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Comment by tinus_hn | Hacker News Reader

It’s incredible. Apple causes a big bank to lose money because they introduce a product where they can’t use their typical money grabbing tricks like extortionate fees and interest.

How does this site, where the commenters always pretend to be against big money, react? Hurr durr Apple bad.

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I have an Apple Card and it’s my only credit card. I like the integration with the app and the support when I’ve needed it and I think min/maxing for points or rewards is stupid. It’s why I don’t have any Chase or AMEX cards.

It’s a bummer I seem to be an outlier. I was hoping more people were like me and this would maybe change the credit card industry a bit.

Apple and Goldman is not a David and Goliath story. It's more like the Ice Giants fighting it out with The Gods about when they borrowed the lawnmower (to borrow a phrase from Terry Pratchett). There's little we mortals can do against these forces that move heaven and earth.

Apple has 20x the market cap, 5x the profit as Goldman, and almost the same profit margin. Relatively speaking, Apple has been able to move a lot more heaven and earth than Goldman for a long time now.

Apple produces iPhones, Goldman Sachs does financial engineering - its Asset Management division, in addition to $1.5T of their own assets, also manages $2.5T of customer's money. If necessary they can use those assets to further their agenda (by investing them in specific industries or companies). That gives them a lot more influence than Apple, which has to use their own cash for everything. That's why they had audacity to say they are doing "God's work" :)

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