I was waiting at a traffic light in Naples Florida, and a radio jingle about “going first class” with Marcus by Goldman Sachs captured my attention. Goldman is selling savings accounts called “Marcus” to the masses and advertising on the radio????
This wasn’t the Goldman Sachs I remember. The feared counterparty no one wanted to trade against is now offering poor schlubs a chance to piggyback on Goldman’s vast reservoir of financial advantage, and maybe offering a toaster oven to the first 30 depositors?? This was too good to be true for the consumer. Clearly someone at Goldman had lost their money-making compass?
Then I remembered something I read in the Saturday edition of the WSJ about the FDIC voting 3-1 to suspend the Volker rule which was reenacted as part of Dodd Frank reforms in 2008.… Read this article