according to a
Something Awful post, Woolong Financial is :
the half-assed Atlas project to end all half-assed Atlas projects.
That's a really rude way of explaining anything, and there's really no need for the swearing, it comes across as mean-spirited and juvenile.
I was under the impression that Woolong Financial was a subsidiary of woot.com, but I honeslty can't remember where I read this. But from what I remember, it was tasked with figuring out a way of implementing a Bitcoin payment on woot, which - if it ends up succeeding and not getting mired in bureaucracy and unfortunate legalistic red tape like so many projects these days do - will be really, really exciting for BTC!