Welcome To Peace Of Mind Savings At Goldman Sachs Bank

MAY GOD HAVE MERCY ON OUR SOULS

This gem of a story was on the wires this morning. We knew this day was coming. How did I think of the headline, you wonder? No one is that good of a writer. No one except fucking Goldman Sachs, that is. Because it's their headline. Nope, scratch that. It's actually their new corporate motto, splashed all over the front of their godforsaken brand spankin' new consumer website, set in place to siphon all of earth's dollars until the end of time.

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GOLDMAN SACHS OPENS FOR THE MASSES

By Ben McLannahan

FINANCIAL TIMES -- For almost 150 years Goldman Sachs has been the go-to bank of the rich and powerful. But now the Wall Street titan is opening up to the masses on Main Street by offering online savings accounts for as little as $1 on deposit.

The bank last week launched GSBank.com, a platform it inherited via the acquisition of a $16bn book of deposits from GE Capital.

Through that deal it gained about 145,000 retail depositors and is now seeking more, offering annual interest rates of 1.05 per cent on a savings account – many times better than the rates of the biggest US brick-and-mortar lenders such as Citibank, JPMorgan Chase or Bank of America. In addition to the savings account, GS Bank is offering a range of certificates of deposit, from six months to six years. The six-month CD pays an annual percentage yield of 0.7 per cent, more than five times the national average.

Devan Goldstein, banking expert at NerdWallet predicted the Goldman brand was probably enough to pique interest. “It’s synonymous with the dream of wealth in America,” he said. GS Bank had been aggressively gathering deposits independently of the GE deal. As of last December it had total deposits of $98bn, up from $83bn the previous year.

Continue reading at FT...

Related:

LATE SHOW: Seth Myers Annihilates Goldman Sachs

Photos by William Banzai7

Comments

[DailyBail]

Goldman's recent earnings report

http://www.marketwatch.com/story/goldman-sachs-profit-tumbles-in-rocky-markets-2016-04-19

[Cheyenne]

Dear Daily Bail:

Both Goldman and Morgan Stanley--the last 2 investment banks standing--have been included on the OCC's quarterly derivatives report ever since the bailouts. Scroll about 5/6 down to Table 2 and you'll see them listed at #3 and #5 in notional derivatives exposure.

http://www.occ.treas.gov/topics/capital-markets/financial-markets/trading/derivatives/dq415.pdf

Neither bank was listed before the bailouts. See....

http://www.occ.treas.gov/topics/capital-markets/financial-markets/trading/derivatives/dq308.pdf

The reason they're listed now, if I recall correctly, is that they each bought a small commercial bank to pick up goodies from the FDIC. Despite the media's insistence that the banks "paid back their bailout money," we have YET to return to the status quo ante for this simple fact (that GS and MS remain on the OCC derivatives report).

But for the ass of me, I can't figure out how Goldman Sachs and Morgan Stanley benefit by remaining under the jurisdiction of the FDIC and OCC. You would THINK they'd get out from under both regulators to avoid the red tape. So obviously there's some huge benefit by leaving things as they are.

The obvious candidate for an explanation is derivatives. But the precise mechanism of how, for example, GS or MS would be able to reach out and grab collateral from, say, Citigroup eludes me. From their mere status as derivatives counterparties, both GS and MS enjoyed super-priority over both secured and unsecured creditors of their respective counterparties BEFORE they achieved any standing as as commercial banks.

The aroma of rat is overpowering, but I just can't find the damn thing. It's like someone opened the back of my TV and put a turd inside of it: I know my house has been fouled, but I just can't find the source of the offense.

What gives?

[DailyBail]

But for the ass of me, I can't figure out how Goldman Sachs and Morgan Stanley benefit by remaining under the jurisdiction of the FDIC and OCC. You would THINK they'd get out from under both regulators to avoid the red tape. So obviously there's some huge benefit by leaving things as they are.

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I think the answer is in this story.

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

[DailyBail]

CHEYENNE

Here's an excerpt:

Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html

[Sagebrush]

I reckon FUBAR is the word.

http://www.zerohedge.com/news/2016-04-25/status-quo-has-failed-and-beyond-reform

[skinflint]

Wasn't this issue in part the reason for the cromnibus bill?

[Christina Marlowe]

There is an excellent website (I think it's still running) that has been keeping detailed reports on the many impudent crimes committed specifically by GoldmanSachs. GOLDMANSACHS666.COM

[skinflint]

Christina, that's a catchy name for the site. Creepy.

[Christina Marlowe]

CREEPY is RIGHT. These "people," the likes of Lloyd Blankfein, Ben Bernanke, Jamie Dimon and all the rest, every last one of them, are the filthiest dirtbags on earth...Bottom feeders, VIPERS....Fucking lowlifes.

SO!! WHY DO SO MANY PEOPLE WANT TO EMULATE THEM???? RIGHT OFF THE FUCKING CLIFF????

Chasing Filthy Lucre is and always has been abominable and I can only hope with all I have that something along the lines of "karma" comes to smack them all HARD in the MOUTH...Then they should each be hit in the head with a shovel for good measure.

TO THE HAGUE!!

[skinflint]

A small piece of historical trivia. They only prosecuted a small number of Nazis at the Hague following the war. Mostly small timers considering the breadth of their crimes. What was it about 300? Most of them escaped to live relatively peaceful lives and died in the comforts of a bed. One would hope that hell has a special place for them as their brand of tyranny was of the religious type.