Goldman Sachs Group Inc. (NYSE: GS), the second-largest bank in America and frequent target of scorn at Wall Street Insights & Indictments, has launched a new venture.
Starting right now, for one measly dollar, you can partner with Goldman Sachs to make money.
It’s a safe bet, at least up to $250,000, so go ahead and get your tentacles on.
All you have to do is deposit a dollar in Goldman Sachs Bank USA – not by visiting a branch, because there aren’t any, but by going to GSBank.com and opening an account.
Goldman will pay you interest on your savings account well above the national average offered by other banks.
And it will use your money to make money for itself.
It’s a typical Goldman partnership with their customers – one for you, 10 for them.
How will Goldman make a ton of money off you? They’re starting another bank, an online lender they’re calling Marcus, and they’re going to use the savings you park in GSBank to fund loans made by Marcus.
Here’s how the game will work and why you might not want to deposit more than FDIC insurance will cover, just in case things go wrong (and if the past is any indication, they likely will).
Why the ‘Vampire Squid’ Needs Retail Deposits
Goldman Sachs wants – make that needs – to get into retail banking, meaning gathering deposits from Joe Six Pack and anybody else who wants the cache of having an account with Wall Street’s bad boys, infamously described by Rolling Stonemagazine’s Matt Taibbi as a ‘great vampire squidwrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.’
This post was published at Wall Street Examiner by Shah Gilani ‘ September 1, 2016.