Fintech’s Theranos Unicorn

Note from the Publisher:  We came across a fantastic piece in Forbes today on a fintech drama that reads like a Shakespearean tale.  As I read the first two paragraphs below, I was reminded of the original dot com bubble in the late ’90s.  In 1999, one friend told us about attending a $6 million celebratory bash after her husband’s firm went public.  The more things change, the more they stay the same.

“As party tricks go, it’s tough to top what went down at Michael Liberty’s 2014 charity bash, which he sponsored together with his financial technology startup, Mozido. As the sun set over the Pacific, a plane soared above the 1,000 guests at an elegant Santa Monica beach club and disgorged 13 former Navy SEALs and 2 of Liberty’s executives. The former group was accompanied by a giant American flag; the latter two held a giant check, signed by Liberty, for $1 million, designated to support military families.

The USC marching band serenaded guests with a medley of patriotic songs. Speeches came from the likes of retired general James Mattis, former head of U.S. Central Command, and the former Mexican president Vicente Fox. As donations piled in, the aptly named Liberty took his place at the podium in a crisp blue suit, white shirt and red tie. “We as Americans have a moral obligation to step up and do our part,” he said in his Kennedy-like New England accent.”

Read Full Article at