Home Startups This Is Everything I Couldn’t Say About Finance When I Was a Banker (But Wished I Could) | by Tim Denning | The Startup | Aug, 2023

This Is Everything I Couldn’t Say About Finance When I Was a Banker (But Wished I Could) | by Tim Denning | The Startup | Aug, 2023

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“Would my home have gone up in value over the last 20 years if there wasn’t $185 Trillion in stimulus?”

The Startup
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Banking is a strange career.

On the one hand it has perceived high status but on the other hand there’s a dark side to it. As someone who’s spent most of their career working in the industry, let me share a few things you may not know (that’ll surprise you).

The so-called diversity crowd loves to talk about racism and oppression. They never talk about financial inclusion though.

Many countries around the world are purposely locked out of the financial system (by design). I remember seeing a transaction come out of Iran for a legitimate business. It was blocked. No reason was given.

Everyone on the inside of the bank knew why. If the transaction came from London no one would say boo. This type of thing happens all the time. Blocks are easy to place on transactions.

Entire industries can be pushed out too. I saw plenty of crypto companies get locked out of their bank accounts with no reason given. Or nude services given to lonely men that got refused a basic merchant terminal.

Financial racism exists. No one wants to admit it.

This is another truth bomb all bankers know.

Most banks are risk-averse. They treat businesses like crap and prevent them from growing. They have stupid dinosaur policies and create paper trails a mile long for no reason.

I recently read the book “Shoe Dog” by Phil Knight. It’s the story of Nike. The whole way through he talks about how annoying the banks were and how they hijacked Nike’s business.

He’s not wrong.

If you wonder why alternative finance and venture capital boomed, it’s for this reason. Banks are useless.

They only lend to businesses based on a sure bet. And they want rock-solid…

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