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I think Google can be awful and still fare better than most regular banks.
by Iv 7y ago
I think Google can be awful and still fare better than most regular banks.
- kjs3 7y agoI work for a bank. As bad as we can be, there's always a recourse of some sort (not always useful, but sometimes). There's always a regulator (not always activist, but sometimes). There's always an alternative (not always equivalent, but sometimes). With Google, it's up to Google whether the answer is 'screw you' (unless you're spending tens of millions, it is).
- Iv 7y agoIf Google does banking, it has to obey to banking regulations. Like you say, the banks ignore the regulators, shortcut the recourse and the alternatives, really, are all equally awful.
- kjs3 7y agoI will bet, without any specific inside knowledge, that the reason that Google hasn't already gone into banking is that they are looking at how to construct a "financial service company" that does bank-like things without being subject to the full force of OCC oversight.