4 ms·

It’s incredible. Apple causes a big bank to lose money because they introduce a product where they can’t use their typical money grabbing tricks like extortiona

• hotpotamus 4y ago
  Apple and Goldman is not a David and Goliath story. It's more like the Ice Giants fighting it out with The Gods about when they borrowed the lawnmower (to borrow a phrase from Terry Pratchett). There's little we mortals can do against these forces that move heaven and earth.
  • lotsofpulp 4y ago
    Apple has 20x the market cap, 5x the profit as Goldman, and almost the same profit margin. Relatively speaking, Apple has been able to move a lot more heaven and earth than Goldman for a long time now.
    • 988747 4y ago
      Apple produces iPhones, Goldman Sachs does financial engineering - its Asset Management division, in addition to $1.5T of their own assets, also manages $2.5T of customer's money. If necessary they can use those assets to further their agenda (by investing them in specific industries or companies). That gives them a lot more influence than Apple, which has to use their own cash for everything. That's why they had audacity to say they are doing "God's work" :)
• dimmke 4y ago
  I have an Apple Card and it’s my only credit card. I like the integration with the app and the support when I’ve needed it and I think min/maxing for points or rewards is stupid. It’s why I don’t have any Chase or AMEX cards. It’s a bummer I seem to be an outlier. I was hoping more people were like me and this would maybe change the credit card industry a bit.