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You answered your own question. The top down pressure to invest in minority-led is immense. Doing too much due diligence on Frank might be characterized by some

• NickC25 4y ago
  Valid point and I completely understand in this day and age that the pressure to invest and help develop minority led or owned companies is massive - but even then, I expect a multi trillion dollar bank to be quite professional in their approach to investing in anything, including startups. The bank has a fiduciary duty to it's account holders and share holders. Spending a bit more time and effort to make sure it doesn't loose money investing into a fraudulent operation is something it is legally obligated to do. Instead, the bank apparently chose to ignore red flags until the deal was already completed. As a shareholder AND account holder, I am flabbergasted that the bank just decided to piss away any money at all on such a deal. Banks are supposed to be skeptical - that's sort of the whole point of banking. You don't just go and get a loan by asking nicely, you get a loan after the bank thoroughly investigates your work, your finances, etc...because they're on the hook to get a return on that loan.