containing Americans was not right-wing propaganda: Where are they going to land? A number of these planes have a handful of Americans, but they may have several hundred individuals who do not have proper documentation of identity….we don’t have manifests for them, we don’t know what the security protocols are for them, we don’t know what their documentation is…hard choices you face in government. ~ Jen Psaki, press conference WTF actually happened? When nothing makes sense your model is wrong. Glenn Greenwald got the scent that withdrawal was intentionally mishandled, suggesting this is “fully within the character of the deep-state operatives.”ref 45We also forgot to destroy our sophisticated FBI-derived software and a complete database containing the biometrics of Friends of the USA,ref 46,47,48 enabling the Taliban to find potential detractors for an attitude correction. Think of it as Afghanistan’s high-tech War on Domestic Terror. The stonewalling of help from other countries also makes no sense using a conventional model.ref 49 Biden’s CIA Director met with Taliban leadership covertly—so covertly we all knew about it—to concoct a “deal”, but what kind of deal?ref 50 During the evacuation, we gave the Taliban names of American citizens, green card holders, and Afghan allies supposedly to let them pass through the militant-controlled perimeter of the city’s airport.ref 51 They would never abuse this list, right? A large number of Afghan refugees—possibly as many as 100,000 according to Tucker Carlson—entering the US are consistent with our open border policy along the Mexican border, but what is that all about? Afghans, by the way, are reputed to be always recalcitrant to assimilate in Europe just in case you’re thinking of renting out your basement as an Airbnb.ref 52 What happened in Afghanistan is not incompetence. We are not that incompetent. ~ General George Flynn The goal is to use Afghanistan to wash money out of the tax bases of the US and Europe through Afghanistan and back into the hands of a transnational security elite. The goal is an endless war, not a successful war. ~ Julian Assange, 2011ref y I have no doubt that blood was shed after we left. More than a few US sympathizers surely lost their heads. As to the stranded Americans, why were they still there? China had evacuated their citizens months earlier.ref 53(Hmmm…Chinese citizens were there?) Two dozen students from the Cajon Valley Union School District and 16 parents there for an enriching summer trip were stranded.ref 54 How did they get visas? That field trip will generate a few college essays that will beat any written about dead grandparents, although Kabul State College may be their only option. This is now on-track, Peter, to be the largest airlift in U.S. history. I would not say that is anything but a success. ~ Jen Psaki to Peter Doucy The media can create, steer, or smother narratives at will. I have a question: Where are all the dead Americans—thousands of them—said to be left behind? Horror stories should be surfacing daily, but they’re not. We shit a mudbrick when One Dead Kashoggi (ODK) got fed to the camels in Saudi Arabia. Three thousand fatalities on 9/11 got us into Afghanistan in the first place. We supposedly left behind “thousands of Americans” but without generating a single headline? So much for that Bay of Pigs­–Iran Hostage Crisis analogy. So here are my next questions and I am deadly serious: Did we get duped? Was the whole thing more sham than farce? There is no such thing as a true account of anything. ~ Gore Vidal Here is Dave’s Narrative. We installed the Taliban as the rulers of Afghanistan as the best of many bad options. The winners are the Taliban and China. The two are inking deals for mineral rights as I type. The chaos was intentional. But why accept such a profound humiliation and dashed hopes of future alliances in global hotspots? I think that the Taliban winning the war in Afghanistan, and then the way our exit happened, has absolutely inspired jihadists all over the world. The Taliban is saying, we just didn’t defeat the United States, we defeated NATO. We defeated the world’s greatest military power, ever. I think, not only will the jihadists be inspired, but a lot of them are going to come to Afghanistan to be part of the celebration, to be part of jihadist central. We are more at risk, without a doubt. ~ Michael Morell, former CIA Director under Obama Maybe China has way more than just Hunter’s laptop to blackmail us and is about to take possession of Taiwan soon. While we await the next Kyle Rittenhouse trial to preoccupy ourselves, take a peek at this video. Skip over the election stuff since we all have rock-hard opinions on that and go to minute 55:30. Xi Jinping’s right-hand man, Di Dongsheng, publicly explained the extent Beijing controls US politics:ref 55 There is nothing in the world that money can’t fix, right? If one wad of cash can’t handle it, then I’ll have two wads. (laughter) Of course this is how I do things. In fact, to be a bit blunt, in the past 30 years or past 40 years, we manipulated the core power circle in the United States, right? I mentioned earlier that Wall Street started to have a very strong influence on U.S. domestic and foreign affairs in the 1970s. So we figured out our path and those we could be dependent on. But the problem is that Wall Street’s status has declined after 2008. More importantly, starting in 2016 Wall Street has no influence on Trump. Why? It is awkward. Trump had a soft breach of contract on Wall Street once, so the two sides had conflicts. They tried to help during the Sino-US trade war. As far as I know, friends from the U.S. told me that they tried to help, but they were too weak. But now we see that Biden has come to power. (crowd laughs) The traditional elites, political elites, and the establishment have a very close relationship with Wall Street. You all see it: Trump talked about Biden’s son, “You have investment funds around the world.” Who helped him build the funds? You understand? There are transactions involved. (laughter) So at this point in time, we use an appropriate way to express a certain kind of goodwill. (applause) ~Di Dongsheng, Vice Director and Secretary of the Center for Foreign Strategic Studies of Chinaref 55 January 6th Capitol Insurrection Alec Baldwin killed more people in 2021 than did the January 6th insurrectionists. Anybody reading this far knows that the January 6th riots stemmed from the right-wing voters who doubted the veracity of the 2020 election. Twitter polls show that view is not as partisan or as rare as the media would lead you to believe. I happen to doubt U.S. election integrity but have for quite a few election cycles. ref 1 Hacked Stratfor emails show the democrats rigged the vote in ’08 ref 2 and Republicans rigged it in ’04.ref 3 It is bipartisan Capture the Flag with red and blue pinnies.ref 4 In any event, Trump’s Green Goblin strategy was to beckon the MAGA faithful to the Capitol to protest the Electoral College signing off on the results. It was not so different than the mobs outside the courthouses trying to subvert the Rittenhouse and Chauvin trials, but the scale of January 6th was much larger and the optics were Biblical. It got out of hand and, at times, even a little Helter Skelter. Mob psychology elicits dramatic changes in brain chemistry and has been the topic of many laboratory studies.”ref 5 Temporary insanity is not a crazy defense. My Tweet got some hysterically hateful responses from the Right who missed the sarcasm and the Left who did not. I think I squandered more of my valuable time left on this planet burrowing through the January 6th story than on the Covid-Vaccine combo platter. I should preface this section by noting that I was praised by a thoughtful long-time reader for being “balanced and measured and carefully worded, even on edgy topics.” I may be on the cusp of disappointing him. It’s impossible to peer at the The Great Insurrection through a non-partisan lens. Both sides may find common ground in the belief that January 6th is a profound fork in the road of the American Experiment. The sock-starching Left will celebrate it as a national holiday every year while the bed-wetting Right will try to ignore it. Both are wrong. Look at that photo and pause to ponder its implications. Put a funny caption to it. Let’s hear from some Republicans first: We must also know what happened every minute of that day in the White House — every phone call, every conversation, every meeting leading up to, during, and after the attack. ~ Liz Cheney I think Lizard nailed it. We’re on the same page. Let’s keep going… January 6 was worse than 9/11, because it’s continued to rip our country apart and get permission for people to pursue autocratic means, and so I think we’re in a much worse place than we’ve been. I think we’re in the most perilous point in time since 1861 in the advent of the Civil War. ~ Michael Dowd, former Bush strategist I would like to see January 6th burned into the American mind as firmly as 9/11 because it was that scale of a shock to the system. ~ George Will, syndicated columnist Mike and George are as unhinged as I am but on different hinges. I think they are delusional and offensive. Edging forward… The 1/6 attack for the future of the country was a profoundly more dangerous event than the 9/11 attacks. And in the end, the 1/6 attacks are likely to kill a lot more Americans than were killed in the 9/11 attacks, which will include the casualties of the wars that lasted 20 years following. ~ Steve Smith, Lincoln Project co-founder Now I’m getting the heebie-jeebies if for no other reason than the Lincoln Project is filled with Democratic operatives (or at least neocons) pretending to be Republicans—as authentic as the Indians at the Boston Tea Party or stepmoms on PornHub. We have seen growing evidence that the dangers to our country can come not only across borders but from violence that gathers within…There is little cultural overlap between violent extremists abroad and violent extremists at home… But in their disdain for pluralism, in their disregard for human life, in their determination to defile national symbols, they are children of the same foul spirit. ~ George W. Bush, a thinly veiled allusion to January 6 George got some serious guff from more than a few of the 80 million Fox-watching extremists including the Grand Wizard: So interesting to watch former President Bush, who is responsible for getting us into the quicksand of the Middle East (and then not winning!), as he lectures us that terrorists on the ‘right’ are a bigger problem than those from foreign countries that hate America. ~ Donald Trump He nailed it. I have stated previously that Bush committed war crimes. Of course, the National Security Machine chimed in… The No. 1 national security threat I’ve ever seen in my life to this country’s democracy is the party that I’m in — the Republican Party. It is the No. 1 national security threat to the United States of America. ~ Miles Taylor, a former Department of Homeland Security (DHS) official Dude! You just tarred about 80 million asses with that brushstroke. Let’s move further left to find some middle ground: They swooned for him on 9/11 because he gave them what they most crave: the view that Al Qaeda is comparable to those who protested at the Capitol on 1/6. ~ Glenn Greenwald, on George Bush’s comments Glenn is part of a growing cadre of liberals including Matt Taibbi, Tim Pool, Bill Maher, The Weinstein Brothers, and Joe Rogan who are unafraid to extend olive branches across The Great Partisan Divide at risk of being labled white supremacists and Nazis, but they are hardly emblematic of the Left. From the elite Left… I think we also had very real security concerns. We still don’t yet feel safe around other members of Congress.  ~ AOC AOC’s comment prompted one pundit to tell her to “get a therapist”, which seems correct given her moment of maximum drama was when a security guard was screaming outside her door, “Are you OK, Ma’am?” #AlexandriaOcasioSmollett began trending on social media when it was disclosed that she was not even in the building when Ragnar and his buddies showed up.ref 6 They will have to decide if Donald J. Trump incited the erection…the insurrection. ~ Chuck Schumerref 7 What ya thinking about Chuckie? We are facing the most significant test of our democracy since the Civil War. That’s not hyperbole. Since the Civil War. The Confederates back then never breached the Capitol as insurrectionists did on Jan. 6. ~ Joe Biden Joe may be on the A-Team, but he hasn’t found his way out of the locker room. The blue-check-marked liberals did not mince words… The 9/11 terrorists and Osama bin Laden never threatened the heart of the American experiment. The 1/6 terrorists and Donald Trump absolutely did exactly that. Trump continues that effort today. ~ S.V. Dáte, Huffington Post’s senior White House correspondent The only effective way for the government to respond to an act of war by domestic terrorists is to be prepared to meet them with machine guns and flamethrowers and mow them down. Not one of those terrorists who broke through police lines should have escaped alive. ~ a Washington Post commenter Moving as far left as you can by tuning into the most cunning commie who can outfox any Western leader… Do you know that 450 individuals were arrested after entering the Congress? They came there with political demands. ~ Vladimir Putin The Cast of this Drama. This Kafkaesque narrative will be scrutinized by historians and democratic operatives for years to come. The Left will cast this event as a truly unique moment in US history, but it was precedented. I see parallels with the 1920’s Bonus Army in which World War I veterans were pissed off about unpaid post-war benefits.ref 8 In the saddest of ironies, many were killed by Army regulars. Some authorities, including a young Dwight Eisenhower, thought it was a benign protest while others thought it was an assault on America. Grumpy crowds appear at the Capitol only on days of the week that end in “y.” Recently, f.....»»

