Here we go again. Another example of absolute failure by the “experts”. Who is the star of the show this time? Meet Charline Javice, former CEO of Frank https://techcrunch.com/2020/04/13/frank-raises-5m-more-in-its-quest-to-get-students-max-financial-aid/. Why do we care? Well she is the latest startup scammer who partook in fraud to make her company appealing to acquisition finance. And who did she scam? JPMorgan Chase. How much? $175 million. And the scam? Making up customers to look more successful to JPMorgan Chase.

My question at this point is who are the experts? JPMorgan Chase or the entrepreneur scammers that continually seem to pursue the “fake it until you make it” or more honestly “fake it until the check clears” model?

This is just another example of how broken the startup culture and American business is. On one hand we have a thirty-year-old ambitious entrepreneur with dollar signs on the mind and on the other we have a lethargic lazy bank who wants access to new customers but can’t see to do due diligence. And to be honest Frank would be a shitty investment for new customer acquisition because Frank’s model was finding competitive student loan financing for customers. Unless JPMorgan Chase was the lowest bid for every single student loan their own customers may have loyalty to other banks offering better student loan deals. Therefore, JPMorgan Chase would be funding the customer pipeline for their competitors. Seems stupidly obvious with a little thought. Add to this the fact that their own customers of this model will be unlikely in a financial position in the future to utilize JPMorgan’s…