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Goldman Bankers Wish They Sold Savings Accounts

Goldman Bankers Wish They Sold Savings Accounts

Maybe that would get the public off their backs. Fed up with all the shit being thrown at them for being blood-sucking destroyers of the world, some Sachsians are starting to wish they were an old fashioned deposit-taking bank with 24-hour ATMs. At least it would spare them the seemingly-impossible task of explaining to the Plebes how the firm actually benefits society.

At least Jamie Dimon can say JPMorgan makes student loans and gives you free checking accounts. Goldman "facilitates" clients.

People are mad at their banks, sure, but they also know that a bank is just a bank, and not the evil dark force of international finance that is Goldman Sachs. Or so the thinking of the Goldman people goes. Their problem, in other words, isn't what they do, it's what they don't do.

We're not so sure about that.

For starters, banks of any stripe face significant public relations challenges in today's economic climate. Goldman Sachs might have cringed at having to submit to congressional inquiry in the Abacus affair, but unlike, say, J.P. Morgan Chase, they are not dealing with mortgage modifications, protestations over credit card fees and penalties, and overdrafts. Goldman may have had to submit to preening and posturing in front of lawmakers, but they have yet to deal with a certain homely spitfire by the name of Elizabeth Warren. Would they really wish all that on themselves?

Would We Hate Goldman Sachs Less if it Had ATMs? [Fortune]


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