Category: blogSource: zerohedgeFeb 6th, 2022

A DC police officer gives a full account of battling insurrectionists on January 6: "It was like guerrilla warfare"

"We were surrounded," the Metropolitan Police Department officer told Insider exclusively about the January 6 Capitol attack. "There was going to be no way to retreat from this." Violent Trump supporters try to break through a police barrier at the Capitol on January 6, 2021.Photo by /John Minchillo/ AP A Metropolitan Police Department officer found himself battling an angry pro-Trump mob on January 6. As police tried to fend off the attackers, officers were hit with batons, clubs, and bear spray. "We were surrounded," the officer told Insider. "There was going to be no way to retreat from this." A well-timed jet of bear spray knocked out an officer in the Metropolitan Police Department on January 6 as a violent mob of Trump supporters breached the Capitol and overpowered security.The police officer spoke out in an exclusive interview with Insider in October on the mentally, physically, and emotionally-draining ordeal. Insider granted them anonymity to speak candidly on the details of the insurrection, while MPD has barred its officers from talking publicly about the attack, as part of an oral history of the January 6 attack. This interview has been condensed for brevity and clarity. Insider: What's the first thing you remember about that morning? Metropolitan Police officer: Throwing all of our gear into the vans. There was just a standard briefing. "This is what we got coming. This is what we expect." Most of the day was just people walking by saying, "Hello we support you." And "We're not like Antifa." And I'm like, yeah, yeah. If you really supported us, you'd just go home.When Trump's speech ended people just started marching towards the Capitol. We thought nothing of it. We didn't have the big picture. We start hearing things come over the radio. People yelling about how there was an angry crowd starting to form at the Capitol. So we got ordered to collect ourselves in a nearby location, pick up our gear and get over there.Insider: Does that mean armor, batons, big guns, and all that?Metropolitan Police officer: No. We just put on, essentially, football helmets and gear. Like extra padding. And we started making our way to the Capitol.We started to notice dense crowds in front of the place. And people started yelling at us. "Cowards! Traitors!" And people were saying "We're here for you. We're here to support you. But you're not supporting us!" Then somebody got a little aggressive and the shoving started. Trump supporters clash with police and security forces as they storm the US Capitol in Washington, DC on January 6, 2021.Olivier Douliery/AFP via Getty'I felt the line start to collapse'People are yelling and screaming. Trying to grab those bicycle rack-looking things that had been used as barriers. People were starting to get pepper-sprayed. And it was starting to slowly ratchet up towards real-life violence. We try to reason with one or two of them. But at this point it just kind of goes out the window. There's no real talking to these people. They were there on a mission to make themselves known. And it was mostly white men. Probably 28 to 50 was the average age. During that time, I had to come off the line like four or five times. Probably because I got misted with pepper spray. There was a bunch of Capitol Police officers who weren't in riot gear, and they were running back and forth from inside the building carrying bottles of water. And we were just dousing our eyes. So it was just like you'd fall out, you'd go back, you'd fall out, and you'd go back. Just trying to keep everything going. Finally, on like the last time that I pulled back, I realized, you know, I got this gas mask on my side here. I should just put this on. That would be a great idea. That's what happens when you get a second to think. As I start to put it on, I see smoke. A second later, it comes flying by me. You get that sweet metallic taste of tear gas in your throat and you know, it's done.  At that point, I felt the line start to collapse. It really looked like you were looking at an old-fashioned battlefield. We're right in front of that little tunnel where the president walks out to give the inauguration speech. And I'm looking out at this crowd and I'm just like, "Oh, shit. That's a lot of pissed off people." And it didn't register directly, but you could just feel it. We were surrounded. There was going to be no way to retreat from this. It was then the order was given for us to pull back inside the building. And I was one of maybe the last 10 to go back inside. And for a moment there, we got to take a breath. Next thing you know, we start hearing pounding. And I'm like, "No, this is the Capitol building. They've got, like, bulletproof glass or shatterproof glass or something like that." Then I start hearing cracking sounds. And then one of the lieutenants was yelling, trying to give us a pep talk. "We're not going to lose the US Capitol today." But no one can hear them above the craziness. And I heard someone yell, "I need a riot shield at the front."So I grabbed one of the heavy-duty, thick, plastic, Capitol Police riot shields lined up along the edge of the wall inside the hallway that you know, people must have just put down or abandoned. So we went forward.A window at the US Capitol building broken during the 6 January 2021 siege by supporters of US President Donald Trump.Photo by Dmitry KirsanovbackslashTASS via Getty ImagesShattered glassI hear the glass shatter and I see somebody step in. And then more people start coming in. And we're sitting there with our shields, next to each other. Four guys on the front line with our shields, trying to hold these people back. And I yell something like, "Get the fuck out of here!" And they're smacking the officers. I got pushed in between the door frame, the wall, and the metal detector. Then guys wearing tactical gear start mixing in or standing on top of one another, smacking people with their batons and stuff like that. You had people wearing body armor and balaclavas over their faces. You had people wearing t-shirts. People wearing just normal everyday clothes. —Scott MacFarlane (@MacFarlaneNews) October 26, 2021 So you had people mixed in the crowd who were trying to be decent. They were out there to yell and get their point across. But they weren't trying to hurt anybody. At the same time, they were there on federal property. It just makes them less guilty than the ones that were being violent.There were all sorts of makeshift weapons. A lot of it was PVC pipe. Some flagpoles. There was homemade bear spray. There was regular bear spray. Some of the stuff had been taken from us. They were ripping our shields away from us. It was like guerilla warfare. One of our leaders yelled to stop using pepper spray because all it was going to do was get the rest of us messed up. During that time we had people asking us if we needed to take a break. Everybody was like, 'We're not taking a break. We're not quitting." Insider: Were you just running on adrenaline at this point? Metropolitan Police officer: Oh, yeah. I was gassed out within 10 minutes. Literally just standing there being pushed from behind, and pushing the people in front of you, and pushing the crowd. Ten minutes of that and you're pretty much done. It just doesn't register anymore. You're tired. But everybody else is tired, too. I took a break for like 3 minutes. And then a lieutenant came by and said, "Hey, I know you guys are tired but we need you back on the line. It's getting rough again." Police use tear gas around Capitol building where pro-Trump supporters riot and breached security on January 6, 2021.Photo by Lev Radin/Pacific Press/LightRocket via Getty Images'You couldn't breathe' They had plenty of fresh bodies. We didn't. So we would tucker them out. Or spray them. And they would pull off. Next thing you know, we had more protesters, rioters, insurrectionists in front of us. At one point, I'm next to my squad sergeant and I can see his face. It was beet red. I told one of the officers that he needed to get off the line because I could see that he was almost looking like he was drowsy. You know, he was just getting burned out.I know we had an officer who was struggling in a lot of pain. We kind of made a V so that the people in the center could trade out, and people could move forward and take his spot. At that point, someone threw a smoke grenade. I was looking for it on the ground, trying to put it out. By the time I had moved all the trash and debris around, the smoke grenade just burned away. It was so densely packed you couldn't move your arms around. You couldn't breathe. —Scott MacFarlane (@MacFarlaneNews) October 26, 2021 I heard some of the protesters yelling, "Hey, I can't breathe." And all I'm thinking is, "Then why the fuck are you here?" I know a lot of people said in the news that, you know, we could have been more forceful, more violent. I went the entire summer of the George Floyd riots, the Black Lives Matter protests without hitting a single person. I used more force that day than I'd used in the previous year. If we had gone lethal, that crowd would have gone from just hostile to murderous. There were a couple thousand people in the crowd. We were just an obstacle in their path. Near the end of my time in that tunnel, I was yelling, "Where the hell's the National Guard?" All I know is we're all tired as hell, but we're still holding. I don't know if you know how gas masks work, but ours have just one air filter on the left side. Somebody pushed up against me. And that mask filter got pushed up against the inside of my chin. It's like putting your head in a sealed container and trying to breathe. There's no air in there. It's a panic moment. I managed to get my right hand out from between me and another person, and I ripped my mask off. No sooner do I do that — like literally, 3 seconds later — I see this stream of white liquid, almost like a Super Soaker, come out of the dark and hit me right in the face. I knew I was done at that point. Because it was just pain. It was bear spray.  I had to close my eyes and I yelled to the guys around me, "I can't see, I can't see." I was out of commission. This was burning hellfire. It's like having a first-degree burn on your face and then sticking your head in an oven. I couldn't see a damn thing. Capitol Police officers receive medical attention after clashes with the pro-Trump mob that breached security and attacked them on, January 6, 2021.Photo By Tom Williams/CQ-Roll Call, Inc via Getty ImagesBattered police officers just staring off into spaceSomeone escorted me up to the Crypt. And we were all just sitting there. Like after a football game. Where all the players are just sitting in the locker room, just staring off into space. I remember walking around. I went up to the Senate and was taking pictures. I took some pictures of the offices and I could see all the damage on the inside of the building. I had to keep moving, because every time I stopped, I would start sweating. Every time you start sweating, it reactivates the OC spray, so I've got to keep the air flowing over my face. Otherwise, it just keeps burning. I heard that they had cleared out the west side. So I went out to go see. I could see Virginia state police, Maryland police, a couple of other law enforcement agencies, you know, moving through the Capitol in SWAT formation. I was like, "Thank you, guys. Thank you for coming. Thanks for backing us up." I started to see the National Guard. Then I went out and I saw the aftermath. There's debris everywhere. There was lighter fluid on the ground. I spotted someone's pants. And on the belt loop was a large Buck knife. There's just trash everywhere. And intermixed between it was baseball bats. Billy clubs. Backpacks full of first aid kits. Just a bunch of Amazon tactical gear. These guys had gotten all their gear off of Amazon. Back inside, I saw some janitors walking around, already cleaning up. I saw some Capitol Hill maintenance workers already doing measurements for the broken doors and the glass. Like they were kicked into overdrive. The grounds had literally just been cleared. Then we all formed up in a line and just started talking to our supervisors. They had us answering if we were injured. If we had used force. And I'm like, "Yeah, I might have whacked a couple of people with my baton." Some guy said, "I punched somebody in the face." We had to report all of that so that it could be investigated later on. Police officers look at the mess left after the January 6 attack on the Capitol.Photo acquired by Insider.Continued health effects from January chemicalsInsider: Did you get punched? Metropolitan Police officer: No, I didn't. But I saw plenty of guys get hit with things. Essentially, even if we weren't injured, we were walking wounded. I call it the OC hangover. Literally, your whole body is drained and aches after being exposed to OC and CS gas. You see, CS gas isn't really a gas. It's more like a powder that becomes aerosolized. And that's all over everything that we own — to this day.  Whenever I have to put on our riot gear, I still get reactivation from the OC or the CS gas. You'll hear guys, to this day, sneezing in the locker room because they were putting on their gear and there was still residual CS powder on it. I remember, as we were leaving the Capitol, anybody who was like, injured-injured got into another van and went straight to the hospital. I know my sergeant had a concussion. Another officer fucked up his knee and didn't come back until like a month or two ago. Another sergeant literally, like the fingernail on his finger got ripped off, or something like that. And they put duct tape on it and he had to go to the hospital. After that, we drove our vans to the DC Convention Center. We parked underneath the overpass where the two parts of the convention center are linked. The fire department came by and just hosed down all of our gear. To this day, I'm still getting burned from stuff on it.We didn't get out until really late. They still had us on standby because they don't know if they still need you. So, I think we were on for like 18 hours at that point.Insider: Did you ever get a chance to call your family?Metropolitan Police officer: When I stepped away I sent my mom a text message saying, "Bad. But safe." And she was like "WTF?"I only had enough time to call one person. So I called my wife. I told her that, you know, "It's rough out here. They're trying to overrun the Capitol. But I'm okay. Can you call my mom and let her know I'm okay?"It was the craziest situation I've ever been in. This story was first published on October 27, 2021, as part of Insider's oral history on the January 6 Capitol attack with accounts from 34 people. Read other related stories here.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 4th, 2022

Cathie Wood Is Playing With Fire

Cathie Wood Is Playing With Fire Submitted by QTR's Fringe Finance If you read Cathie Wood’s letter on December 17, 2021 and were excited to invest because it suggested that Wood was assuring investors in her ARKK fund a 40% compounded annual return, you already need to realign your expectations. Wood has updated her now infamous December 17, 2021 blog post/standup comedy skit in which she argued that “innovation stocks” were in “deep value territory” and in which she estimated specifically that their “flagship strategy” could deliver "a 40% compound annual rate of return during the next five years”. Cathie Wood’s December 17, 2021 Letter, via Wayback Machine If you invested in the hours after that letter, based on Wood’s statements, it would be a great time to revisit the letter as it stands today. The same section of the letter now reads: Cathie Wood’s December 17, 2021 Letter, as it stands today The change is explained in a footnote where Wood says it didn’t apply to “any particular product or fund”, despite the fact that she references their “flagship strategy” in the first example: In addition, the newer version of the letter has realigned Wood’s expectations from “40%” to “30-40%” and has added a lot of qualifier language, not the least of which is directing the return expectation away from their “flagship strategy” and onto - well, some vague benchmark of ARK Invest, in general. What could have possibly changed in your investment outlook in 48 hours that would result in such a massive 10% delta, compounded annually, that you had just days prior? Cathie Wood’s December 17, 2021 Letter, as it stands todayIn other words, in 48 hours, Wood has gone from an expectation of 40% from her “flagship” fund to a 30-40% expectation of her “strategies broadly”. Did something profound happen in markets? Or, are you just throwing shit to the wall and checking to see what sticks? Surely these numbers aren’t coming out of thin air - right Cathie? I chose not to place today’s article behind a paywall because I believe it to be for the good of the cause. If you enjoy the content, I’d love to have you as a subscriber and am offering 20% off as a holiday sale: Get 20% off forever I mean, there’s something to be said about active managers who admit they are underperforming instead of simply making excuses for their poor performance before doubling down. The former is behavior that I see as congruent with a responsible capital manager. The latter is behavior I associate with the pissed off old men who used to spend their days at the Turf Club/Off Track Betting before coming into the Irish pub I used to work at to guzzle $1 mugs of Budweiser and prattle on about how they missed a $0.10 superfecta by one horse, and how they’re certain next Saturday they’ll have the winner. In fact, I remember years ago, both David Einhorn and Bill Ackman penning hedge fund letters while they were underperforming. Both managers basically threw their hands in the air, apologizing profusely to their limited partners and attempting to humbly take responsibility for their less-than-stellar performance without hiding behind excuses. “Over the past three years, our results have been far worse than we could have imagined, and it’s been a bull market to boot,” Einhorn wrote back in Q2 2018. “Yes, we have made some obvious mistakes – the worst of which was not assessing that SunEdison was a fraud in 2015 – but there have been others,” his letter said. “Right now the market is telling us we are wrong, wrong, wrong about nearly everything,” he wrote. Einhorn and Ackman (Photo: CNBC)Ackman, after falling 6% on the year following two years of double digit losses, wrote in an investor letter around the same time in 2018: “It is much worse to generate losses for shareholders who are relying on our efforts for their needs. You can be assured that we are working very hard to deliver the results that you expect from us." “While the overall record is satisfactory for early investors, it has been disappointing for PSH investors who invested in recent years,” Ackman acknowledged in 2018. I remember reading these letters at the time and thinking to myself: what else is there left to say? At some point, when your fund is taking on water or your strategies aren’t working, you have to suck it up and serve up the cold hard truth. Once the damage has already been done, excuses - and as I’ll note today - rosy sounding promises for the future are meaningless. In fact, they can add insult to injury. And let’s just get it out there: I have been a strident critic of Cathie Wood over the last few months, writing about her ARKK innovation fund numerous times. The Tesla And ARK Saga Keeps Getting Weirder Cathie Wood’s Sweet Superficial Success It’s not because I wake up every day obsessing about ARKK, it’s because Wood keeps making headlines, and I find her and her ilk to be somewhat of a bizarre psychological symptom of what has gone terrible wrong with capital markets over the last decade. It’s not like I just started being critical of Wood for no reason. I have been quietly confused and befuddled about stock selections she has made over the course of years. To me, it appears Wood wishes to have her hand in almost every bloated IPO (Robinhood, Coinbase), every trendy over-valued Covid play (Teledoc, Zoom) and even companies that have been accused of wrongdoing and don’t even have steady revenue streams yet (Workhorse). Photo: CMCMarkets.comShe harps on the prowess of her analysts and her team’s ability to model out situations and scenarios, yet I can’t fathom her investment decisions reflecting any type of modeling, let alone simply cracking open a couple of Form 10-Ks and reading them. The “models” she has released publicly have drawn intense scrutiny. But it has only been recently that I have started to write down my thoughts about why investors may want to exercise caution while investing with Wood. As of the morning of December 21, 2021, pre-market, ARKK is -23.9% for the year while the NASDAQ is up 16.2%. Yet, instead of taking to media and humbly admitting that she has under performed, Wood seems hell-bent on “doubling down” on her strategies. As a reminder, Wood’s double-speak and optimistic projects come during an environment where I believe tech stocks are set to crash heading into 2022. You can read about that here: Why We Could Be Staring Down The Barrel of A Catastrophic NASDAQ Crash And Not Even Know It I also believe the market in general is going to continue to be volatile heading through the Holidays, the New Year and into 2022: It's The Taper, Stupid! If the luster wears out for ARKK names or we see a tech wreck, as I have predicted might happen, there’s no doubt that Wood’s “Innovation Fund” will wind up facing more volatility, possibly disproportionately. Investors should be aware of this before clinging to whatever promise Wood has edited her investor letter to contain this hour. It’s not bothersome that Wood made her equity selection the way she did. After all, one way or another, they led to her “success”. Far be it for me to not give credit where it is due. But now, it appears she’s clinging to this strategy is a tapering environment instead of reassessing it. That, I believe, could be a mistake. Even worse than the claims in her letter changing is the fact that she has made similar claims before and is rarely challenged by the financial media, who instead is content sniffing Wood’s throne. Source: CNBCHave things been “spectacular” for ARKK this year? In fact, one could argue that a lot of Wood’s success (inflows) hasn’t just come from the everything bubble increasing in value, but also from endless appearances in media. Let us just remember over the next couple of years, while supposedly entering into a period of Fed hawkishness, who has enabled Wood. In other words, if Wood doesn’t perform up to the 30-40% compounded rate of return she has touted, not only should investors hold her feet to the fire, they should also blame those in the financial media that listened to Wood pontificate about why the world’s worst stocks were “deep value” with a straight face, and without losing their lunch on live TV. -- As always, Zerohedge readers get a 20% discount to my blog at any time, that lasts forever, by clicking here: Get 20% off forever Disclaimer: I own ARKK, QQQ, IWM, TSLA puts. I may add any name mentioned in this article and sell any name mentioned in this piece at any time. None of this is a solicitation to buy or sell securities. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I get shit wrong a lot.  Tyler Durden Tue, 12/21/2021 - 09:00.....»»

