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this is how the Apple bank accounts can work Apple makes money selling phones, not mortgages the funds deposited can be reinvested in Apple stock as long as
by 0zemp2c 3y ago
this is how the Apple bank accounts can work
Apple makes money selling phones, not mortgages
the funds deposited can be reinvested in Apple stock
as long as Apple is not loaning at interest, they could pull it off
I think people are underestimating the blast radius of these accounts...imagine an entity engaged in "fair" banking (and only banking) that is too big and powerful to be undermined by JPM, BofA etc
- no_wizard 3y agoIts all actually backed by Goldman Sachs and their underwriting partner. Apple isn't suddenly a bank or even financial institution, they are in partnership with one, and through that able to exert some leverage around deposits, which is cool, but they still had to get a bank involved for it all to work.