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Goldman Sachs Has Ripped Off Its Customers for a Century – a Puny $64.8 Million Fine for Abusing Thousands of Apple Credit Card Customers Fails the Smell Test
by Gunnar Larson 25 Oct '24

25 Oct '24

https://wallstreetonparade.com/2024/10/goldman-sachs-has-ripped-off-its-cus… By Pam Martens and Russ Martens: October 24, 2024 ~ David Solomon, Chairman and CEO, Goldman Sachs David Solomon, Chairman and CEO, Goldman Sachs The Consumer Financial Protection Bureau (CFPB) typically receives high praise from Wall Street On Parade for leveling the playing field between the pillagers on Wall Street and the hardworking poor and middle class of America. But yesterday’s announcement of the CFPB’s settlement with Goldman Sachs and Apple over some of the most abusive conduct we have observed against consumers in decades left us with the impression that Goldman Sachs’ lawyers had browbeat the CFPB into a watered-down deal. The enforcement action by the CFPB pertained to years of abuses by both Apple and Goldman Sachs involving the Apple Credit Card. Under the CFPB’s settlement, Goldman Sachs will pay $19.8 million in redress to victims and a $45 million civil money penalty, bringing Goldman’s total settlement to $64.8 million. Apple will pay a $25 million civil money penalty for a combined $89.8 million by both parties. Let’s pause right here for a moment. Goldman Sachs had profits of $8.52 billion in 2023. The settlement amount of $64.8 million is less than 1 percent of its profits last year. That makes a mockery of holding a serial miscreant like Goldman Sachs accountable for putting Apple Credit Card customers through a living hell and destroying people’s credit rating in the process. Credit on the Apple Credit Card was provided by the taxpayer-backstopped, federally-insured commercial bank that Goldman Sachs is allowed to own – despite its checkered past. That commercial bank is known as Goldman Sachs Bank USA. For a snapshot look at how prudently it is managed, consider this: as of June 30 it held $544 billion in assets and $55 trillion in derivatives. (See Table 15 at this link. The derivatives report is provided by a federal banking regulator, the Office of the Comptroller of the Currency.) The CFPB announced yesterday that Goldman Sachs had engaged in the following abuses in connection with the Apple Credit Card: [When customers complained about erroneous charges,] “the bank failed to consistently send acknowledgment notices within 30 days, conduct reasonable investigations, or send resolution letters explaining the determinations of its investigations within 90 days. These failures led to Goldman Sachs illegally placing damaging information on consumers’ credit reports and holding cardholders responsible for potentially fraudulent or unauthorized purchases.” The CFPB also wrote this: “The marketing of the Apple Card Monthly Installments plan led consumers to believe they would automatically receive interest-free financing when purchasing iPhones and other Apple devices with their Apple Card. The plan allowed cardholders to purchase Apple devices through a series of interest-free payments over a period of six months to two years. However, many cardholders were unknowingly charged interest because they were not automatically enrolled as expected. They also faced confusing checkout options about enrolling in the plan. For online purchases, Apple only presented the payment plan as an option to consumers using Apple’s own Safari browser. Due to Apple and Goldman’s actions, instead of making interest-free payments, thousands of cardholders purchased Apple devices on interest-bearing revolving balances and incurred interest charges.” Wall Street On Parade began reporting on the grotesque manner in which the Apple Credit Card was being handled as early as August 10, 2022. Our first report came one year after J.D. Power had lavished a customer satisfaction award on the Apple Credit Card provided through Goldman Sachs. The J.D. Power Award came in August 2021. We dug through customer complaints in the CFPB’s database for the same month, August 2021, and found the following telltale signs of big problems: (The redacted information has been redacted by the CFPB; typos are in the original.) A customer in California wrote this: “This problem has been ongoing since XXXX, I have had to open multiple disputes through Apple credit card (goldman Sachs) and every time I open disputes, they ALWAYS favor the merchant ( XXXX ) There were multiple unauthorized purchases on my card through XXXX, XXXX helped with most of them besides one order that was {$1400.00}. My credit card issuer Goldman Sachs is saying that the dispute keeps favoring them no matter what evidence I give them. I really want to sue or something, I have no idea what to do now…” (Read the full complaint here.) A customer in Massachusetts told the CFPB this: “My 11 year old computer died and I went online to apple.com to buy a replacement one. Their site advertises that you can get an Apple credit card with 0 % APR for the first 12 months and pay off the computer. When I tried to redeem that offer, their Goldman Sachs website came back and extended a {$2500.00} credit limit, which does not cover the cost of a computer on their site. I called in to get the limit increased to {$3200.00} because I make {$320000.00} a year and have a XXXX credit rating. When I called in, their representative told me the only way to request a credit limit increase to cover the cost of the computer was to accept the credit card offer and open an account. So I did. He told me the next day I had to call back to request a credit increase. There was no other way to get an increase on the application. I have just done that, and despite making a high salary, having zero credit debt and having an excellent