Category: blogSource: zerohedgeDec 21st, 2021

Transcript: Maureen Farrell

     The transcript from this week’s, MiB: Maureen Farrell on the Cult of We is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   RITHOLTZ: This… Read More The post Transcript: Maureen Farrell appeared first on The Big Picture.      The transcript from this week’s, MiB: Maureen Farrell on the Cult of We is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   RITHOLTZ: This week on the podcast, I have a special guest. Her name is Maureen Farrell, and she is the co-author of the book, “The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion.” I read this book a couple of weeks ago and just plowed through it. It’s a lot of fun. Everything you think about WeWork is actually even crazier, and more insane, and more delusional than you would’ve guessed. All the venture capitalists and — and big investors not really doing the appropriate due diligence, relying on each other, and nobody really looking at the numbers, which kind of revealed that this was a giant money-losing, fast-growing startup that really was a real estate play pretending to be a tech play. You know, tech gets one sort of multiple, real estate gets a much lower multiple, and Neumann was able to convince a lot of people that this was a tech startup and, therefore, worthy of, you know, $1 billion and then multibillion-dollar valuation. It’s fascinating the — it’s deeply, deeply reported. There is just an incredible series of vignettes, and stories, and reveals that they’re just shocking what Neumann and company were able to — to fob off on their investors. Everything from ridiculous self-dealing to crazy valuations, to lackluster due diligence, and then just the craziest most egregious golden parachute in the history of corporate America. I found the book to be just fascinating and as well as my conversation with Maureen. So, with no further ado, my conversation with Maureen Farrell, co-author of “The Cult of We.” VOICE-OVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: My special guest this week is Maureen Farrell. She is the co-author of a new book, “The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion.” The book has been nominated for a Financial Times/McKinsey Business Book of the Year Award. Previously, she worked at the Wall Street Journal since 2013. Currently, she is a reporter, investigative reporter for The New York Times. Maureen Farrell, welcome to Bloomberg. FARRELL: Thank you so much for having me. RITHOLTZ: So, let’s start a little bit with your background and history. You — you covered capital markets and IPOs at the Wall Street Journal. What led you and your co-author Eliot Brown to this story because this was really a venture capital and a startup story for most of the 2010s, right? FARRELL: Exactly. And for me, personally, I was covering the IPO market and — and capital markets the sort of explosion of private capital. So, I was looking at WeWork from both angles, basically, you know, in the small cohort of the most interesting companies that were going to go public, along with Uber, Airbnb, Lyft. And it was also part of this group that had raised more capital than anyone ever before. I was looking at SoftBank and its vision fund a lot. And then — I mean, take within this cohort, there were some pretty interesting companies, but I mean, just along the way kept on hearing, you know, Adam Neumann stood out. That’s like a little bit of a different entrepreneur that the — the stories you would just hear over time just became more and more interesting a little and vain. RITHOLTZ: So when did you decide, hey, this is more than just a recurring series of — of articles? When did you say this is a book? We have to write a book about this? FARRELL: So, we were — around August 2019, by then we were writing more and more about the company as it was clear that it was, you know, made it known that it was going to go public. Suddenly, it’s S-1, the — the regulatory documents you file publicly to go public were out there, and they were completely bonkers. They sort of captivated, I think, the imagination of the business reading public. But then over the next few weeks, WeWork was on its way to finally doing this IPO. And my co-author Eliot and I who had been cover — he had covering the company long before me. He’s a real estate. He had been covering them since 2013, then he was out in San Francisco covering venture capital. And it just became the most insane story either one of us had ever reported, like day by day there’s a playbook for IPOs. And they — you know, things are different, but they sort of follow a formula and nothing was making sense. And it just was getting more and more insane until this IPO was eventually called off. And Adam Neumann, the founder and CEO was pushed out of the company for all sorts of crazy things that were given to. RITHOLTZ: So, we’re going to — we’re going to spend a lot of time talking about that. But you hinted at something I — I have to mention. Your co-author covered real estate. Hey, I was told WeWork was a tech startup, and an A.I. company, and everything else but a real estate arbitrage play. How did they manage to convince so many people that they weren’t a Regis. The CEO of Regis very famously said, “How was what they do any different than what we do?” FARRELL: Well, they tried to convince Eliot Brown, my co-author, of the same thing. He — he had heard about Adam Neumann and his company. He started seeing the valuation. Back then I think it was $1 billion, $1.5 billion, and he was … RITHOLTZ: Right. When that became a unicorn, suddenly it was like, “Wait, this is just a real estate play.” FARRELL: Exactly. And he was covering other commercial real estate companies like Regis. And he had followed them and he was like, “Wait, they only have a couple of locations even still at that point.” So, he went in to meet Adam Neumann for the first time, and he’s got great stories. But as part of it, Adam was like really horrified. He was, you know, very nice, his charming self, but also saying, “Hey, you’re a real estate reporter … RITHOLTZ: Right. FARRELL: … for the Wall Street Journal. You’re the last person who should be covering this company. Do you have someone who covers like community companies?” RITHOLTZ: Right. FARRELL: And Eliot said, “No, and I’ll be following you from here on out.” RITHOLTZ: We’ll — we’ll talk about community-adjusted EBITDA a little later also. But — but let’s talk about the genesis of this because Neumann and his partner McKelvey had a — a legit business Greendesk, the — was the predecessor to WeWork. It was sold. I don’t know what the dollar amount was. Was that ever disclosed? FARRELL: Ah. RITHOLTZ: But — but it was not — nothing. It was real. And the two of them rolled that money plus a third partner who is also — Joel Schreiber is a real estate developer in New York, not coincidently. And in 2010, they launched WeWork with the first site in SoHo. So why is this real estate assign long-term leases and sell shorter-term leases at a significant markup? How is this not possibly a real estate concern? How? What was — what was the argument they were making to people that, “Hey, we’re a tech company and we deserve tech company valuations.” FARRELL: Sure. So exactly as you said, they have this Brooklyn business that was the genesis of WeWork. It was — it had a lot of that business, and it was what they took to make WeWork. It has a lot of innovation to it in terms of architecturally the aesthetic of it. I mean, we probably all have been to WeWork. They’re just — they’re beautiful buildings. RITHOLTZ: Funky, fun … FARRELL: Yeah. RITHOLTZ: … open … FARRELL: Light coming through … RITHOLTZ: … with a beer tap and lots of glass. FARRELL: … we had light streaming through the windows. You put — you pack people very close together. So, something they started in Brooklyn, it took off, but then their — the landlord there didn’t want to grow it, so they — they split up, they moved on. Adam and his — his co-founder Miguel McKelvey. And from the very beginning, the idea was something so much bigger. They say they created — they like sketched out something and it was like essentially WeWorld. It would be, you know, schools, and apartments, and this whole universe of we. But basically, as you said, I mean, throughout for the most part, it was this like arbitrage building, arbitrage company in terms of getting long-term leases and splitting it up. RITHOLTZ: All right. So, by 2014, they have a pretty substantial investor list, J.P. Morgan Chase, T. Rowe Price, Wellington, Goldman, Harvard Endowment, Benchmark Capital, Mort Zuckerman. Was this still a rational investment in 2014 or when did things kind of go off the rails? FARRELL: By then it still seemed like the valuation was really getting ahead of itself, and it was very much predicated on this idea that you said being a tech company. And I mean, at Adam Neumann’s genius was in marketing and fund raising. And what he had the ability to do really each step of the way and it’s — it’s masterful was sort of take — take the zeitgeist, like the big business idea of the moment that was captivating investors and put that on top of WeWork. So, he’s very into — a little bit before this like sort of acquainting it to Facebook. You know, Facebook was the social network. This is like a social network in person. RITHOLTZ: In real life, right. FARRELL: In — yeah, real life social network. And he didn’t manage to kind of convince people bit by bit. I mean, it’s interesting, Benchmark, you know, as you know, is like one of the top … RITHOLTZ: Legit — right, top shelf V.C., absolutely. FARRELL: Yeah, that’s been some — behind some of the biggest tech companies. RITHOLTZ: Bill Gurley, Uber, go down the list of just incredible … FARRELL: Snap. RITHOLTZ: … yeah, amazing. FARRELL: eBay. Yeah, they’ve had — through — for decades, they’ve been behind some of the biggest companies. So, they were willing to take a gamble on them, and then they saw red flags, but just decided to jump in anyway. But for Benchmark, I mean, we see and they ultimately — they get in at such a low valuation, it’s … RITHOLTZ: Doesn’t matter. FARRELL: … exactly like — you know, they want their homeruns. And I mean, it’s still — they still ultimately got out at a pretty good — really incredible return, but it’s … RITHOLTZ: Right, $600 million to $10 billion, something like that, something (inaudible). FARRELL: Yeah, something like that. RITHOLTZ: So — so just to clarify because I — I’m — I’m going to be trashing WeWork for the next hour, but this wasn’t a Theranos situation or a Bernie Madoff, this is not an issue of fraud or anything illegal or unlawful. Fees just were insane valuations. Somebody did a great job selling investors on the potential for WeWork, and it didn’t work out. FARRELL: I’m glad you brought that up because a lot of people do ask about the differences and the parallels between Elizabeth Holmes and Adam Neumann. And I — I mean, I almost think the story, in some ways, is more interesting. I mean, the Theranos story is, obviously, the craziest and — and horrifying in so many ways. But with Adam Neumann, on the margins, there are questions about, you know, some of them (inaudible). RITHOLTZ: They’re self-dealing and there’s some — a lot of avarice. And he just cashed out way, way early, so you could criticize his behavior. But, you know, you end up with the VCs and the outside investors either looking the other way or turning a blind eye. It’s not like the stuff wasn’t disclosed or anything, he was very out front. No, I need — I need a private jet because we’re opening up WeWorks in China and in 100 other countries, and I have to join around the world. FARRELL: Yeah, and maybe you (inaudible) thing. RITHOLTZ: Now, you need a $65 million (inaudible) is a different question. But, you know, there — they didn’t hide this. They were like proud of it. FARRELL: No, and I think it is every step of the way, you see. I mean, the investors and these were some of the most sophisticated investors in the world and some of the — you know, they are thought of as the smartest investors. They saw the numbers that WeWork was putting forth and they were real, real numbers. They also saw their projections and the projections were mythical, and they never quite reached them. But you could see, if you are going to invest in any round of WeWork, you could see what their prior projections were, how they failed to hit them. But instead, the thing that we saw time and time again to this point was, very often, Adam Neumann would meet the head of an investment company, whether it’s Benchmark or SoftBank or T. Rowe Price, like the — the main decision-maker totally captivate this person. You know, it’s usually a man. The man would become kind of smitten with Adam and all his ideas and what he was going to do, totally believing it. The underlings would look at the numbers, raise all these red flags, point them out. And then the decision-maker would say … RITHOLTZ: Do it anyway. FARRELL: … yeah, he’s amazing. (COMMERCIAL BREAK) RITHOLTZ: So I want to talk about the rapid rise of WeWork and their — their really fast growth path, but I have to ask, what sort of access did you have to the main characters in the book? Were people forthcoming? I have to imagine there were some people who had grudges and were happy to speak. What — what about the — some of the original founders, Adam and his wife Rebekah? Who — who did you have access to? FARRELL: Sure. So, you know, in the interest of privacy, I can’t get into specifics. But what I will say, the interesting thing was, I mean, when we really got access for hours and hours to the vast majority of players at every step of the way in this book. And the — one of the funny things was, I mean, the pandemic really started right as Eliot and I took book leave. We started a book leave in late February 2020. And we had both planned to sort of be and all around the world, meeting people in person. Eliot had moved to New York to meet a lot of the players in person. Obviously, the world shut down and, you know, was kind of nervous about what that would mean in terms of conversations. And the funny thing was I think people are home, bored, feeling pretty reflective. So, there are a number of people that said … RITHOLTZ: What the hell. FARRELL: … I didn’t know if I wanted to talk to you and … RITHOLTZ: But what the hell. FARRELL: … these — some of these people I probably had like 10 conversations … RITHOLTZ: Really? FARRELL: … for hours with. RITHOLTZ: And — and there are 40 something pages of endnotes. It’s — I’m not suggesting that this isn’t deeply researched because a lot of these conversations that you report on like you’re fly on the wall. Clearly, it can only be one of two or three people. So, it looks like you had a ton of access to a lot of senior people and I guess, we’ll just leave it at that. So — so let’s talk about that early rise in the beginning. They were really ramping up very rapidly. I mean, you could see how somebody interested in investing in a potential unicorn in 2012, ’13, ’14 coming out of the financial crisis. Hey, the idea of all these startups just leaving a little bit of space and not a long-term lease, it looks very attractive. It looks like, hey, you could put WeWorks wherever there’s a tech community, and they should do really well there. FARRELL: Yeah, there — and it was — the marketing was — it was very viral at that point. It was, you know, people would tell their friends about it, and they would fill up very rapidly. And they were building more and more. I mean — and this is one of the — you know, as part of the genius of Adam Neumann was, you know, he was telling people from day one they were really struggling to even secure the lease on the first building. And he was like, oh, we’re going to be global, we’re going to be international. He would set these goals of how many buildings they would open and people internally, and even investors, would say, “Oh, this is impossible.” RITHOLTZ: Right. FARRELL: And he would — and he would hit that. He kept on sort of defying gravity, defying disbelief or questions. So, the growth was incredible and they were filling them up. We could talk about, you know, the lack of the cost of doing so. RITHOLTZ: Right. They — they were paying double to — to real estate agents when everybody else was paying. They were going to competitors and saying, “We’re going to reach out to your tenants, and we’re going to offer them free rent for a year.” I mean, they were really sharp elbowed and very aggressive. FARRELL: Especially as time went on. We did find that there is one year we got all their financials. We — you know, we got our hands on a vast trove of documents, but there was one year — I think it was 2011 — that they, I think, made $2 million in profit. RITHOLTZ: Wow. FARRELL: We were — we were kind of shocked to see that. We don’t think they had ever made a profit. And then from there, they did not, and the billions and billions just added up in terms of losses. RITHOLTZ: So — so the rapid rise, we — we mentioned, they peaked in 2019 at more than $47 billion. Neumann recently did a interview with your fellow Times correspondent Adam (sic) Ross Sorkin, and he was somewhat contrite. He — he had admitted that all the venture money and all the high valuations had — went to his head, quote, “You lose focus on really the core of the business and why the business is meant to be that way. It had a corrosive effect on my thinking.” That’s kind of a surprising admission from him. FARRELL: It was. Yeah, I mean, his mea culpa is very interesting. And I mean, one of the things that people said along the way was, you know, the — the higher the valuation, the more out of touch she became. I mean, he — he had a narcissist. And I don’t know what you want to call it, but … RITHOLTZ: Socio-pathological narcissistic personality disorder? I’m just — I’m not a psychologist, I’m just guessing, or a really successful salesman/CEO. There’s like a thin line between the two sometimes, it seems. FARRELL: And some of it — I mean, it seems insane. It was like, oh, he thought of himself in this like same — like with along with world leaders, but world leaders were really sort of … RITHOLTZ: Tailing him. FARRELL: … really wanted to meet him. RITHOLTZ: Yeah. FARRELL: Yeah. And he was like — we have a scene in the book that he was debating whether or not he was going to cancel on Theresa May because he had promised his wife that he would teach a class on entrepreneurship to their new school, so it was like a few of their kids and a few of their kids’ friends were in the school. RITHOLTZ: Right. FARRELL: And they’re about five years old, five or six. And he had promised — and his wife … RITHOLTZ: Prime Minister, a five-year-old, that’s it. So, when you talk about losing touch with reality, some of the M&A that the startup did. Wavegarden or wave machine was a — like a surf wave machine, meetup.com, Conductor, they ended up dumping these for a fraction of what they paid for them. But what’s the thought process we’re going to become a technology conglomerate? I don’t — I don’t really follow the thinking other than will it be fun to have a wave machine at our buildings, like what’s the rationale there? FARRELL: OK. So, there were — there were two parts to that, and part of it was like it was the world was Adam Neumann’s playground, and he loves surfing, and he thought that — you know, that he found out this company has wave-making mission. They would make waves. So, him and his team went to Spain to surf on them and test them out, but he could basically convince his board, in general … RITHOLTZ: Right. FARRELL: … who had to approve these that anything made sense, whether it’s the jet, the wave pool company or friends of his. I mean, Laird Hamilton, the famous surfer … RITHOLTZ: Right. FARRELL: … was a friend of his. They invested like in his coffee creamer company. But then the second — so it was so many unseen investments that I really didn’t necessarily