MAGA Bank’s Financial Collapse Snares Trump Allies and Candidates

WHO:

Alternet - Republican gubernatorial candidates Vivek Ramaswamy in Ohio and Rick Jackson in Georgia were investors in GloriFi, according to The New York Times.

Alternet - GloriFi founder Toby Neugebauer, described as a Texas billionaire and Republican donor, worked with Nick Ayers, Mike Pence’s former chief of staff, to assemble investors.

Alternet - Major GloriFi investors included Peter Thiel, Ken Griffin, Jeff Sprecher, Ramaswamy, and Jackson.

Alternet - Other billionaires involved in the bankruptcy litigation included Joe Lonsdale, identified as a Trump ally, and Joe Ricketts, founder of TD Ameritrade and a Republican megadonor.

Alternet - Jeff Sprecher, a GloriFi investor, chairs the parent company of the New York Stock Exchange and is married to Kelly Loeffler, a former Georgia senator who heads the Small Business Administration.

Alternet - Norm Eisen, a former White House ethics counsel, reviewed the creditor list and raised concerns about conflicts of interest.

WHAT:

Alternet - GloriFi planned to market credit cards made from the same metal used for shell casings.

Alternet - GloriFi filed for bankruptcy months after launching its website. Jackson later put millions more into what remained of the company and became involved in litigation over its collapse.

Alternet - The article says Jackson decides who gets sued and who does not. His campaign would not say whether he would reduce his litigation efforts if elected governor; the Ramaswamy campaign did not respond to The New York Times’ questions.

Alternet - Eisen said the arrangement was “one of the craziest things I’ve ever seen” and called for an independent trustee and Jackson to screen himself off from decisions.

Drudge Report - The headline describes the financial woes of a MAGA bank as entangling candidates.

WHERE:

Alternet - Jackson is a candidate for governor of Georgia; Ramaswamy is a candidate for governor of Ohio.

Alternet - Neugebauer is from Texas; GloriFi targeted customers it said felt ignored by liberal Wall Street companies.

WHY:

Alternet - GloriFi targeted “people focused on faith, freedom and free enterprise that felt left behind and ignored by liberal Wall Street companies,” according to The New York Times.

Alternet - Eisen warned that creditors could be susceptible to pressure from a governor and said Jackson’s role created an extreme danger of an actual or perceived conflict of interest.

HOW:

Alternet - Neugebauer brought on podcaster and conspiracy theorist Candace Owens to help pitch GloriFi.

Alternet - Jackson’s investment placed him at the center of a legal dispute involving more than half a dozen Republican billionaires, according to The New York Times.

Alternet - Eisen recommended separating Jackson from the matter and appointing an independent trustee to manage it.

(UPDATED October 23, 2026 23:21 UTC)

The collapse of GloriFi, a financial startup backed by Republican billionaires, has raised conflict-of-interest concerns involving Georgia gubernatorial candidate Rick Jackson. The company planned to market credit cards made from the metal used in shell casings, targeting customers who felt ignored by liberal Wall Street firms. Founder Toby Neugebauer worked with former Mike Pence chief of staff Nick Ayers to recruit investors, including Jackson, Ohio gubernatorial candidate Vivek Ramaswamy, Peter Thiel, Ken Griffin and Jeff Sprecher. GloriFi filed for bankruptcy months after launching its website, and Jackson later invested millions more in the remains of the company. He became involved in litigation over its collapse, which includes disputes involving other wealthy Republican donors. Former White House ethics counsel Norm Eisen warned Jackson’s role creates a serious risk of actual or perceived conflicts. He recommended an independent trustee and said Jackson should step away from decisions about who gets sued.