33,000 Americans Have Deposited $1.8 Billion In Savings With Goldman Sachs

from Zero Hedge

One year ago, the FDIC-backed hedge fund and central banker incubator known as Goldman Sachs prompted some head scratching when it announced that it would become an actual bank following its purchase of GE Capital Bank’s online deposit platform, allowing ordinary retail depositors to park their cash with the bank. The reason for the confusion was simple: with a $900 billion balance sheet, Goldman did not need the extra funds. Just as confusing, Goldman was paying one of the highest interest rates in the country: at 1.05%, this is more than virtually any other comparable bank or financial institution was willing to give depositors every year they parked their savings with the bank. Superficially, it would suggest Goldman urgently needed the funds which, at least as of this moment, could not be further from the truth.

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