make any sense. But then on the other side, one of the things that we thought was interesting, he had this deal with Masa who — Masayoshi Son. He’s the CEO of SoftBank, became WeWork’s biggest investor, biggest enabler, you might say. RITHOLTZ: Yeah. FARRELL: And one of the — they were going to do this huge deal that would have actually kept WeWork private forever. It never came to pass, and that’s why it was sort of the beginning of the end when this deal fell apart. But as part of it, a lot of the deal is predicated on growing revenue. So, Adam also became obsessed with acquisitions like whatever they could possibly do to add more revenue to the company. I mean, he was talking about buying Sweet Cream, and he had like got pretty far along in the salad company … RITHOLTZ: Yeah, amazing. FARRELL: … in conversations with them. So, it was this idea of like let’s just throw in anything, we have money, and let’s just grow our top line. Who cares about anything else? RITHOLTZ: Let’s talk about Rebekah Neumann. She was Adam Neumann’s wife. What — what what’s her role in WeWork? How important was she? FARRELL: Her role is just so fascinating throughout. So, I mean, he — he met her right as he was starting Greendesk. And I think she just sort of opened his eyes. She’d grown up very wealthy. She’s Gwyneth Paltrow’s cousin. She had always ties to Hollywood. She gave him a loan early on, a high interest loan, I think even after they were married that we report about in the book. But as time went on, she — she really want a career in Hollywood, decides to — at one point, she — she was trying to be an actress and she tells someone that she’s done with Hollywood. She’s producing babies now. They’ve gone on to have six kids. But she sort of always kind of dabbled in the company, and they retroactively made her a co-founder. RITHOLTZ: Right, she wasn’t there from day one. It was only later she got pretty active. FARRELL: Yeah, she told people like giving tours early on that she help pick out the coffee in the — in the early WeWorks. But — so she became more active, but she was sort of jumped in and out. And it was by the — one of the things that she had a big focus on their kids were growing up, she didn’t really like their choices of private or public schools, so she decided to start — she helmed sort of the education initiative that’s something … RITHOLTZ: And she was deeply qualified for this because she — she was a certified yoga instructor, right? FARRELL: Yeah, she had been. RITHOLTZ: And — and I know she went to Cornell, which is certainly a good school. What bona fide does she bring to technology, real estate, education, like I’m trying to figure it out. And in the book, you don’t really go into any details that she’s qualified to do any of these things. FARRELL: I mean, especially with — with education, it’s like she didn’t — she want this — essentially she wanted a school for her children, and she wanted very specific things in that school. And once again, they decided that that would be the next like frontier for WeWork. They’re always adding different things. But no one really — then they let them do this. They started this school in New York in the headquarters, and they were going to teach the next-generation of entrepreneurs. And … RITHOLTZ: Right. FARRELL: … I mean, they — one of the things — I mean, it was the education arm more than — as much or more than other parts of it is just so tragic because they had a lot of money. She’s — she, like Adam, can just speak like — speak so — like eloquently and with this vision. So, she attracted all these very talented teachers. She sort of wooed them from the schools that they were in before and told them that they were going to start this, you know, new enterprise and change education forever. And it’s just really devolved so quickly. It became very like kind of petty. I mean, if you pull so they have PTSD from her like obsession with like the rugs like … RITHOLTZ: Right, just … FARRELL: … it was a Montessori-type school. And yeah, she obsessed over like the color of white of the rugs and made them like send back 20 rugs. RITHOLTZ: What was the most shocking thing you found out about him or her or both? FARRELL: So, one — one of these was — I mean, there is a lot of the — their personal lives, as we said, whether it was a school or other — other things where their kids are educated in, just the way in which the personal entanglements, you know, small and huge levels, but I’ll give two examples. I mean, one of the things that people said in the school, so within the WeWork headquarters was a whole … RITHOLTZ: Right. FARRELL: … floor and it’s beautiful if you see pictures of it, like it just this – like really incredible school. RITHOLTZ: Money was no object. FARRELL: Yeah. And they had Bjarke Ingels, this famous architect designed the school. And — but they basically, on Friday nights, would have dinners with their friends there. And according to many people would — the team would come in Monday morning … RITHOLTZ: It’d be a disaster. FARRELL: … it will be a complete … RITHOLTZ: Right. FARRELL: … disaster. So, it was like really on so many levels like everything was their personal … RITHOLTZ: So, entitled. FARRELL: Yeah. And the second thing that really shocked us was she was very — she had a lot of kind of like phobias around like health and wellness. And she says — I mean, she had a — a real tragedy in her family. Her brother died from cancer, and so she was always — she’s very focused on and she said it as much in podcasts and things. But she was very fixated on 5G. And she’s worried about vaccines for their kids. And — but the 5G of like what that could do for — you know, these signals. She wouldn’t let them have printers on the floor, like any printers on — wireless printers on the floor of the school. But there is a — they bought this … RITHOLTZ: Can you — can you even by 5G printers today? What — what was the … FARRELL: Oh, no, it’s a wireless. RITHOLTZ: … yeah, just Wi-Fi? FARRELL: Yeah, the wireless like freaked her out, so the teachers of that are like run up and downstairs to just print everything. It seems ridiculous. But the 5G towers, there was one, either being built or built right near there, across the Beam Park. RITHOLTZ: (Inaudible) City Park. FARRELL: Yeah, right nearby. So, she was so obsessed with it. She didn’t want to move in there. They had bought like six apartments in this building that she — the CFO — this is around the time they’re preparing for the IPO. I used to work at Time Warner Cable, who is the CFO of Time Warner Cable. So, she said, “Can you, Artie Minson, help us get rid of the 5G tower and have it moved?” And basically, he deputized another aide who used to work for Cuomo and worked for Governor Christie, the — both former governors. And they — like that was something they — they actually worked on. So, the — yeah, that interplay was just kind of insane. RITHOLTZ: Seems rational. There was a Vanity Fair article, “How Rebekah Neumann Put the Woo-Woo in WeWork,” and — and what you’re describing very much is — is along the lines of that. I’ve seen Neumann described as a visionary, as a crackpot, as — as a grifter, but he thinks he’s going to become the world’s first trillionaire, and — and WeWork the first $10 trillion company. Is — is any realistic scenario where that happens or is he just completely delusional? FARRELL: I mean, it seems insane and like he seems completely delusional, but he had a lot of people going along with him, including the man with one of the biggest checkbooks in the world who is Masayoshi Son, the CEO and Founder of SoftBank, who had just — I mean, the timing of the story, it’s like there’s so many things that happened at the first enrollment. RITHOLTZ: Saudi Arabia wanting to diversify, giving a ton of money. You — you call Son the enabler-in-chief. He — he put more than $10 billion of capital showered on — on to WeWork. How much do you blame Son for all of this mayhem at least in the last couple of years of WeWork’s run as a private company? FARRELL: It seems like he was the main — you know, the main person kind of pushing all of this. And when you talk to a lot of people around Adam, they just said they were just such a dicey match like that Adam was crazy to begin with. Everyone thought that. You know, it can go both ways, but … RITHOLTZ: Yeah, but people drank the Kool-Aid. It — it reminded me — you don’t mention Steve Jobs in the book, but very much the reality distortion field that Jobs was famous for, I very much got the sense Neumann was creating something like that. How did he get everybody to drink the Kool-Aid? Was he just that charismatic and that good of a salesman? FARRELL: I think so. And it was just he could talk about things and make you feel like the reality was there, this reality of distortion field. He was — he was masterful in that. Yet the thing that he did was he always found new pots of money … RITHOLTZ: Right. FARRELL: … all over the world. I mean, it was the time — it was the time when the private capital markets were getting deeper and deeper, the Fidelitys and the T. Rowe that like normally kind of sober mutual funds … RITHOLTZ: Right. FARRELL: … were jumping into startups. And they — they were — we call one of the chapters FOMO. It was like the … RITHOLTZ: Right. FARRELL: … fun FOMO. They were fearful of missing out on the next big thing. So that we’re sort of in this climate where there is an appetite to go after, to just take a chance for the chance of getting the next like maybe not trillion-dollar company, maybe no one but him and Masa believe that, the next big thing. RITHOLTZ: But the next 100X — right. And that’s really — you know, it’s always interesting when you see these stayed, old mutual fund companies that have literally no experience in venture capital or tech startups, but happy to plow into it because they — they — they want to be part of it. And maybe that’s how we end up with community-adjusted EBITDA. Can — can you explain to us what that phrase means? I don’t even know what else to call it. FARRELL: Sure. So WeWork was losing every — every step of the way. They were growing revenue more than doubling it. You know, they’re expanding all around the world. And with that, they were losing just as much, if not more every single year than they were taking in. So, they had this brilliant idea, really a lot stemming from the CFO and Adam Neumann love the CFO’s creation. His name is Artie Minson, the CFO. And it was this idea that you essentially strip out a lot of the costs of kind of creating all the — building out all the WeWorks and, you know, marketing and opening up new buildings. You strip it out, and then you’re suddenly a profitable company. It’s like the magic. RITHOLTZ: Wait, let me — let me make sure I understand this. So, if you eliminate the cost of generating that profit, you suddenly become profitable. How come nobody else thought of this sooner? It seems like a genius idea. FARRELL: Oh. RITHOLTZ: Just don’t — it’s profits, expenses. It’s fantastic. FARRELL: And the — the conviction with which certain people inside, especially on the finance team, believe this. I mean, they were saying throughout that like, oh, we will be a profitable company if we — the idea was if we just stop growing, we could be profitable right now. We take in more per building. (COMMERCIAL BREAK) FARRELL: Then we spend on it. But, you know, that never was the case. RITHOLTZ: So, let’s stick with the delusion concept. We talked about WeGrow, and we talked about WeLive a little bit, crazy stuff. What made this guy think he can help colonize Mars? Right, you’re laughing. You wrote it yourself, and it’s still funny. FARRELL: It is still … RITHOLTZ: By the way, I found a lot of the book very amusing, like very dry, like you guys didn’t try and crack jokes. But clearly, a lot of the stuff was just so insane. You read it, you start to laugh out loud. FARRELL: I’m — I’m glad to hear that because I think that we would joke that like every day. I mean, we’re in different places writing it. We are on calls constantly, and we would call each other. And it was often multiple times a day we would call each other and say, “You will never ever believe what I just heard.” And we would crack up, and we — we had a lot of fun writing it because it’s just — it was — the truth of the story was like more insane than … RITHOLTZ: Right. FARRELL: … anything we could have made up ever. RITHOLTZ: That’s the joke that, you know, the difference between truth and — and fiction is fiction has to make sense, and truth is under no such obligation. So, let’s talk about Neumann colonizing Mars. FARRELL: Yeah. RITHOLTZ: I mean, was that a serious thing or was he just, you know, on one of his insane (inaudible) and everybody comes along? FARRELL: There — there — speaking of fine lines, I mean, he just — I think he — he started to believe more and more of like these delusions. And so, I think he really did, and yeah, he got this — he secured a meeting with Elon Musk, and he – Elon Musk — he always — Adam was always late to every meeting, would make people wait for hours, like even like the bankers in the IPO would just sit around. There’ll be rooms of like dozens of people waiting for Adam, and he’d show up like two hours late. But Elon Musk made him wait for this meeting. They sat and sat and sat, and then he told Elon Musk that getting — that he thought — like building a community on Mars is what he would do and he would help him with. And he said, you know, “Getting — getting to Mars is the easy part. Building a community is the hard part.” RITHOLTZ: Right. Because, you know, it’s very hard to get those beer taps to work in a … FARRELL: Yeah. RITHOLTZ: … low-gravity, zero atmosphere environment. It’s a challenge, only WeWork could accomplish that. FARRELL: The – the fruit water. RITHOLTZ: Right. So — so I want to talk about the IPO, but before I get to that, I — I have to ask about the corporate offsites, the summer camp, which were described as three-day global summits of drinking and drug consumption. It was like a Woodstock event, not like a corporate retreat. How did these come about? FARRELL: So, Adam would say that he never — he grew up in Israel and he moved to the U.S. He lived for a little while the U.S., but move later in life. So, you said he never got to go to American summer camp, so he was going to recreate summer — American summer camp literally. They started at his wife’s family’s had a summer camp in upstate New York. That’s where they started. They just got bigger and bigger, eventually going to England and taking over this like huge like field — this huge estate there and bringing every single member of the company flying them from all over the world. RITHOLTZ: And there were thousands of employees? FARRELL: Thousands upon thousands, and the cost was unbelievable of every piece of it. I mean, every year, they just got bigger and bigger. I mean, the flew at the height of his fame not that he’s far off of it, but Lin-Manuel Miranda like, at the height of Hamilton, they flew him on a private jet. He — he performed on stage. The Roots came, and — and they would pay these people like … RITHOLTZ: Million dollars, right. FARRELL: … a million dollars, yeah. So, the money is no object. RITHOLTZ: That’s a good gig for an afternoon. FARRELL: Yeah, exactly. And they were — you know, especially at the beginning, it was like a younger group of people, in general. And — I mean, these — these were crazy. There’s tons of alcohol sanctioned by the company, handed out by the company. Drugs were in — you know, in supply not handed out by the company, but they were everywhere and … RITHOLTZ: And he talks about drugs. He says, “Well, we — it’s not really drugs, just, you know … FARRELL: He — so yeah, I think it — it got to a point and it was also mandatory to come to these events. So, I mean, the — they were … RITHOLTZ: And they were like meetings where there are shots, everybody has to do shots. FARRELL: Yeah. RITHOLTZ: This — this wasn’t just at these retreats, like hard partying was pretty common throughout the company or anywhere Neumann seemed to have touched. When — when he was there, everybody was expected to step-up and — and party hard. FARRELL: Including the investors. I mean, you’d walk into the office at 10 A.M., according to so many different people. And he’d insist on taking tequila shots with you in the morning in his office. And … RITHOLTZ: You didn’t have a shot before this? You — don’t you … FARRELL: Right. RITHOLTZ: … isn’t that — isn’t how every meeting begins? FARRELL: The breakfast … RITHOLTZ: Right? FARRELL: … of champions. RITHOLTZ: That’s — that’s right. So — so I got the sense from the book that they always seemed to be on the edge of running out of money, and they would always find another source, but it was all leading towards the IPO, but the S-1 one filing, the disclosures that go with an IPO filing, that seemed to be that they’re undoing the — the public just — investing public just torn apart. FARRELL: Exactly. I mean, the interesting piece of that, as you said, it was there’s always a new pool of capital like just when he thought that he was going to have to go public. And the board — and the board — I mean, one of the things we found time and time again was the board would say, you know, he’s really like crazy, things are getting out of hand. But like we won’t say no to him, but eventually he’s going to have to go public. This was back in like 2016-2017. RITHOLTZ: Right. FARRELL: We thought he was going to run out of money, the only place to go because they’re burning so much cash with the public markets. And the public markets will take care of it, which — that kind of floored us each step of the way. But yes, as you said, he — he — he knew how to captivate on — in one-on-one or bigger meetings to convince you of this future to tell you we always describe him kind of as a magician and think of him like this, like don’t look here, look here, like the sleight of hand. He could — then this S-1 came out. It was a regulatory document. You have to follow rules. RITHOLTZ: There’s no sleight of hand in S-1 filing. FARRELL: No, like you have to see. And people suddenly saw the — the broad public the revenue, the losses of a lot, not even all of these, you know, the questionable corporate governance, I mean, the — the … RITHOLTZ: The self-dealing. FARRELL: … the self-dealing, only pieces of that were even in it because the jet wasn’t in the S-1. They didn’t have to disclose it. The — and the interesting thing about this, I think there’s always like this distinction that people try to make between like, oh, the smart money and the dumb money. And it’s like the smart money is like the Fidelitys and the T. Rowes, and the SoftBanks. And then the dumb money, you know, it’s like — or the, you know, the average retail investor. And so, it’s just so interesting that like he — he captivated the — the quote-unquote, “smart money.” And then the minute this was all made public, everything was there, the world saw it and just said like what is — like this is insane. RITHOLTZ: I’m nursing a pet theory that it was Twitter that demolished him because people just had a — I remember the day of this filing, Twitter just blew up with — like a — a million people are taking an S-1 apart sentence by sentence and the most outrageous things bubbled up to the top of Twitter. And it was very clear that they were dead in the water. There was going to be no IPO, and the dreams of these crazy valuations seemed to crash and burn with the — the IPO filing, which — which kind of raises a question about, you know, how was all of this corporate governance so amiss. All the self-dealings that were allowed, so my — my favorite one was he personally trademarked the word We and then charged the company $6 million to use it. Again, he — he’s given these sort of crazy disclosure explanations. Hey, I’m only allowed to say this. But it seems he bought a bunch of buildings in order to flip them to WeWork at a profit. I don’t