Banks are also much more heavily regulated than tech companies.
Yes, they've mostly captured all the regulators at this point so it's like the foxes running the henhouse, but at least in theory that's how it's supposed to work. . .
This isn't as big of a deal as you think, this sort of arrangement is the same as when an alumni association, sports team, or charity offers a credit card.
Yes, and ultimately Goldman Sachs is a bank and will be held accountable for anything that happens. This is a GS product that Apple gets a significant cut of.
Retail banks were on the front lines making the liar loans that got everything started. Investment banks wouldn't have had any bogus mortgages to bet on without retail banks originating them.
The decision to use GS is highly dilutive to Apple's brand.
I get that you're trying to tell a morality tale in order to determine who the bad guy is, but there wasn't "a bad guy" causing the last recession. "Retail banks were on the front lines making the liar lones".... and millions of creditless idiots were buying houses they couldn't afford.
You don't need the ball when the chain wraps around the whole world.
My point is that "much more regulated" retail banks don't behave any better than the other players in the financial system. That's not a morality tale it's a fact. If the financial crisis didn't convince you certainly Wells Fargo should have.
Isn't it much worse to have big companies in a heavily-regulated industry where those big companies largely control the regulations? Surely they will influence the regulations to increase barriers of entry into their industry.
