Small-Business Lender OnDeck Prepares to File for IPO – WSJ
After researching his case on the Internet, Brookman says he concluded that his banker, JP Morgan Chase, closed the account because two of his business activities dealing in vintage coins and selling firearms were labeled high risk by federal bureaucrats as part of an Obama administration initiative called Operation Choke Point. A House report indicates that a primary target of Operation Choke Point is the short-term lending industry. A more expansive list of out of favor, non-financial businesses includes certain ammunition merchants, coin dealers, home-based charities, and sellers of pharmaceutical drugs also lawful enterprises.
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14, 2014 2:49 p.m. ET Web-based small-business lender OnDeck Capital Inc. is preparing to file for an initial public offering that could value the business at roughly $1.5 billion, people familiar with the matter said. The New York company is working with investment banks including Morgan Stanley, Bank of America Merrill Lynch, J.P. Morgan Chase & Co. and Deutsche Bank on the deal, the people said. It is aiming to raise around $200 million in the IPO,… Get The Full Story
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