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Goldman is a client of Apple's. It's possible that they do some shady shit, but it's also possible that they don't want to fuck up their relationship with the w

by tyre 8y ago

Goldman is a client of Apple's. It's possible that they do some shady shit, but it's also possible that they don't want to fuck up their relationship with the world's most valuable company or jeopardize their entry into the consumer space. Their profit motive might save them. Or it could be a disaster, who knows. My guess is that Goldman would trade on the aggregate data

tylerhou 8y ago
Nit: world's most valuable publicly traded* company. https://en.wikipedia.org/wiki/Saudi_Aramco https://en.wikipedia.org/wiki/Saudi_Aramco
- eridius 8y ago
  Non–state-owned enterprise, more like.
AaronFriel 8y ago
Wasn't there a lawsuit that an investment bank (can't recall if it was Goldman Sachs or not) can deceive its clients and not disclose that it has a competing or directly contrary interest? And then there's this, and a dozen other stories about Goldman Sachs deceiving its clients in the past. https://www.washingtonpost.com/opinions/goldman-sachss-long-history-of-duping-its-clients/2012/03/15/gIQAVlu3GS_story.html?utm_term=.a894a895a4c8 https://www.washingtonpost.com/opinions/goldman-sachss-long-...
- kevin_thibedeau 8y ago
  You're probably thinking about financial planners trying to avoid disclosure that they are not fiduciaries.
- mason55 8y ago
  FWIW, those rules are relatively nuanced. It's not like someone ruled that Goldman can deceive all clients at all times in all transactions. Typically it comes up in places where there's a question of whether the bank is responsible getting their client the best possible price in a transaction or whether the bank is acting as an arms-length counterparty who happens to be taking the other side of the transaction. It also depends on the sophistication of the client and whether it's a transaction where the client should expect Goldman to be bullshitting them. Goldman acting as a bank for the Apple credit card is completely different from Goldman acting as the counterparty in a large FX hedge or bond deal. Not that I like defending GS
JetSpiegel 8y ago
> Goldman is a client of Apple's. It's possible that they do some shady shit, but it's also possible that they don't want to fuck up their relationship with the world's most valuable company It's hard to argue that Apple can keeps Goldman Sachs on a leash. GS can't get a worse reputation that it already has, shaming them is worthless.

by tyre 8y ago

tylerhou 8y ago

Nit: world's most valuable publicly traded* company. https://en.wikipedia.org/wiki/Saudi_Aramco https://en.wikipedia.org/wiki/Saudi_Aramco

eridius 8y ago
Non–state-owned enterprise, more like.

AaronFriel 8y ago

Wasn't there a lawsuit that an investment bank (can't recall if it was Goldman Sachs or not) can deceive its clients and not disclose that it has a competing or directly contrary interest? And then there's this, and a dozen other stories about Goldman Sachs deceiving its clients in the past. https://www.washingtonpost.com/opinions/goldman-sachss-long-history-of-duping-its-clients/2012/03/15/gIQAVlu3GS_story.html?utm_term=.a894a895a4c8 https://www.washingtonpost.com/opinions/goldman-sachss-long-...

kevin_thibedeau 8y ago
You're probably thinking about financial planners trying to avoid disclosure that they are not fiduciaries.
mason55 8y ago
FWIW, those rules are relatively nuanced. It's not like someone ruled that Goldman can deceive all clients at all times in all transactions. Typically it comes up in places where there's a question of whether the bank is responsible getting their client the best possible price in a transaction or whether the bank is acting as an arms-length counterparty who happens to be taking the other side of the transaction. It also depends on the sophistication of the client and whether it's a transaction where the client should expect Goldman to be bullshitting them. Goldman acting as a bank for the Apple credit card is completely different from Goldman acting as the counterparty in a large FX hedge or bond deal. Not that I like defending GS

JetSpiegel 8y ago

> Goldman is a client of Apple's. It's possible that they do some shady shit, but it's also possible that they don't want to fuck up their relationship with the world's most valuable company It's hard to argue that Apple can keeps Goldman Sachs on a leash. GS can't get a worse reputation that it already has, shaming them is worthless.