New Bank Backed By Billionaire Trump Donors Wins Approval

[BumRushDaShow]

Source: Newsweek

Published Oct 16, 2025 at 04:54 AM EDT updated Oct 16, 2025 at 04:55 AM EDT


Federal regulators have given the green light for a new bank backed by President Donald Trump's billionaire donors.

In a statement released on Wednesday, the Office of the Comptroller of the Currency (OCC), an independent arm of the Treasury Department, confirmed it had "conditionally approved the de novo national bank charter application for Erebor Bank."
Why It Matters

The announcement came after Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) in July this year, marking the first significant federal legislation in the U.S. aimed at regulating stablecoins and cryptocurrencies tied to the U.S. dollar.

Erebor Bank, which specializes in cryptocurrency and technology ventures, was co-founded by entrepreneurs and Republican donors Palmer Luckey—co-founder of military contractor Anduril—and Joe Lonsdale, head of venture capital firm 8VC and a co-founder of data analytics firm Palan, according to BankingDive. The bank counts billionaire venture capitalist Peter Thiel among its backers.

Read more: https://www.newsweek.com/erebor-bank-billionaire-trump-donors-wins-approval-10887118

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And when it fails, the U.S. taxpayers will bail it out. A win-win grift.

[Irish_Dem]

1. This is a good example of why they installed Trump into the WH.

The grift of a lifetime.

Biggest heist is US history.

[Initech]

15. Trump didn't win the election. He was illegally installed.

And the people who helped illegally install this monster need to be brought to justice. NOW.

[Irish_Dem]

16. Who exactly will bring the psychopath criminals to justice?

[bucolic_frolic]

2. Um .... are they telling us?

Erebor. Spell it backwards. Robere. Be aware out there. Bank Robere.

[unc70]

4. Saw that, too. You bea me to it

The reverse is what my brain "saw" first.

[lostnfound]

17. Robbery. Nt

[Traildogbob]

3. As a good Kennedy

Once said. “when is it gonna be enough?”
Never, until they have it all and we are all dead.
And the power that comes with it. Then they eat their own over the power grabbing, and ego war.

[travelingthrulife]

6. They are forcing us into a French solution. If these rich monsters can't behave

properly and the law refuses to make them follow our laws. We the People will finally need to intervene.

[Traildogbob]

11. I am damn ready

Getting close to rage, the arrogance and smirking as they outright lie to our faces and love the pain they create. I think many are at my stage of “ENOUGH!”
And the worst of the media, Fox ,OAN, News Nation and now CNN with many more spin offs.
Burn em all to the ground. I am pro Leviticus, ready to throw some damn Stones, even rocks.

[FSogol]

5. Erebor Bank? Was the name, Grift National Bank already taken?

[Bernardo de La Paz]

10. My first percept was Robber Bank. I had to re-read the name. Turns out was name of Lonely Mountain in LotR. . . .nt

[FSogol]

13. Yeah, Peter Thiel (Palantir Tech) thinks Sauron and Saruman are the heroes of LOTR.

He wants the US to be more Mordor-like.

[PSPS]

7. LOL. "an independent arm of the Treasury Department" LOL.

[Hotler]

8. Another BCCI? Remember this? From Time Magizine, 1991. B.C.C.I.: The Dirtiest Bank of All A good little read.

(snip) Bank-fraud cases are usually dry, tedious affairs. Not this one. Nothing in the history of modern financial scandals rivals the unfolding saga of the Bank of Credit & Commerce International, the $20 billion rogue empire that regulators in 62 countries shut down early this month in a stunning global sweep. Never has a single scandal involved so much money, so many nations or so many prominent people.

Superlatives are quickly exhausted: it is the largest corporate criminal enterprise ever, the biggest Ponzi scheme, the most pervasive money-laundering operation and financial supermarket ever created for the likes of Manuel Noriega, Ferdinand Marcos, Saddam Hussein and the Colombian drug barons. B.C.C.I. even accomplished a Stealth-like invasion of the U.S. banking industry by secretly buying First American Bankshares, a Washington-based holding company with offices stretching from Florida to New York, whose chairman is former U.S. Defense Secretary Clark Clifford.
https://time.com/archive/6718229/b-c-c-i-the-dirtiest-bank-of-all/

[BumRushDaShow]

9. BCCI - Now THAT'S's a blast from the past!

[yankee87]

12. Crypto banking

Every day more and more ways to fleece the country. The oligarchs want to be kings and we will be their serfs.

[FredGarvin]

14. We Are

If only someone had warned us