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Depends on your goals. If your only concern is investor return then banking regs are pointless, it’s no different than the privacy laws impeding Facebook and G

Depends on your goals. If your only concern is investor return then banking regs are pointless, it’s no different than the privacy laws impeding Facebook and Google. Fuck over the consumer, fuck over the public. I’ve worked at a very large financial institution, I helped to start their credit card division, I helped to start their banking division, and I’ve been recruited to a number of “innovative” fintech startups. The only “innovation” I ever saw was how they interpreted regulations so they could exploit their customers and transfer the firm’s financial risk in the short term so that the principles could make as much money as possible in the shortest amount of time.

freedomben 7y ago
This is kind of what I'm talking about. Only the established players are able to do this sort of thing, because of high barriers to entry. If you and I wanted to start a bank that didn't do slimy things, we'd have a really hard time. That's not to say it's impossible, but I wouldn't try it again unless there was a team of people willing to work for equity that were already experts at compliance.