understand how the board — we mentioned Theranos — here’s the parallel. How did the board tolerate just the most egregious, avarice, lack of interest in the company and only enrichment of oneself? How does the board of directors tolerate that? FARRELL: I know that was — I think, if anything, from this whole story that just floored us was exactly that this board, I mean, it was a — it was a real like heavy-hitting board of directors. They’re not — and all financial people as opposed to Theranos, you know, it was like people who didn’t really know … RITHOLTZ: Politics and generals, and … FARRELL: Yeah. RITHOLTZ: … secretaries of states, right? It was a — and a lot of elderly men who were smitten with her. I mean, like men in — what was Kissinger on the board? He was 90 something. FARRELL: Yeah. RITHOLTZ: So — so with this though, the other thing that’s shocking is, you know, most founders of a successful company, they live a — a reasonably comfortable lifestyle, but the thought process is, hey, one day we’ll go public and my gravy train will come in, and I’ll have a — a high, you know, eight, nine, 10-figure net worth. Early in this time line, he was paying himself cashing out stock worth tens of millions, in some cases, hundreds of millions of dollars way, way early in — in — the company was five years old and he was worth a couple 100 million liquid, and god knows how much on paper. Again, how — how does the board allow that to take place? FARRELL: Yeah, that was — and a board, investors kind of signing off on this were jumping into it, I mean, seeing that he’s going to sell a lot of stock each round. I mean, now there does seem to be a shift and it’s kind of a scary one that this is like more private companies, the founders are selling more and more. But back then, you didn’t really see this very much. And one of the things I find very interesting is he was very much following the Travis Kalanick that — for Uber CEO’s playbook, and literally like following it that like going after the same investors, going around the world. Travis had raised more money than anyone before. Travis, every step of the way, made a huge point of, “I’m all-in. I’m never selling any stock” … RITHOLTZ: Right. FARRELL: … until he was kicked out of the company basically. So, Adam followed his playbook, but each step of the way was — said he took money out and was like prepare about it. RITHOLTZ: I mean, he was very wealthy for a — a scrappy startup founder, 14, 15, 16. You would think, hey, he’s — maybe he’s making a decent living, but not hundreds of millions of dollars, it’s kind of amazing. FARRELL: Or like having many, many, many houses. RITHOLTZ: Right. FARRELL: And they were like he didn’t hide the way in which he was living, having houses all over the world, jet setting all over the world. You know, and, in fact, he almost like, you know, wanted everyone to know that was part of his like a lure. RITHOLTZ: So, when the IPO filing in 2019, when — when that blows up, it seems to have a real impact on Silicon Valley for a while. Suddenly, high-spending, fast-growing, profitless companies looked bad, and now we’re back to we want profit growth and revenue, but that really didn’t last all that long, did it? FARRELL: No, it was unbelievable. I mean, we also — Eliot and I joked that we rewrote the epilogue like five times because, at first, we wrote it saying like this is the fallout. RITHOLTZ: Oh, look at the impact, right. FARRELL: Yeah, and it was — I mean, Masayoshi Son had his own mea culpa like, you know, I believe in Adam, I shouldn’t have, I made mistakes. But also, I want my companies to be profitable now … RITHOLTZ: Right. FARRELL: … like I’m going to invest in these companies or the companies have invested already, they should be profitable. IPO investors, public market investors were totally spooled by money-losing companies. Then — you know, then came the pandemic, then came the Fed pumping money into the system. And then, you know, now, in some ways, it’s like, wow, WeWork always like made — generated revenue and losses. It’s like now today we have Rivian … RITHOLTZ: Right, Rivian and … FARRELL: … pre-revenue … RITHOLTZ: … Lucid and, you know, it’s all potential. Maybe it works out, maybe Amazon buys 100,000 trucks from them, but that’s kind of — that’s a possibility. And, you know, more — more than just the Fed, you had the CARES Act, you had a ton of money flow into the system, but it doesn’t necessarily flow to venture-funded outfits, it’s just a lot of cash sloshing around. Is that — is that a fair statement? FARRELL: Oh, completely. RITHOLTZ: So how quickly were the lessons of WeWork forgotten? FARRELL: Incredibly quickly. I mean, it felt like it had — it like it changed everything for a few months. I mean, the other part of it was Masayoshi Son had — had raised a $100 billion fund, biggest fund ever to invest in tech companies. He was literally about to close his second fund. It was … RITHOLTZ: $108 billion, right? FARRELL: Yeah, another $100 billion fund to just go and like pour into companies. RITHOLTZ: More, right. FARRELL: And then I mean, we’ve heard from all these people who are out meeting sovereign wealth funds, Saudi Arabia, and they were just like every meeting, it was like what about WeWork. And, you know, one of the things we’ve heard was he was pushing for it to just go public, you know, or to — or not to — to not go public because he didn’t want to take the mark. He didn’t want to make … RITHOLTZ: Right. FARRELL: … all of this public. And we have a scene in the book about this that Masa tries to tell him to call off the IPO and tried to force his hand, and Adam is kind of like … RITHOLTZ: Confuses. FARRELL: Yeah. RITHOLTZ: Right. It’s — it’s — it’s really quite — it’s really quite astounding that we end up with — what did he burn through, $20 billion, $30 billion? FARRELL: More than $10 billion, I think. RITHOLTZ: Wow. FARRELL: Yeah. RITHOLTZ: That — that’s a lot of cash. FARRELL: Towards him essentially. RITHOLTZ: So — so here’s the curveball question to ask you. So, you’re now a business reporter at the Times. WeWork obviously isn’t the only company led by an eccentric leader. What are you reporting on now? What’s the next potential WeWork out there? FARRELL: You know, I’m — I’m just getting started. This is just a couple of weeks in, but — so it’s — I don’t quite know what the next WeWork is. I almost feel like there’s a lot of mini WeWorks out there, whether it’s — you know, the company is in the SPAC market. Some of these unicorns, I mean, there’s so many — so many red flags around these companies like I was saying before like if founders taking money out very early and, you know, investors are not really caring and just wanting to get into them, getting these massive packages — pay packages, compensation. So, I think there’s — there’s so many different places to look. I don’t get the sense that there’s one company now that’s sort of — of size of Adam Neumann. I think there are just a lot of many ones. I mean, he was a pretty like captivating and just insane in so many — larger than life in so many ways. But I have no doubt we’re going to find one of them fairly soon. There’ll be more. RITHOLTZ: And — and what do you think the future holds for Adam Neumann himself? He — we — we have to talk about the golden parachute, so not only does SoftBank refinance a couple hundred million dollars in loans that he has outstanding, they give him $183 million package and essentially purchased $1 billion of his stock, so he leaves WeWork as a billionaire. FARRELL: Yeah, it was — I mean, it was just an incredible thing. And I mean, then he got this pay package that they agreed to as part of the bailout. I mean, WeWork, once the IPO was called off, was on the verge of bankruptcy. They were going to run out of money in a couple of months so they had to do this very quickly. They were laid off thousands upon thousands of people. But basically, as part of the negotiations to get Adam Neumann to give up his super voting shares, these potent shares that would have let him continue to keep control of the company to do that, they struck this pay package. And I mean, it’s kind of interesting when we talk about the power founders right now that it wasn’t a wakeup call for Silicon Valley to be more wary of giving this power to founders, like when you saw the price tag that Adam Neumann extracted the cost of pushing out a founder who’s kind of a disastrous founder at some point. RITHOLTZ: Yeah. I — I remember reading that and thinking Son played it terribly. He could’ve said, “Hey, listen, I got $100 billion worth of other investments. If I take a $10 billion write-down, it’ll hurt, but I still have plenty of other money. If this goes belly up, you’re broke, you’re a disaster except I’ll give you $50 million or else you’re just impoverished. Good luck finding the lawsuits for the rest of your life.” That would have been the play, but he didn’t — I guess, it was the other second fund he didn’t want to put at risk. Why — why didn’t he hardball Neumann because I thought Son had all the leverage in that negotiation? FARRELL: That was one of the — like the enduring mysteries, I think, of this whole story because all the things you said are right, plus Adam had taken out so much money in terms. He had so much lent against his stock at $47 billion. I mean … RITHOLTZ: Right. FARRELL: … J.P. Morgan, UBS, Credit Suisse, they have lent him hundreds of millions of dollars, and he would have gotten to default. He like didn’t necessarily have the liquidity to pay back everything … RITHOLTZ: Right. FARRELL: … he had borrowed. So, it was — I mean, it’s kind of amazing in terms of his negotiating skills that Masa and SoftBank. It was led by Marcelo Claure who’s now the WeWork Executive Chairman. They blinked first. RITHOLTZ: Right. FARRELL: They gave Adam a lot. And I totally agree with you, one of the things I’ve heard it was just like the interest of time. They just wanted it done $10 billion or whatever. It doesn’t mean that much. They want to just keep on moving, keep on … RITHOLTZ: Right. FARRELL: … spending, not distract too much and just get this done, but it’s crazy. I mean, the … RITHOLTZ: So … FARRELL: … the time value of money … RITHOLTZ: … could be the greatest golden parachute in the history of corporate America. I mean, I — I’m hard pressed to think of anybody who, on the way out of a — a failing company, and it was a failing company at that moment, squeeze more money out of — out of their board. FARRELL: And just to say, I mean, Andrew Ross Sorkin at — in this first big interview with Adam that he gave was — I mean, Adam defended it in different ways. I mean, Andrew very much pushed him on like why that was okay and … RITHOLTZ: Very aggressively. FARRELL: Yeah. RITHOLTZ: That was early November. And he was sort of contrite and, you know, a little shifty, but for the most part surprisingly transparent. I was — when I was prepping for this, I watched this and, you know, you could see how he constructs that, you know, reality distortion field. But there was definitely more humility than we have seen previously. I don’t want to say humble, but just closer on that spectrum. Clearly, he wants to have a future in — in business, and he needs to offer a few mea culpas of his own. FARRELL: It does feel like this is the first step on the come back toward … RITHOLTZ: Yeah. FARRELL: … Adam Neumann. RITHOLTZ: I think that’s going to be a pretty big uphill battle. That’s going to be quite the Kilimanjaro to — to — to mount given what a debacle … FARRELL: The interesting thing just so in terms of his next step is I — I agree with you, there’s an uphill battle in terms of maybe getting people to — to give him money, but he now has a lot of money and from … RITHOLTZ: Family office, yeah. FARRELL: Exactly. Anecdotally, it sounds like a lot of people are very happy to take his money. So, to begin, that’s, you know, he’s seeding a lot of things that you — who knows where they’re going to go. RITHOLTZ: Interesting. So, I only have you for a limited amount of time. Let me jump to our favorite questions we ask all of our guests starting with, you spend a lot of time researching and writing during the lockdown. Did you have any time to stream anything on Netflix or Amazon Prime? FARRELL: There — I mean, there’s still a lot of like downtime. I — I probably watched not much. You know, there — there was downtime, and I did have a few shows that were … RITHOLTZ: Give us one or two favorites. FARRELL: … Little Fires Everywhere. I really liked Never Have I Ever. RITHOLTZ: I just started watching the last week, it’s quite charming. FARRELL: Yeah, it’s really good. RITHOLTZ: Anything Mindy Kaling does is quite amusing. FARRELL: She is amazing. Schitt’s Creek, we got through the whole — that was with my favorite pandemic. RITHOLTZ: So, the — the funny thing about that is the first episode, too, were like – it’s like — it’s like succession. You don’t like any of these people. The difference being in Schitt’s Creek, you quickly start to warm up to them and they start to reveal their own path to rehabilitation of — of themselves. FARRELL: It just gets better like ever — and then it’s so devastating at the end. RITHOLTZ: So, it was really great, right? That – that was one of my favorites. Let’s talk about your mentors, who helped shape your career as a business journalist. FARRELL: I guess, my earliest mentor as a journalist, in general, was in college, I’d always thought about journalism, and I got an internship with then, I think, a septuagenarian journalist. He — his name was Gabe Pressman. I grew up in New York. He was an NBC … RITHOLTZ: Sure. FARRELL: … journalist. This is sort of the political head honcho of local journalism. I worked for him for a summer. He was in his, I think, late 70s. And he was just the most energetic, passionate journalist I’ve ever met. He was still like chasing after mayors, grilling them. It was — with the Senate race it was Hillary in the Senate race. And it was like the most fun summer I’ve ever had and seeing his energy. And — and he — he passed away a few years ago, but literally, he started blogging into his 90s. And he would joke. He would say, “You know, my wife really wants me to like take a step back and work and teach at Columbia Journalism School,” where he had gone. And he was like, “I’m just not ready like, at some point, like scale back, and he never really did. So, he — I would say he was my first mentor. Just seeing like that, it is the most fun job in the world. He just was seeing that day in and day out. RITHOLTZ: Let’s talk about books. What are some of your favorites and — and what are you reading right now? FARRELL: Sure. I’ll start, you know, I always wish I read more fiction, but it’s like I always get pulled in, especially the business, genre. RITHOLTZ: Sure. FARRELL: So right at this minute, I’m reading “Trillions” by Robbin Wigglesworth. It’s really good. It’s about like index funds, sort of I’m learning a lot from it, the rise of Vanguard. RITHOLTZ: He was my guest last week just so you know … FARRELL: Oh, awesome. RITHOLTZ: … or two weeks ago. FARRELL: I’m midway through, but I’m, yeah, learning … RITHOLTZ: Really interesting. FARRELL: … a ton from it. I just read Anderson Cooper’s book about the Vanderbilts. It’s — I thought it was really great and it’s so interesting. You know, he talks — it starts like the Gilded Age. And you just see so many like eerie and kind of parallels between our age right now and just like the level of like wealth creation and what it leads to. So, I really enjoyed that. I read — this is a little bit dated, but “Say Nothing” by Patrick Radden Keefe. It’s about the troubles in Northern Ireland. It is — I mean, it’s — it’s very sad, but I — and it’s pretty long, and I just could not put it down. It’s … RITHOLTZ: Really? FARRELL: … so great. Yeah, I can’t recommend that one highly enough. RITHOLTZ: Quite, quite interesting. What sort of advice would you give to a recent college grad who was interested in a career in either journalism or — or business? FARRELL: In terms of journalism, I would just say jump in. I mean, it’s such a — as opposed to business, I felt like when I graduated from college, you know, so many people had jobs that they were going to make, you know, a decent amount of money. And with the journalism, you just have to find your way in and a lot of its internships. And it just — the path is hard. There’s no straight line. So, I would just say for journalism, it really helps to just jump into the first job you can get. Work really hard in it. And you just always have to keep — there’s no straight line, but jump and learn from it, meet people, find your mentors everywhere you go, and just keep going. You learn so much on the job. I went to Journalism School at Columbia. It was a super fun year, but it’s like within two days of working as a journalist, you just learn so much you can never learn in school. RITHOLTZ: And our final question, what do you know about the world of IPOs, capital market, business journalism today that you didn’t know 15, 20 years ago when you were first starting out? FARRELL: Okay. What I think have learned and probably the most in writing this book is you think people are rational players, and you think that titans of business are supposed to behave in sort of a rational way, and that these, you know, these checkmarks, these — like a T. Rowe Price or something or Fidelity that they’re going to do a certain amount of work looking at things. And I think the level of irrationality in business of just relationships of people, sort of not necessarily making rational decisions and just going with their gut and going with the people they like, I think, are cool like that that overrides a lot of things. I think it’s just so much less rational than you think it would be. And sometimes the things that are on their face seem really crazy and insane, maybe are. RITHOLTZ: Quite, quite fascinating. We have been speaking with Maureen Farrell. She is the co-author of “The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion.” If you enjoyed this conversation, well, be sure to check out any of our previous 400 interviews. You can find those at iTunes, Spotify, wherever your podcasts from. We love your comments, feedback, and suggestions. Write to us at mibpodcast@bloomberg.net. Follow me on Twitter @ritholtz. You can sign up for my daily reads at ritholtz.com. I would be remiss if I did not thank the team that helps put together these conversations each week. Charlie Vollmer is my Audio Engineer. Atika Valbrun is our Project Manager. Michael Batnick is my Director of Research. Paris Wald is my Producer. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio.   ~~~   The post Transcript: Maureen Farrell appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureDec 15th, 2021

Transcript: Edwin Conway

