4 ms·
tech is not banking It's 2019. That argument would hold more weight if FAANG weren't aleady in the payments market ( eg: apple.com/applepay , pay.google.com ).
by charlesism 8y ago
tech is not banking
It's 2019. That argument would hold more weight if FAANG weren't aleady in the payments market ( eg: apple.com/applepay , pay.google.com ). If they aren't banks now, they will be soon.
- coredog64 8y agoI believe “banking” in this context isn’t “retail banking” (moving money around) but “investment banking”. It’s good to have some reasonable regulation of the former, but it’s the latter that allegedly poses a threat to the economy at large. FAANG is unlikely to sell CDOs around “likes and shares” ;)
- justizin 8y ago> FAANG is unlikely to sell CDOs around “likes and shares” ;) Let's revisit this in 10 years ;)
- IdontRememberIt 8y agoWhat I mean by "tech is not banking": Investment banking was playing with the money of their retail bank division. In some crazy years, you could have an unsupervised trader leveraging at 95% with money from the retail division. In that case, it was normal that politicians had to break the retail and investment.
- mliker 8y agoTech is not banking, even in 2019. The banking system is a lot more sophisticated and convoluted and complicated than what modern tech companies and their engineers are willing to deal with.