Apple is Loaning Its Brand to the Great Vampire Squid to Offer FDIC-Insured Savings Accounts

April 19, 2023

by Pam Martens and Russ Martens Wall Street on Parade

Apple, maker of the iPhone and one of the top brands in the world, has decided to get deeper in bed with Goldman Sachs, a Wall Street trading house with more than 100 years of ignominious history. Goldman Sachs was infamously branded as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” by Matt Taibbi in the pages of Rolling Stone.

Of all things to offer through Goldman Sachs, Apple thinks it’s a swell idea to offer a high-yielding, FDIC-insured savings account – that is ultimately backstopped by the U.S. taxpayer if Goldman Sachs blows up – which it came close to doing in 2008.