   The transcript from this week’s, MiB: Edwin Conway, BlackRock Alternative Investors, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS:… Read More The post Transcript: Edwin Conway appeared first on The Big Picture.    The transcript from this week’s, MiB: Edwin Conway, BlackRock Alternative Investors, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, man, I have an extra special guest. Edwin Conway runs all of alternatives for BlackRocks. His title is Global Head of Alternative Investors and he covers everything from structured credit to real estate hedge funds to you name it. The group runs over $300 billion and he has been a driving force into making this a substantial portion of Blackrock’s $9 trillion in total assets. The opportunity set that exists for alternatives even for a firm like Blackrock that specializes in public markets is potentially huge and Blackrock wants a big piece of it. I found this conversation to be absolutely fascinating and I think you will also. So with no further ado, my conversation with Blackrock’s Head of Alternatives, Edwin Conway. MALE VOICEOVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: My extra special guest this week is Edwin Conway. He is the Global Head of Blackrock’s Alternative Investors which runs about $300 billion in assets. He is a team of over 1,100 professionals to help him manage those assets. Blackrock’s Global alternatives include businesses that cover real estate infrastructure, hedge funds private equity, and credit. He is a senior managing director for BlackRock. Edwin Conway, welcome to Bloomberg. EDWIN CONWAY, GLOBAL HEAD OF ALTERNATIVE INVESTORS, BLACKROCK: Barry, thank you for having me. RITHOLTZ: So, you’ve been in the financial services industry for a long time. You were at Credit Suisse and Blackstone and now you’re at BlackRock. Tell us what the process was like breaking into the industry? CONWAY: It’s an interesting on, Barry. I grew up in a very small town in the middle of Ireland. And the breakthrough to the industry was one of more coincident as opposed to purpose. I enjoyed the game of rugby for many years and through an introduction while at the University, in University College Dublin in Ireland, had a chance to play rugby at a quite a – quite a decent level and get to know people that were across the industry. It was really through and internship and the suggestion, I’ve given my focus on business and financing things that the financial services sector may be a great place to traverse and get to know. And literally through rugby connections, been part of a good school, I had an opportunity to really understand what the service sector, in many respects, could provide to clients and became absolutely intrigued with it. And what – was it my primary ambition in life to be in the financial services sector? I can definitively say no, but through the circumstance of a game that I love to play and be part of, I was introduced to, through an internship, and actually fell in love with it. RITHOLTZ: Quite interesting. And alternative investments at Blackrock almost seems like a contradiction in terms. Most of us tend to think of Blackrock as the giant $9 trillion public markets firm best known for ETFs and indices. Alternatives seems to be one of the fastest-growing groups within the firm. This was $50 billion just a few years ago, it’s now over 300 billion. How has this become such a fast-growing part of BlackRock? CONWAY: When you look at the various facets which you introduced at the start, Barry, we’ve actually been an alternatives – will be of 30 years now. Now, the scale, as you know, which you can operate on the beta side of business, far surpasses that on the alpha side. For us, throughout the years, this was very much about how can we deliver investment excellence to our clients and performance? Therefore, going an opportunity somewhere else to explore an alpha opportunity in alternatives. And I think being so connected to our clients understanding, that this pivots was absolutely taking place at only 30 years ago but in a very pronounced way today, you know, we continue to invest in this business to support those ambitions. They’re clearly seeing this as the world of going through a tremendous amount of transformation and with some of the challenges, quite frankly, in the traditional asset classes, being able to leverage at BlackRock, the Blackrock muscle to really explore these alpha opportunities across the various alternative asset classes that in our mind wasn’t imperative. And the imperative, really, is from the firm’s perspective and if you look at our purpose, it’s to serve the client. So the need was coming from them. The necessity to have alternatives and their whole portfolio was very – was very much growing in prominence. And it’s taken us 30 years to build this journey and I think, Barry, quite frankly, we’re far from being done. As you look at the industry, the demand is going to continue to grow. So, I think you could expect to see from us a continued investment in the space because we don’t believe you can live without alternatives in today’s world. RITHOLTZ: That’s really – that’s really interesting. So let’s dive a little deeper into the product strategy for alternatives which you are responsible for at BlackRock. Our audiences is filled with potential investors. Tell them a little bit about what that strategy is. CONWAY: So we’re – I think as you mentioned, we’re in excess of 300 billion today and when we started this business, it was less about building a moat around private equity or real estate. I think Larry Fink’s and Rob Kapito’s vision was how do we build a platform to allow us to be relevant to our clients across the various alternative asset classes but also within the – within the confines of what they are permitted to do on a year-by-year basis. So, to always be relevant irrespective of where they are in their journey from respect of liabilities, demand for liquidity, demand for returns, so we took a different approach. I think, Barry, to most, it was around how do we scale into the business across, like you said, real estate equity and debt, infrastructure equity and debt. I mean, we think of that as the real assets platform of our business. Then you take our private equity capabilities both in primary investing, secondary et cetera, and then you have private credits and a very significant hedge fund platforms. So we think all of these have a real role and depending on clients liquidities and risk appetite, our goal was, to over the years, really build in to this to allow ourselves for this challenging needs that our clients have. I think as an industry, right, and over the many years alternatives have been in existence, this is been about return enhancement initially. I think, fundamentally, the changes around the receptivity to the role of alternatives in a client’s portfolio has really changed. So, we’ve watched it, Barry, from this is we’re in the pursuit of a very total return or absolute return type of an objective to now resilience in our portfolio, yield an income. And so things that probably weren’t perceived as valuable in the past because the traditional asset classes were playing a more profound role, alternatives have stepped up in – in many respects in the need to provide more than just total return. So, we’re taking the approach of how do you have a more holistic approach to this? How do we really build a global multi-alternatives capability and try to partner and I think that’s the important work for us. Try to partner with our clients in a way that we can deliver that outperformance but delivered in a way that probably our clients haven’t been used to in this industry before. Because unfortunately, as we know, it has had its challenges with regard to secrecy, transparency, and so many other aspects. We need to help the industry mature. And really that was our ambition. Put our client’s needs first, build around that and really be relevant in all aspects of what we’re doing or trying to accomplish on behalf of the people that they support and represent. RITHOLTZ: So, we’ll talk a little bit about transparency and secrecy and those sorts of things later. But right now, I have to ask what I guess is kind of an obvious question. This growth that you’ve achieved within Blackrock for nonpublic asset allocation within a portfolio, what is this coming at expense of? Are these dollars that are being moved from public assets into private assets or you just competing with other private investors? CONWAY: It’s really both. What – what you are seeing from our clients – if I take a step back, today, the institutional client community and you think about the – the retirement conundrum we’re all facing around the world. It’s such an awful challenge when you think how ill-prepared people are for that eventual stepping back from the workplace and then you know longevity is your friend, but can also be a very, very difficult thing to obviously live with if you’re not prepared for retirement. The typical pension plan today are allocating about 25 percent to 28 percent in alternatives. Predominantly private market. What they’re telling us is that’s increasing quite substantially going forward. But you know, the funding for that alpha pursue for that diversification and that yield is coming from fixed-income assets. It’s coming from equity assets. So there’s a real rebalancing that’s been taking place over the past number of years. And quite frankly, the evolution, and I think the innovation that’s taken place particularly in the past 10 years, alternatives has been really profound. So the days where you just invest in any global funds still exist. But now you can concentrate your efforts on sector exposure, industry exposures, geographic exposures, and I think the – the menu of things our clients can now have access to has just been so greatly enhanced at and the benefit is that but I think in some – in some respects, Barry, the next question is with all of those choices, how do you build the right portfolio for our client’s needs knowing that each one of our client’s needs are different? So, I would say it absolutely coming from the public side. We’re very thankful. Those that had a multiyear journey with us in the public side are now allocating capital to is now the private side to because I do think the – the industry given that change, given that it evolution and given the complexity of these private assets, our clients are looking to, quite frankly, do more with fewer managers because of the complexion of the industry and complexity that comes with it. RITHOLTZ: Quite – quite interesting. (UNKNOWN): And attention RIA’s. Are your clients asking for crypto? At interactive brokers, advisers can now offer crypto to their clients and you could trade stocks, options, futures currencies, bonds and more from the same platform. Commissions on crypto are just 12-18 basis points with no hidden spreads or markups and there are no ticket charges, custody fees, minimums platform or reporting fees. Learn more at IBKR.com/RIA crypto. RITHOLTZ: And I – it’s pretty easy to see why large institutions might be rotating away from things like treasuries or tips because there’s just no yield there. Are you seeing inflows coming in from the public equity side also? The markets put together a pretty good string of years. CONWAY: Yes. It absolutely has. And many respects, I think, we’ve had a multiyear where there was big questions around the alpha that can be generated, for example, from active equities? The question was active or passive? I think what we’ve all realized is that at times when volatility introduces itself which is frequent even independent of what’s been done from a fiscal and monetary standpoint, that these Alpha speaking strategies on the traditional side still make a lot of sense. And so, as we think about what – what’s happening here, the transition of assets from both passive and active strategies to alternative, it – it’s really to create better balance. It’s not that there’s – there’s a lack of relevance anymore in the public side. It’s just quite frankly the growth of the private asset base has grown so substantially. I moved, Barry, to the U.S. in 1998. And it’s interesting, when you look back at 1998 to today, you start to recognize the equity markets and what was available to invest in. The number of investable opportunities has shrunk by 40 plus percent which that compression is extraordinarily high. But yet you’ve seen, obviously, the equity markets grow in stature and significance and prominence but you’re having more concentration risk with some of the big public entities. The converse is true, though on the – on the private side. There’s this explosion of enterprise and innovation, employment creation, and then I believe opportunities has been real. So, I look at the public side, the investable universe is measured in the thousands and the private side is measured in the millions. RITHOLTZ: Wow. CONWAY: And I think part of the – part of the part of the thing our clients are not struggling with but what we’re really recognizing with – with enterprises staying private for longer, if not forever, and with his growth of the opportunities that open debt and equity in the private market side, you really can’t forgo this opportunity. It has to be part of your going forward concerns and asset allocation. And I think this is why we’re seeing that transformation. And it’s not because equities on fixed income just aren’t relevant anymore. They’re very relevant but they’re relevant now in a total portfolio or a whole portfolio context beside alternatives. RITHOLTZ: So, let’s discuss this opportunity set of alternatives where you guys at Blackrock scene demand what sectors and from what sorts of clients? Is this demand increasing? CONWAY: We’re very fortunate, Barry. Today, there isn’t a single piece of our business within – within Blackrock alternatives that isn’t growing. And quite frankly too, it’s really up to us to deliver on the investment objectives that are set forth for those clients. I think in the back of strong absolute and relative performance, thankfully, our clients look to us to – to help them as – as they think about what they’re doing and as they’re exploring more in the alternatives areas. So, as you know, certainly, the private equity and real estate allocations are quite mature in many of our client’s portfolios but they’ve been around for many decades. I think that the areas where we’re seeing – that’s called an outside demand and opportunity set, just but virtue of the small allocations on a relative basis that exist today is really around infrastructure, Barry, and its around private credits. So, to caveat that, I think all of the areas are certainly growing, and thankfully, for us that’s true. We’re looking at clients who we believe are underinvested, we believe they’re underinvested in those asset classes infrastructure both debt and equity and in private credit. And as you think about why that is, the attributes that they bring to our client is really important and in a world where your correlation and understanding those correlations is important that these are definitely diversifying assets. In a world where you’re seeing trillions of dollars, quite frankly, you’re providing little to no or even there’s negative yield. Those short falls are real and people need yield than need income. These assets tend to provide that. So the diversification, it comes from these assets. The yield can come from these assets and because of the immaturity of the asset classes, independence of the capital is flowing in, we still consider them relatively white space. You’re not crowded out. There’s much room for development in the market and with our client’s portfolios. And to us, that’s exciting because it presents opportunities. So, at the highest level, they’re the areas where I believe are most underdeveloped in our clients. RITHOLTZ: So let’s talk about both of those areas. We’ll talk about structured credit in a few minutes. I think everybody kind of understands what – what that is. What – when you see infrastructure as a sector, how does that show up as an investment are – and obviously, I have infrastructure on the brink because we’re recording this not too long after the giant infrastructure bill has been passed, tell us a little bit about what alternative investments in infrastructure looks like? CONWAY: Yes. It’s really in its infancy and what the underlying investments look like. I think traditionally, you would consider it as – and part of the bill that has just been announced, roads, bridges, airports. Some of these hard assets, some of the core infrastructure investments that have been around for actually some time. The interesting thing is the industry has evolved so much and put the need for infrastructure. It’s so great across both developed and emerging economies. It’s become something that if done the right way, the attributes we just spoke of can really have a very strong effect on our client’s portfolios. So, beyond the core that we just mentioned, well, we’ve seen a tremendous demand as a result of this energy transition. You’re really seeing a spike in activity and the necessity transition industry to cleaner technologies, a movement, not away completely from fossil fuel but integrating new types of clean energy. And as a result, you’ve seen a lot of demand on a global basis for wind and solar. And quite frankly, that’s why even us at BlackRock, albeit, 10-12 years ago, we really established a capability there to help with that transition to think about how do we use these technologies, solar panels, wind farms, to generate clean forms of energy for utilities where in some cases they’re mandated to procure this type of this type of – this type of power. And when you think about pre-contracting with utilities for long duration, that to me spells, Barry, good risk mitigation and management and ability to get access to clean forms of energy that throw off yield that can be very complementary to your traditional asset classes but for very long periods of time. And so, the benefits for us of these – these assets is that they are long in duration, they are yield enhancing, they’re definitely diversifying. And so, for us, where – we’ve got about, let’s call this 280 assets around the world that we’re managing that literally generate this – this clean electricity. I think to give the relevance of how much, I believe today, it’s enough to power the country of Spain. RITHOLTZ: Wow. CONWAY: And that’s really that’s really changing. So you’re seeing governments – so from a policy standpoint, you’re seeing governments really embracing new forms of energy, transitioning out of bunker fuels, for example, you know, burning diesels which really spew omissions into the – into the into the environment. But it’s really around modernizing for the future. So, developed and emerging economies alike, want to retain capital. They want to attract new capital and by having the proper infrastructure to support industry, it’s a really, really important thing. Now, on the back of that too, one things we’ve learned from COVID is that the necessity to really bring e-commerce into how you conduct your business is so important and I think from the theme of digitalization within infrastructure to is a huge part. So, it’s not just the energy transition that you’re seeing, it’s not just roads and bridges, but by allowing businesses to connect to a global consumer, allowing children be educated from home, allowing experiences that expand geographies and boundaries in a digital form is so important not just for commerce but in so many other aspects. And so, you think about cable, fiber optics, if you think about all the other things even outside of power, that enable us to conduct commerce to educate, there are many examples where, Barry, you can build resilience into your portfolio because that need is not measured in years. Actually, the shortfall of capital is measured in the trillions so which means this is – this is a multi-decade opportunity set from our vantage point and one of which our clients should really avail of. RITHOLTZ: Quite interesting. And I mentioned in passing, structured credit, tell us a little bit about what that opportunity looks like. I think of this as a space that is too big for local banks but too small for Wall Street to finance. Is that an oversimplification? What is going on in that space. CONWAY: I probably couldn’t have set it better, Barry. It’s – if we go back to just the even the investable universe, in the tens of thousands of companies, just if we take North America that are private, that have great leadership that really have strategic vision under – at the – in some cases, at the start of their growth lifecycles are even if they maintain, they have a very credible and viable business for the future they still need capital. And you’re absolutely right. With the retreat of the banks from the space to various regulations that have come after the global financial crisis, you’re seeing the asset managers in many respects working behalf of our clients both wealth and institutional becoming the new