credit score, Goldman Sachs / Apple has denied the application and not giving me a reason…” (Read the full complaint here.) A resident of Virginia wrote this: “On XX/XX/21, an unknown charge for {$840.00} was Pending on my Apple Card (Goldman Sachs), I submitted a dispute the same day and was told that, because the charge was still ‘pending’, they would monitor the charge and if the charge posted, the dispute process would start with no further action from me. If the charge did not post, it would just drop off of my account. Since then, I have made dozens of calls and chat sessions with Apple Card Support about this charge that posted to my account on XX/XX/21. On this date, I received a ‘provisional credit’ and exactly one minute later, the provisional credit was reversed. After many phone calls, I finally learned that the dispute that I repeatedly called about had been ruled in the merchant ‘s favor because, they stated, I ‘withdrew my dispute’ — this is a complete falsehood…” (Read the full complaint here.) In 2023, we took another look at the CFPB’s complaint database and found hundreds of cries for help from people being ripped off with the Apple Credit Card, including the following from a resident of Nevada: “Late last year, Apple credit card pulled a hard inquiry on my credit and issued me an Apple credit card. I did not request this credit card, so I contacted XXXX about this matter. Apple credit card closed my account and stated to me that they noted my account was closed because they could not verify that I requested, authorized, or applied for this credit card. I believe this credit card was requested by an XXXX store agent, without my authorization, when I purchased a new iphone. I believe this because the agent signed me up for several other offers that I did not request. These matters have been resolved with XXXX. Regarding the hard inquiry, the XXXX representative told me to contact each credit reporting agency to request that the hard inquiry be removed from my credit report. XXXX will be reporting this account as closed due to unable to verify that I applied for the credit card. Thank you for assisting in the removal of the hard inquiry with each agency.” This Nevada report suggests that salespeople in Apple’s retail stores may have been incentivized to open Apple Credit Card accounts without the customer’s approval. And yet, the CFPB settlement is silent on this issue. None of this egregious behavior by Goldman Sachs and Apple has made its way to the folks at J.D. Power. On August 15 of this year, J.D. Power made the following gasp-worthy announcement: “Apple Card (Goldman Sachs) ranks highest in customer satisfaction among co-brand credit cards with no annual fee, with a score of 654. This is the fourth consecutive year in which Apple Card and issuer Goldman Sachs have collectively earned a segment award….” Goldman Sachs’ history of abusing its customers dates back to the roaring 1920s. During the making of the stock market asset bubble of 1928, Goldman ran the Goldman Sachs Trading Company, a closed end fund known as a “trust” in those days. Goldman Sachs spun it off to the public at $104 a share. The trust was filled with dubious investments while paying Goldman a hefty management fee. Just a few years after the crash of 1929, the Goldman Sachs trust was trading at a buck and change. On May 20, 1932, Walter Sachs, President of the Goldman Sachs Trading Company, was interrogated by the Senate Committee on Banking and Currency. The Committee concluded that Goldman Sachs fleeced its customers to line its own pockets. On April 27, 2010 the U.S. Senate’s Permanent Subcommittee on Investigations held a hearing and interviewed multiple executives of Goldman Sachs over its role in the subprime crisis and 2008 financial collapse. That hearing was followed by an in-depth report from the Subcommittee. Among the findings were the following regarding Goldman Sachs: “When Goldman Sachs realized the mortgage market was in decline, it took actions to profit from that decline at the expense of its clients. New documents detail how, in 2007, Goldman’s Structured Products Group twice amassed and profited from large net short positions in mortgage related securities. At the same time the firm was betting against the mortgage market as a whole, Goldman assembled and aggressively marketed to its clients poor quality CDOs [Collateralized Debt Obligations] that it actively bet against by taking large short positions in those transactions. New documents and information detail how Goldman recommended four CDOs, Hudson, Anderson, Timberwolf, and Abacus, to its clients without fully disclosing key information about those products, Goldman’s own market views, or its adverse economic interests. For example, in Hudson, Goldman told investors that its interests were ‘aligned’ with theirs when, in fact, Goldman held 100% of the short side of the CDO and had adverse interests to the investors, and described Hudson’s assets were ‘sourced from the Street,’ when in fact, Goldman had selected and priced the assets without any third party involvement. New documents also reveal that, at one point in May 2007, Goldman Sachs unsuccessfully tried to execute a ‘short squeeze’ in the mortgage market so that Goldman could scoop up short positions at artificially depressed prices and profit as the mortgage market declined.” For what Goldman Sachs has been up to more recently, see our reports: Goldman Sachs Criminally Charged by Justice Department – and Its Stock Closes Up $2.49 and Goldman Sachs Is Being Sued for 27 Separate Stock Offerings It Underwrote. To add further insult to injury, while much of the Apple Credit Card hubris was occurring, the CEO of Goldman Sachs, David Solomon, was moonlighting as a D.J. (You can’t make this stuff up.) Solomon still sits at the helm of the company.

