BehindmyscreenJan 21, 2023
Jeff Jarvis

Amazing story. JPMorgan sure did bad due diligence....
Headline: The Young Founder Who Fooled JPMorgan, According to JPMorgan
Quote: All along, Ms. Javice was making frequent media appearances. In December 2017, she wrote an opinion piece for The New York Times with the headline “The 8 Most Confusing Things About FAFSA.” The piece contained so many errors that it required an eight-sentence correction.

https://www.nytimes.com/2023/01/21/business/jpmorgan-chase-charlie-javice-fraud.html?smid=tw-share

JPMorgan Paid $175 Million for a Business It Now Says Was a Scam

A young founder promised to simplify the college financial aid process. It was a compelling pitch. Especially, as now seems likely, to those with little firsthand knowledge of financial aid.

Jan 21, 2023 at 11:56amWeb
Show threadjackhutton 🇺🇸Jan 21, 2023
@jeffjarvis "But did the [JP Morgan] bank’s due diligence team include anyone who had been on financial aid, to see if the whole thing passed the sniff test? Had anyone ever filled out a FAFSA for his or her family? The bank would not comment on this or other aspects of the due diligence, other than to point to the efforts it described in its complaint."
Show threadJeff JarvisJan 21, 2023
@jackhutton
Yes, that was the most telling paragraph in the tale.
Show threadjackhutton 🇺🇸Jan 21, 2023
@jeffjarvis I think that's called 'hubris'.. sigh.
Show threadራስ ባሪያው Rass BariawJan 21, 2023
@jackhutton @jeffjarvis speaking of due diligence.....
Show thread[email protected]Jan 21, 2023
@jeffjarvis Filling out the FAFSA doesn't require a start-up or bank. We at public libraries, school counselors, etc. help with this sort of thing all the time FOR FREE.
Show threadRichardJan 21, 2023
@jeffjarvis Is there any horrible person left in the US that hasn't been asked to write a NY Times opinion column?
Show threadSeth GoldsteinJan 21, 2023
@jeffjarvis Wow that sucks for all other young founders with legit businesses.