General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoldman Sachs gets caught short, turns to Main Street to fund their money making operation...
Investment-banking powerhouse Goldman Sachs Inc. is doing something that would have been unthinkable before the financial crisis.
The banker to the biggest companies around the world is offering online savings accounts to ordinary Americans with as little as $1 to deposit, as it moves to diversify its funding base and satisfy regulators.
The Federal Deposit Insurance Corp. is scheduled to review new rules on the amount of liquidity lenders are obliged to have on hand at a meeting Tuesday. The net stable funding ratio will require all banks to reduce their reliance on short-term funding that can be volatile, in favor of more stable long-term funding that is more expensive. The new rules are part of a broader effort to prevent a repeat of the 2008 crisis.
In a sign that it is serious about attracting depositors, Goldman is offering a 1.05% annual interest rate on deposits, which is far higher than rates currently available at other big U.S. banks.
http://www.marketwatch.com/story/goldman-sachs-is-doing-something-that-would-have-been-unthinkable-before-2008-2016-04-25
Jackie Wilson Said
(4,176 posts)long run, they will have everybody's fucking money eventually.
LiberalArkie
(15,732 posts)payback FDIC. The more money that GS has in John Does savings and checking (real money) the less the stock holders have to pay back. It used to be that the depositors money was protected by FDIC. If a FDIC insured bank fails all of its money can be used to pay back its debt.
merrily
(45,251 posts)angrychair
(8,750 posts)I'd rather eat cat food and live in a cardboard box than give one dime to these assholes.
think
(11,641 posts)onecaliberal
(32,976 posts)WestSeattle2
(1,730 posts)from customers. Just sayin'