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'Operation Not Forgotten' Shines New Light on Indian Country Cases — FBI
by Gunnar Larson 25 Oct '24

25 Oct '24

https://www.fbi.gov/news/stories/operation-not-forgotten-shines-new-light-o… Not Forgotten Joint Operation Shines New Light on Indian Country Cases October 23, 2024 In a hidden field on a remote patch of Navajo Nation land in northwest New Mexico, an FBI special agent from Los Angeles recently unearthed new leads in a four-year-old homicide case. Around the same time, a special agent from Atlanta collected fresh crime scene evidence on a windswept prairie on indigenous territory in North Dakota. Their work—on remote Tribal lands far from their home field offices—was part of a four-month surge of resources by the FBI, the Bureau of Indian Affairs (BIA), and Tribal law enforcement to generate new leads and bolster cases in some of the most violent crimes against Native American women and children.

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BREAKING: Pharmacy Must Pay $39.2M In Conn. Kickback Case
by Gunnar Larson 25 Oct '24

25 Oct '24

BREAKING: Pharmacy Must Pay $39.2M In Conn. Kickback Case <https://www.law360.com/compliance/articles/2251909?nl_pk=ab5ce197-c1fb-4d8e…> By Brian Steele A defunct compounding pharmacy must pay $39.2 million in damages and penalties for its role in a kickback scheme that made illegal payments to Connecticut state employees and retirees, a state court judge ruled Friday while letting the company's proprietor off the hook. Decision attached | Read full article » <https://www.law360.com/compliance/articles/2251909?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/2251909?nl_pk=ab5ce197-c1fb-4d8e…>

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BREAKING: Masimo Beats Most Apple Claims In Smart Watch IP Trial
by Gunnar Larson 25 Oct '24

25 Oct '24

BREAKING: Masimo Beats Most Apple Claims In Smart Watch IP Trial <https://www.law360.com/delaware/articles/2251556?nl_pk=8f2e5a76-bb66-462b-a…> By Jeff Montgomery Health care tech company Masimo Corp. beat all but three of 16 Apple Inc. Apple Watch patent claims Friday at the close of a five-day jury trial that put more prestige and bragging rights than cash on the line. Read full article » <https://www.law360.com/delaware/articles/2251556?nl_pk=8f2e5a76-bb66-462b-a…> | Save to favorites » <https://www.law360.com/delaware/articles/2251556?nl_pk=8f2e5a76-bb66-462b-a…>

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Joint Statement by FBI and CISA on People's Republic of China Activity Targeting Telecommunications — FBI
by Gunnar Larson 25 Oct '24

