Likes what he sees...
I mean, they’re GOLDMAN SACHS. Why would they want to be anyone else? DealBook just can’t wrap its head around it. Well, it kinda can understand why Goldman wants to buy GE Capital’s online banking platform and its $16 billion in deposits. But Team Sorkin doesn’t have to like it. And so they do not.
Goldman Sachs is swapping one too-big-to-fail problem for another. The Wall Street company is buying an online banking platform and $16 billion of deposits from GE Capital. The deal has a number of advantages for Goldman, but it carries plenty of risk….
It is simplistic to think that shifting an investment bank’s financing to deposits will end up reducing systemic risk.