The Phaserl


Did Goldman Sachs’ Latest Move Into Main Street Banking Just Give Us A Warning About The Coming Financial Crisis?

by Mac Slavo, SHTFPlan:

If there were ever a signal that large investment banks may be preparing for financial crisis and that they’ll be using your money to bail themselves out when it hits, this could be it.

According to a new report from the Financial Times via The Daily Star, mega-banking giant Goldman Sachs is now getting into the retail banking business and looking for more depositors to help fund their operations. The bank has reportedly “been under pressure to develop new streams of funding” after posting lower than usual equity returns in the first quarter of 2016. In response, Goldman recently acquired a portfolio of 145,000 retail depositors from GE Capital totaling some $16 billion in deposits.

Goldman now intends to aggressively pursue retail depositors whose accounts they will then tap to help fund their investing and trading operations:

The bank last week launched, a platform it inherited via the acquisition of a $16bn book of deposits from GE Capital.

Through that deal it gained about 145,000 retail depositors and is now seeking more, offering annual interest rates of 1.05 per cent on a savings account – many times better than the rates of the biggest US brick-and-mortar lenders such as Citibank, JPMorgan Chase or Bank of America. Stephen Scherr, Goldman’s chief strategy officer, said the aim was to broaden sources of funding for GS Bank, its New York State-chartered lender. Until now, the unit has focused on wholesale funding sources and so-called “brokered deposits”, which are bulk sums that banks acquire from brokers in exchange for high interest rates.

By tapping regular retail depositors, Mr Scherr said, the bank can open up “a different avenue to use, with a different orientation and a different tenor”.

For as little as $1 you can now start your own savings account with Goldman at a whopping annual interest rate of 1.05%.

What could possibly go wrong when you deposit your money with one of the firms directly responsible for the fraud that led to Crash of 2008? They are, after all, doing God’s work according to Goldman CEO Lloyd Blankfein.

While depositing your money at Goldman’s new bank could well be a spiritual experience, we highlight for our readers the fact that Goldman is doing this for one specific reason: to fund their trading operations with new deposits from retail customers. And if they’re doing business anything like they did ahead of the 2008 crash, we can assume that when the whole thing blows up again Goldman is going to be in serious trouble, and that means depositors will be in serious trouble. Back in 2008 Goldman Sachs was “forced” to take a $10 billion TARP bailout from the Federal government.

According to Federal Reserve Vice Chairman Stanley Fischer, the next time such a crisis strikes, there will be bailouts, but not like before. This time, those bailouts, dubbed “bail-ins” will not come from the government, but rather, from you, the bank account holder.

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3 comments to Did Goldman Sachs’ Latest Move Into Main Street Banking Just Give Us A Warning About The Coming Financial Crisis?

  • tomche

    I don’t know about the rest of you, but every time I see that picture of that evil little Jew, I want to vomit.

    • Ed_B

      Not me. I just wonder how quickly his expression would change if someone were to stick an arrow into his pie-hole.

      Anyone who has financial dealings with ANY of the big NYC banks is a complete fool, IMO. These guys have a long and dark history with financial shenanigans and a great deal of even less savory activities. As is said, “Lay down with dogs and you’ll get up with fleas”. These guys may not be dogs but it’s a sure bet that their mothers were.

      A local credit union beats most any bank and all of the big NYC banks in every way imaginable. Instead of always looking for new ways to milk their customers, CUs look for new ways to SERVE their customers. This is a concept that is foreign to the likes of the big NYC banks. Their idea of a business model is a lot closer to: loot, pillage, burn, rape, and repeat.

  • Daniel

    Hey GS, I had a good deposit to give you this morning, but I flushed it down the toilet.

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