A major Wall St. investment bank gets into retail banking. Is it really interested in helping the American people or could there be ulterior motives?
According to Max Keiser, Goldman Sachs’s new retail bank could just be a bunch of BS (or Gullsh*%^...)
Goldman Sachs will offer savings accounts to all Americans, and interest rates will be FAR higher than competitors https://t.co/t6x1AHsATy
— MarketWatch (@MarketWatch) April 27, 2016
In the episode of the Keiser Report, Stacy Herbert and Keiser discuss what they call the “nine most terrifying words in the English languge:
‘I’m from Goldman Sachs, and I’m here to help.’”
Keiser said that the bank is simply putting its competitors out of business “by opening the window they have with the government and Federal Reserve Bank in Washington to get more free money that they’re going to give to their depositors for a period of time… to concentrate power in the hands of yet more Goldman executives, who have now established a record of terrorism in the financial space.”
However, Herbert brought about another theory behind GS’ motives.
“There’s another theory is they are very, very, very desperate for bank deposits at all costs…because they’re offering accounts for only a $1 when previously, the minimum balance you needed for a GS account was $10 million,” she said.
Regardless of the Wall Street giant’s motives are, Keiser has a few words of caution for investors:
“Any money put in GS is only money that you’re willing to lose.”
People seem to think he’s onto (or under?) something….
Only @maxkeiser can explain the upside down topsy turvy financial system https://t.co/kyczHBIMRm pic.twitter.com/CqGFdz6FYr
— Keiser Report (@KeiserReport) May 10, 2016
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