lenders of choice. And – and when we – when we think about that opportunity set, that is really understanding the client’s desire for risk or something maybe in a lower risk side from middle-market lending or midmarket enterprises where you can support that organization through its growth cycle all the way to some higher-yielding, obviously, with more risk assets on the opportunistic or even the special situations side. But it – it expands many things. And going back of the commentary around the evolution of the space, private credit today and what you can do has changed so profoundly, it expands the liquidity spectrum, it expands the risk spectrum. And the great news is, with the number of companies both here and abroad, the opportunities that is – it’s being enriched every single day. And were certainly seeing, particularly going back to the question are some of these assets coming from the traditional side, the public side. When we think of private credit, you are seeing private credit now been incorporated in fixed-income allocations. This is a – it’s a yelling asset. This is – these are debt instruments, these are structures that we’re creating. We’re trying to flexible and dynamic with these clients. But it really is an area where we think – it really is still at its – at its infancy relevant to where it can potentially be. RITHOLTZ: That’s really quite – quite interesting. (UNKNOWN): It’s Rob Riggle. I’m hosting Season 2 of the iHeart radio podcast, Veterans You Should Know. You may know me as the comedic actor from my work in the Hangover, Stepbrothers or 21 Jump Street. But before Hollywood, I was a United States Marine Corps officer for 23 years. For this Veterans Day, I’ll be sitting down with those who proudly served in the Armed Forces to hear about the lessons they’ve learned, the obstacles they’ve overcome, and the life-changing impact of their service. Through this four-part series, we’ll hear the inspiring journeys of these veterans and how they took those values during their time of service and apply them to transition out of the military and into civilian life. Listen to Veterans You Should Know on the iHeart radio app, Apple Podcast or wherever you get your podcast. RITHOLTZ: Let’s stick with that concept of money rotating away from fixed income. I have to imagine clients are starved for yields. So what are the popular substitutes for this? Is it primarily structured credit? Is it real estate? How do you respond to an institution that says, hey, I’m not getting any sort of realistic coupon on my bonds, I need a substitute? CONWAY: Yes. It’s all of those in many respects. And I think to the role, even around now a time where people have questions around inflation, how do substitute this yield efficiency or certainly make up for that shortfall, how do you think about a world where increasingly seeing inflation, not of the transitory thing it feels certainly quasi-permanent. These are a lot of questions we’re getting. And certainly, real estate is an is important part of how they think about inflation protection, how client think about yield, but quite frankly too, we’ve – we’ve gone through something none of us really had thought about a global pandemic. And as I think about real estate, just how you allocate to the sector, what was very heavily influenced with retail assets, high street, our shopping behaviors and habits have changed. We all occupied offices for obviously many, many years pre the pandemic. The shape of how we operate and how we do that has changed. So, I think some of the underlying investment – investments have changed where you’ve seen heavily weighted towards office space to leisure, travel in the past. Actually, now using a rotation in some respects out of those, just given some of the uncertainties around what the future holds as we come – come through a really difficult time. But the great thing about this sector is between senior living, between student housing, between logistics and so many other parts, there are ways in real estate to capture where there’s – where there’s demand. So still a robust opportunity set and it – and we do think it can absolutely be yield enhancing. We mentioned infrastructure. Even if you think about – and we mention OECD and non-OECD, emerging and developed, when I think about Asia, in particular, just as a subset of the world in which we’re living in, that is a $2.6 trillion alternative market today growing at a 15 percent CAGR. And quite frankly, the old-growth is driven by the large economic growth in the region. So, even from a regional perspective, if we pivot, it houses 57 percent of the world’s population and yet delivers 47 percent of the world’s economic growth. So, think of that and then with regard to infrastructure and goes back to that, this is truly a global phenomenon. So if we just even take that sector, Barry, you’ll realize that the way to maintain that type of growth, to attract capital, to keep capital, it really requires an investment of significant amount of money to be able to sustain that. And when you have 42 million people in a APAC migrating to cities in the year going back to digitalization, that’s an important thing. So, when I say we’re so much at the infancy in infrastructure, I really mean it. It can be water, it can be sewer systems, it can be digital, it can be roads, there’s so much to this. And then even down to the regional perspective, it’s a – it’s a need that doesn’t just exist in the U.S. So, for these assets, this tend to be long in duration. There’s both equity and debt. And on the debt side, quite frankly, very few outside of our insurance clients and their general account are taking advantage of the debt opportunity. And – and as we both know, to finance these projects that are becoming more plentiful every single day, across the world, including like, I said, in APAC in scale, there’s an opportunity in both sides. And I think that’s where the acid mix change happen. It’s recognizing that the attributes of these assets can have a role, the attributes of these assets can potentially replace some of these traditional assets and I think you’re going to see it grow. So, infrastructure to us, it’s really equity and debt. And then on the credit side, like I mentioned, again, too, it’s a very, very big and growing market. And certainly, the biggest area today from our vantage point is middle-market lending from a scale opportunity standpoint. So, we think much more to come in all of those spaces. RITHOLTZ: Really interesting. And let’s just stay with the concept of public versus private. That line is kind of getting blurred and the secondary markets is liquidity coming to, for lack of a better phrase, pre-public equities, tells little bit about that space. Is that an area that is ripe for growth for BlackRock? CONWAY: Yes. We absolutely think it is and you’re absolutely correct. The secondary market is – has grown quite substantial. If you even look at just the private equity secondary market and what will transact this year, I think it will be potentially in excess of 100 billion. And that’s what were clear, not to mention what will be visible and what will be analyzed. And that speaks to me what’s really happening and the innovation that we mentioned earlier. It’s no longer about just primary exposure. It’s secondary exposure. When we see all sort of interest and co-investment opportunities as well, I think the available sources of alpha and the flexibility you can now have, albeit if directed and advised, I believe the right way, Barry, can be very helpful and in the portfolio. So, your pre-IPO, it is a big part of actually what we do and we think about growth equity. There is – it’s a significant amount of capital following that space. Now, from our vantage point, as one of the largest investors in the public equity market and now obviously one of the largest investors and they in the private side, the bridge between – between private to public – there’s a real need. IPOs are not going away. And I think smart, informed capital to help with this journey, this journey is really – is really a necessity and a need. RITHOLTZ: So let’s talk a little bit about this recent restructuring. You are first named Global Head of Blackrock Alternative Investors in April 2019, the entire alternatives business was restructured, tell us a little bit about how that restructuring is going? CONWAY: Continues to go really well, Barry. When you look at the flow of acid from our clients, I think, hopefully, that’s speaks to the performance we’ve been generating. I joined the firm, as you know, albeit, 11 years ago and being very close to the alternative franchise as a critical thing for me and running the institutional platform. To me, when you watched this migration of asset towards alternatives, it was obviously very evident for decades now that this is a critical leg of the stool as our clients are thinking about their portfolios. We’re continuing to innovate. We’re continuing to invest, and thankfully, we’re continuing to deliver strong performance. We’re growing at about high double digits on an annual basis but we’re trying to purposeful too around where that growth is coming from. I think the reality is when you look at the competitive universe, I think the last number I saw, it was about 38,000 alternative asset managers out there today, obviously, coming from hedge funds all the way to private credits and private equity. So, competition is real and I do think the outcomes for our clients are starting to really grow. Unfortunately, some – in some cases, obviously, very good, and in some cases, actually not great. So our focus, Barry, is really much on how can we deliver performance, how can we be a partner? And I think we been rewarded with a trust and the faith our clients have in us because they’re seeing something different, I think, from us. Now, the scale of the business that you mentioned earlier really gives us tentacles into the market that I believe allows us to access what I think is the new alpha which is in many respects, given the heft of competition sourcing and originating new investments is certainly harder but for us, sitting in or having alternative team, sitting in 50 offices around the world, really investing in the markets because that – the market they grew up with and have relationships within, I think this network value that we have is something that’s quite special. And I think in the world that’s becoming increasingly competitive, we’re going to continue to use and harness that network value to pursue opportunities. And thankfully, as a result of the partnership we’ve been pursuing with her clients, like, we’ve – we’re certainly looking for opportunities and investments in our funds. But because of the brand, I think because of the successes, opportunities seeks us as much as we seek opportunity and that has been something that we look at an ongoing basis and feel very privileged to actually have that inbound flow as well. RITHOLTZ: Really quite interesting. There was a quote of yours I found while doing some prep for this conversation that I have to have you expand on. Quote, “The relationship between Blackrock’s alternative capabilities and wealth firms marked a large opportunity for growth in the coming years.” This was back in 2019. So, the first part of the question is, was your expectations correct? Did you – did you see the sort of growth you were hoping for? And more broadly, how large of an opportunity is alternatives, not just for BlackRock but for the entire investment industry? CONWAY: Yes. It’s been very much an institutional opportunity set up until now. And there’s so much to be done, still, to really democratize alternatives and we certainly joke around making alternatives less alternative. Actually, even the nomenclature we use and how we describe it doesn’t kind of make sense anymore. It’s such a core – an important allocation to our clients, Barry, that just calling it alternative seems wrong. Just about the institutional clients. It ranges, I think, as I mentioned on our – some of our more conservative clients which would be pension plans which really have liquidity needs on a monthly basis because of the liabilities they have to think about. At about 25 plus percent in private markets, to endowments, foundations, family offices, going to 50 percent plus. So, it’s a really important part and has been for now many years the institutional client ph communities outcomes. I think the thing that we, as an industry, have to change is alternatives has to be for the many, not for the few. And quite frankly, it’s been for the few. And as we talked about some of the attributes and the important attributes of these asset classes to think that those who have been less fortunate in their careers can’t access, things they can enrich their future retirement outcomes, to me, is a failing. And we have to address that. That comes from regulation changes, it comes from structuring of new products, it comes from education and it comes from this knowledge transmission where clients in the wealth segment can understand the role of alternatives and the context of what can do as they invest in equities and fixed income too. And we think that’s a big shortfall. So, the journey today, just to give you a sense, as we look at her clients in Europe on the wealth side, on average, as you look from what we would call the credited investors all the way through to more ultra-high-net worth individuals, their allocation to alternatives, we believe, stands at around two to three percent of their total portfolio. In the U.S., we believe it stands at three to five. So, most of those intermediaries, we speak to our partners who were more supporting and serving the wealth channel. They have certainly an ambition to help their clients grow that to 20 percent and potentially beyond that. So, when I look at that gap of let’s call it two to three to 20 percent in a market that just given the explosion in wealth around the world, I think the last numbers I saw, this is a $65 trillion market. RITHOLTZ: Wow. CONWAY: That speaks to the shortfall relative to the ambition. And how’s it been going? We have a number of things and capabilities we’ve set up to allow for this market to experience, hopefully, private equity, hedge funds, credit, and an infrastructure in ways they haven’t in the past. We’ve done this in the U.S., we’re doing it now in Europe, but I will say, Barry, this is still very much at the start of the journey. Wealth is a really important part of our future given our business, quite, frankly is 90 plus percent institutional today, but we’re looking to change that by, hopefully, democratizing these asset classes and making it so much more accessible in that of the past. RITHOLTZ: So, we hinted at this before but I’m going to ask the question outright, how significant is interest rates to client’s risk appetites, how much of the current low rate environment are driving people to move chunks of their assets from fixed income to alternatives? CONWAY: It’s really significant, Barry. I think the transition of these portfolios is quite profound, So you – and I think the unfortunate thing in some respects as this transition happens that you’re introducing new variables and new risks. The reason I say it’s unfortunate and that I think as an industry, this goes back to the education around the assets you own, understanding the role, understanding the various outcomes. I think it’s so incredibly important and that this the time where complete transparency is needed. And quite frankly, we’re investing capital that’s not ours. As an industry, we’re investing our client’s assets and they need to know exactly the underlying investments. And in good and bad times, how would those assets behave? So certainly, interest rates are driving a flow of capital away from these traditional assets, fixed-income, and absolutely in towards real estate, infrastructure, private creditors, et cetera, in the pursuit of this – this yield. But I do – I do think one of the things that’s critically important for the institutional channel, not just the wealth which are newer entrants is this transmission of education, of data because that’s how I think you build a better balanced portfolio and that’s a – that’s a real conundrum, I think, that the industry is facing and certainly your clients too. RITHOLTZ: Quite interesting. So let’s talk a little bit about the differences between investing in the private side versus the public markets, the most obvious one has to be the illiquidity. When you buy stocks or bonds, you get a print every microsecond, every tick, but most of these investments are only marked quarterly or annually, what does this illiquidity do when you’re interacting with clients? How do you – how do you discuss this with them in and how do perceive some of the challenges of illiquid investments? CONWAY: Over the – over the past number of decades, I think our clients have largely held too much liquidity in their portfolios. Like, so what we are finding is the ability to take on illiquidity risk. And obviously, in pursuit of that premium above, the traditional markets, I mean, I think the sentiment they are is it an absolute right one. That transition towards private market exposure, we think is an important one just given the return objectives, the majority of our clients’ need but then also again, most importantly now, with geo policy, with uncertainty, with interest rate uncertainty, inflation uncertainty, I mean, the – going back to the resilience point, the characteristics now by introducing these assets into the mix is important. And I think that’s – that point is maybe what I’ll expand on. As were talking to clients, using the Aladdin systems, and as you know, we bought eFront technologies, albeit a couple of years ago, by allowing, I think, great data and technology to help our clients understand these assets and the context of how they should own them relative to other liquidity needs, their risk tolerances, and the return expectations are really trying to use tech and data to provide a better understanding and comprehension of the outcomes. And as we continue to introduce these concepts and these approaches, by the way, that there is, as you know, so used to in the traditional side, it – it gives them more comfort around what they should and can expect. And that, to me, is a really important part of what we’re doing. So, we’ve released recently new technology to the wealth sector because, quite frankly, we mentioned it before, the 60-40 portfolio is a thing of the past. And that introduction of about 20 percent into alternatives, we applaud our partners who are – who are suggesting that to their clients. We think it’s something they have to do. What we’re doing to support that is really bringing thought leadership, education, but also portfolio construction techniques and data to bear in that conversation. And this goes back to – it’s no longer an alternative, right? This is a core allocation so the comprehension of what it is you own, the behavior of the asset in good and bad times is so necessary. And that’s become a very big thing with regard to our activities, Barry, because your clients are looking to understand better when you’re talking about assets that are very complex in their nature. RITHOLTZ: So, 60-40 is now 50-30-20, something along those lines? CONWAY: Yes. RITHOLTZ: Really, really intriguing. So, what are clients really looking for these days? We talked about yield. Are they also looking for downside protection on the equity side or inflation hedges you hinted at? How broad are the demands of clients in the alternative space? CONWAY: Yes. It ranges the gamut. And even – we didn’t speak to even hedge funds, we’ve had differing levels of interest in the hedge fund world for years and I, quite frankly, think some degree of disappointment too, Barry, with regard to the alpha, the returns that were produced relevant to the cost. RITHOLTZ: It’s a tough space to say the very least exactly. CONWAY: Exactly right. But when you start to see volatility introducing itself, you can really see where skill plays a critical factor. So, we are absolutely seeing, in the hedge fund, a resurgence of interest and demand by virtue of those who really have honed in on their scale, who have demonstrated an up-and-down markets and ability to protect and preserve capital, but importantly, in a low uncorrelated way build attractive risk-adjusted returns. We’re starting to see more activity there again too. I think with an alternatives, you’ve really seen a predominant demand coming from privates. These private markets, like a set of growths so extraordinarily fast and the opportunities that is rich, the reality too on the public side which is where our hedge funds operate, they continue to, in large part, do a really good job. The issue with our industry now with these 38,000 managers is how do you distill all the information? How do you think about your needs as a client and pick a manager who can deliver the outcomes? And just to give you a sense, the difference now between a top-performing private equity manager, a top quartile versus the bottom quartile, the difference can be measured in tens of percent. RITHOLTZ: Wow. CONWAY: Whereas if you look at the public equity side, for example, a large cap manager, top quartile versus bottom quartile is measured in hundreds of basis points. So, there is definitely a world that has started where the outcomes our clients will experience can be great as they pursue yield, as they pursue diversification, inflation protection, et cetera. I think the caveat that I would say is outcomes can vary greatly. So manager underwriting and the importance of it now, I think, really is this something to pay attention to because if you do have that bottom performing at the bottom quartile manager, it will affect your outcomes, obviously. And that’s what we collectively have to face. RITHOLTZ: So, let’s talk a little bit about real estate. There are a couple of different areas of investment on the private side. Rent to own was a very large one and we’ve seen some lesser by the flip algo-driven approaches. Tell us what Blackrock is doing in the real estate space and how many different approaches are you bringing to bear on this? CONWAY: Yes, we think it’s both equity and debt. Again, no different to the infrastructure side, these projects need to be financed. But on the – as you think about the sectors in which you can avail of the opportunity, you’ve no doubt heard a lot and I mentioned earlier this demand for logistics facilities. The explosion of shopping online and having, until we obviously have the supply chain disruption, an ability to have nearly immediate satisfaction because the delivery of the good to your home has become so readily available. It’s a very different consumer experience. So the explosion and the need for logistics facilities to support this type of behavior of the consumer is really an area that will continue to be of great interest too. And then you think about the transformation of business and you think about the aging world. Unfortunately, you can look at various economies where our populations are decreasing. And quite frankly, we’re getting older. And so, were you’re thinking of the context of that senior living facilities, it becomes a really important part, not just as part of the healthcare solution that come with it, but also from living as well. So, single-family, multifamily, opportunities continue to be something that the world looks at because there is really the shortfall of available properties for people to live in. And as the communities evolve to support the growing age of the population, tremendous opportunity there too. But we won’t give up on office space. It really isn’t going away. Now, if you even think about our younger generation here in BlackRock, they love being in New York, they love being in London, they love being in Hong Kong. So, the shape and the footprint may change slightly. But the necessity to be in the major financial centers, it still exists. But how we weighed the risks has definitely changed, certainly, for the – for the short-term and medium-term future. But real estate continues to be, Barry, a critical part of how we express our thought around the investment opportunity set. But clients largely do this themselves too. The direct investing from the clients is quite significant because they too see this as still as a rich investment ground, albeit, one that has changed quite a bit as a result of COVID. RITHOLTZ: Well, I’m fascinated by the real estate issue especially having seen some massive construction take place in cities pre-pandemic, look over in Manhattan at Hudson Yards and look at what’s taking place in London, not just the center of London but all – but all around it and I’m forced to admit the future is going to look somewhat different than the past with some hybrid combination of collaborative work in the office and remote work from home when it’s convenient, that sort of suggests that we now have an excess of capacity in office space. Do you see it that way or is this just something that we’re going to grow into and just the nature of working in offices is changing but offices are not going away? CONWAY: Yes. I do think there’s – it’s a very valid point and that in certain cities, you will see access, in others we just don’t, Barry. And quite frankly, as a firm, too, as you know, we have adopted flexibility with our teams that were very fortunate. The technologies in which we created at BlackRock has just become such an amazing enabler, not just to help us as we mention manage the portfolios, help us a better portfolio construction, understand risks, but also to communicate with our clients. I think we’ve all witnessed and experienced a way to have connectivity that allows them to believe that commerce can exist beyond the boundaries of one building. However, I do look at our property portfolios and even the things that we’re doing. Rent collections still being extraordinarily high, occupancy now getting back up to pre-pandemic levels, not in all cities, but in many of the major ones that have reopened. And certainly, the demand for people to just socialize, that the demand for human connectivity is really high. It’s palpable, right? We see it here too. The smiles on people’s faces, they’re back in the office, conversing together, innovating together. When people were feeling unsafe, unquestionably, I think the question marks around the role of office space was really brought to bear. But as were coming through this, as you’ve seen vaccine rates change, as you’ve seen the infection rates fall, as you’ve seen confidence grow, the return to work is really happening and return to work to office work is really happening, albeit, now with degrees of flexibility. So, going back to the – I do believe in certain areas. You’re seeing a surplus. But in many areas you’re absolutely seeing a deficit and the reason I say that, Barry, is we are seeing occupancy in certain building at such a high level. And frankly, the demand for more space being so high, it’s uneven and this goes back to then where do you invest our client’s capital, making sense of those trends, predicting where you will see resilience versus stress and building that into the portfolio of consequences as you – as you better risk manage and mitigate. RITHOLTZ: Very interesting. And so, we are seeing this transition across a lot of different segments of investing, are you seeing any products that were or – or investing styles that was once thought of as primarily institutional that are sort of working their way towards the retail side of things? Meaning going from institutional to accredited to mom-and-pop investors? CONWAY: Well, certainly, in the past, private equity was really an asset class for institutional investors. And I think that’s – that has changed in a very profound way. I mentioned earlier are the regulation has become a more adaptive, but we also have heard, in many respects, in providing this access. And I think the perception of owning and be part of this illiquid investment opportunity set was hard to stomach because many didn’t understand the attributes and what it could bring and I think we’ve been trying to solve for that and what you’re seeing now with – with regulators, understanding that the difference between if we take it quite simply as DD versus DC, the differences between the options you as a participant in a retirement plan are so vastly different that – and I think there’s a broad recognition now that there needs to be more equity with regard to what happens there. And private equity been a really established part of the alternatives marketplace was once, I think, really believed to be an institutional asset class, but albeit now has become much more accessible to wealth. We’ve seen it by structuring activities in Europe working with the regulators. Now, we’re able to provide private equity exposure to clients across the continent and really getting access to what was historically very much an institutional asset class. And I do think the receptivity is extraordinarily high just throughout people’s careers, they have seen wealth been created as a result of engineering a great outcome with great management teams integrate business. And I do believe the receptivity towards private equity is high as an example. In the U.S., too, working with the various intermediaries and being able to wrap now private equity in a ’40 Act fund, for example, is possible. And by being able to deliver that to the many as opposed to the few, we think has been a very good success story. And I think, obviously, appreciated by our clients as well. So, I would look at that were seeing across private equity as well as private credit and quite frankly infrastructure accuracy. You’re seeing now regulation that’s becoming more appreciative of these asset classes, you’re seeing a more – a greater level of openness and willingness to allow for these assets to be part of many people’s experiences across their investment portfolio. And now, with innovation around structures, as an industry, were able to wrap these investments in a way that our clients can really access them. So, think across the board, it probably speaks the innovation that’s happening but I do think that accessibility has changed in a very significant way. But you’ve really seen it happen in private equity first and now that’s expanding across these various other asset classes. RITHOLTZ: Quite intriguing. I know I only have you for a relatively limited period of time, so let’s jump to our favorite questions that we ask all of our guests. Starting with tell us what you’ve been streaming these days. Give us your favorite Netflix or Amazon Prime shows. CONWAY: That is an interesting question, Barry. I don’t a hell of a lot of TV, I got to tell you. I am – I keep busy with three wonderful children and a beautiful wife and between the sports activities. When I do watch TV, I have to tell you I’m addicted to sports and having – I may have mentioned earlier, growing up playing rugby which is not the most common sport in the U.S., I stream nonstop the Six Nations that happens in Europe where Ireland is one of those six nations that compete against each other on an annual basis. Right now, they’re playing a lot of sites that are touring for the southern hemisphere. And to me, the free times I have is either enjoying golf or really enjoying rugby because I think it’s an extraordinary sport. Obviously, very physical, but very enjoyable to watch. And that, that truly is my passion outside of family. RITHOLTZ: Interesting stuff. Tell us a bit about your mentors, who helped to shape your early career? CONWAY: Well, it even goes back to some of the aspects of sports. Playing on a team and being on a field where you’re working together, there’s a strategy involved with that. Now, I used to really appreciate how we approach playing in the All-Ireland League. How we thought about our opponents, how we thought about the structure, how we thought about each individual with on the rugby field and the team having a role. They’re all different but your role. And actually, even starting from an early age, Barry, thinking about, I don’t know, it’s sports but how to build a great team with those various skills, perspective, that can be a really, really powerful combination when done well. And certainly, from an early age, that allowed me to appreciate that – actually, in the work environment, it’s not too different. You surround yourself with just really great people that have high integrity that are empathetic and have a degree of humility that when working together, good things can happen. And I will say, it really started at sports. But I think of today and even in BlackRock, how Larry Fink thinks about the world and I think Larry, truly, is a visionary. And then Rob Kapito who really helps lead the charge across our various businesses. Speaking and conversing with them on a daily basis, getting their perspectives, trying to get inside your head and thinking about the world from their vantage point. To me, it’s a huge thing about my ongoing personal career and development and I really enjoy those moments because I think what you recognize is independent of how much you think you know, there’s so much more to know. And this journey is an ever evolving one where you have to appreciate that you’ll never know everything and you need to be a student every single day. So, I’d probably cite those, Barry, as certainly the two most important mentors in my life today, professionally and personally quite frankly. RITHOLTZ: Really. Very interesting. Let’s talk about what you’re reading these days. Tell us about some of your favorite books and what you’re reading currently? CONWAY: Barry, what I love to read, I love to read history, believe it or not. From a very small country that seems to have exported many, many people, love to understand the history of Ireland. So, there’s so many books. And having three children that have been born in the U.S. and my wife is a New Yorker, trying to help them understand some of their history and what made them what they are. I love delving into Irish history and how the country had moments of greatness and moments of tremendous struggle. Outside of that, I really don’t enjoy science fiction or any of these books. I love reading, you name any paper and any magazine on a daily basis. Unfortunately, I wake at about 4:30, 5 o’clock every day. I spent my first two hours of the day just consuming as much information as possible. I enjoy it. But it’s all – it’s really investment-related magazines, not books. It’s every paper that you could possibly imagine, Barry, and I just – I have a great appreciation for certainly trying to be a student of the world because that’s what we’re operating in an I find it just a very interesting avenue to get an appreciation to for the, not just the opportunities, but the challenges we’re collectively facing as a society but also as a business. RITHOLTZ: I’m with you on that mass consumption of investing-related news. It sounds like you and I have the same a morning routine. Let’s talk about of what sort of advice you would give to a recent college graduate who was interested in a career of alternative investments? CONWAY: Well, the industry has – it’s just gone through such extraordinary growth and the difference, when I’ve started versus today, the career opportunity set has changed so much. And I think I try to remind anyone of our analysts who come into each one of our annual classes, right, as we bring in the new recruits. I think about how talented they are for us, Barry, and how privileged we all are to be in this industry and work for the clients that we do. It’s just such an honor to do that. But I kind of – I try to remind them of that. At the end of the day, whether you’re supporting an institution, that institution is the face of many people in the background and alternatives has really now become such an important part of their experience and we talked about earlier just this challenge of retirement, if we do a good job, these institutions that support the many, they can have, hopefully, a retirement that involves dignity and they can have an ability to do things they so wanted to do as they work so hard over their lives. Getting that that personal connection and allowing for those newbies to understand that that’s the effect that you can have, an alternatives whether it’s private equity, real estate, infrastructure, private credit, hedge funds, all of these now, with the scale at which they’re operating at can allow for a great career. But my advice to them is always don’t forget your career is supporting other people. And that comes directly to how we intersect with wealth channel, it comes indirectly as a result of the institutions. And it’s such a privilege to do that. I didn’t envision when I grew up, as I mentioned, my first job, milking cows and back in a small town in the middle of Ireland that I would be one day leading an alternatives business within BlackRock. I see that as a great privilege. So, for those who are joining afresh, hopefully, try to remind them that it is for all of us and show up with empathy, dignity, compassion, and do the best you can, and hopefully, these people be sure will serve them well. RITHOLTZ: And our final question, what you know about the world of alternative investing today you wish you knew 25 years or so ago when you were first getting started? CONWAY: I think if we had invested much more heavily as an industry in technology, we would not be in the position we are today. And I say that, Barry, from a number of aspects. I mentioned in this shortfall of information our clients are dealing with today. They’re making choices to divest from one asset class to invest in another. To do that and do that effectively, they need great transparency, they needed real-time in many respects, it can’t be just a quarterly line basis. And if we had been better prepared as an industry to provide the technology and the data to help our clients really appreciate what it is they own, how we’re managing the assets on their behalf, I think they would be so much better served. I think we’re very fortunate at this firm to have built a business on the back of technology for albeit 30 plus years and were investing over $1 billion a year in technology as I’m sure you know. But we need to see more of that in the industry. So, the client experience is so important, stop, let’s demystify alternatives. It’s not that alternative. Let’s provide education and data and it’s become so large relative to other asset classes, the need to support, to educate, and transmit information, not data, information, so our client understand it, is at a paramount now. And I think it certainly as an industry, things have to change there. If I knew how big the growth would have been and how prominent these asset classes were becoming, I would oppose so much harder on that front 30 years ago. RITHOLTZ: Thank you, Edwin, for being so generous with your time. We’ve been speaking with Edwin Conway. He is the head of Blackrock Investor Alternatives Group. If you enjoy this conversation, please check out all of our prior discussions. You can find those at iTunes, Spotify, wherever you get your podcast at. We love your comments, feedback and suggestions. Write to us at MIB podcast@Bloomberg.net. You can sign up for my daily reads at ritholtz.com. Check out my weekly column at Bloomberg.com/opinion. Follow me on Twitter, @ritholtz. I would be remiss if I did not thank the crack team that helps put these conversations together each week. Mohammed ph is my audio engineer. Paris Wald is my producer, Michael Batnick is my head of research, Atika Valbrun is our project manager. I’m Barry Ritholtz, you’ve been listening to Masters in Business on Bloomberg Radio.   ~~~   The post Transcript: Edwin Conway appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureNov 22nd, 2021