It seems like a pretty wild time to be on the offensive against American fintech companies. No real comment on the merits of their research (yet), just a little shocked at the timing.
Yesterday. But today is a good second choice.
Right now, the financial system is extremely unstable - bad actors with an awful lot of exposure have been exposed, and a lot of people are like sharks in the water, smelling blood. It looks like we're due for another come-to-Jesus moment in the banking scene, they haven't learned enough from 2008.
I think it looks like they learned a lot! I.e. make sure you get too big to fail.
You don't want to be too big to fail! There's a lot of businesses only small banks can do, like backing sweep accounts and neobanks like Simple/Aspiration.
“Well, it’s the safest way, isn’t it?”
See [1] for example, where Hindenburg was able to acquire a debit card for "Donald Trump" with a fake ID.
"apps" that do nothing more than transfer money two parties, representing 0 innovation and doing nothing new are valued in the 10's - 100's billions.