25 Oct '24

https://www.fbi.gov/news/press-releases/joint-statement-by-fbi-and-cisa-on-… Joint Statement by FBI and CISA on People's Republic of China Activity Targeting Telecommunications The U.S. government is investigating the unauthorized access to commercial telecommunications infrastructure by actors affiliated with the People’s Republic of China. After the FBI identified specific malicious activity targeting the sector, the FBI and the Cybersecurity and Infrastructure Security Agency (CISA) immediately notified affected companies, rendered technical assistance, and rapidly shared information to assist other potential victims. The investigation is ongoing, and we encourage any organization that believes it might be a victim to engage its local FBI field office or CISA. Agencies across the U.S. government are collaborating to aggressively mitigate this threat and are coordinating with our industry partners to strengthen cyber defenses across the commercial communications sector.

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Alex Jones Atty Laments Sharing Sandy Hook Families' Info
by Gunnar Larson 25 Oct '24

25 Oct '24

Alex Jones Atty Laments Sharing Sandy Hook Families' Info <https://www.law360.com/cybersecurity-privacy/articles/2251308?nl_pk=3dfd2fd…> By Brian Steele The lead attorney in conspiracy theorist Alex Jones' Sandy Hook Elementary School defamation trial in Connecticut acknowledged Thursday that he "erred" when he allowed a hard drive containing the plaintiffs' confidential records to be transmitted to other attorneys, an act that led to ongoing disciplinary proceedings that threaten his law license. Read full article » <https://www.law360.com/cybersecurity-privacy/articles/2251308?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/2251308?nl_pk=3dfd2fd…>

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Statue of Liberty's Crown | Symbolism & History (...and the spikes symbolizing the diadem of the sun god)
by Gunnar Larson 25 Oct '24

25 Oct '24

https://www.new-york-tickets.com/statue-of-liberty/crown/ The Statue of Liberty’s Crown is one of the world's most recognizable symbols. Stay on this page as we delve into its rich history, admire its remarkable architecture, learn about its profound significance, and uncover everything you need to know for a memorable visit to this iconic site. About Lady Liberty’s Crown Statue of Liberty Crown The Statue of Liberty's Crown stands tall as a beacon of freedom and hope, captivating visitors from across the globe with its majestic allure. Perched atop Lady Liberty's head, this iconic crown is a testament to the enduring spirit of liberty and enlightenment. As you ascend the Crown, you'll be immersed in a unique experience, surrounded by the architectural marvels and historical significance that define this landmark. The Crown's design showcases intricate details and captivating symbolism, with its seven rays representing the seven continents, and the spikes symbolizing the diadem of the sun god. From the Crown's elevated position, you are rewarded with breathtaking panoramic views of the surrounding New York City skyline, the shimmering waters of the Hudson River, and the distant horizon.

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Elephant Hunters Historical Marker - Near Idaho Falls in Bonneville County, Idaho — The American West (Mountains)
by Gunnar Larson 25 Oct '24

25 Oct '24

https://www.hmdb.org/m.asp?m=174239 Near Idaho Falls in Bonneville County, Idaho — The American West (Mountains) Elephant Hunters Elephant Hunters Marker image. Click for full size. Photographed by Barry Swackhamer, May 13, 2018 1. Elephant Hunters Marker Inscription. Click to hear the inscription. Early day big game hunters who occupied lava caves around here more than 12,000 years ago, had a diet that included elephants, camels and giant bison. When a gradual change to a warmer, drier climate made local grasslands into more desert their elephant herds left for cooler plains father north. But 8,000 years ago, bison still were available here. Indians continued to hunt buffalo on these plains until about 1840. Then they had to go to Montana for their plains hunting trips. Erected by Idaho Department of Transportation. (Marker Number 365.) Topics and series. This historical marker is listed in these topic lists: Animals • Anthropology & Archaeology • Native Americans. In addition, it is included in the Idaho State Historical Society series list. A significant historical year for this entry is 1840. Location. 43° 32.574′ N, 112° 21.198′ W. Marker is near Idaho Falls, Idaho, in Bonneville County. Marker is on West Arco Highway (U.S. 20 at milepost 291) near North 135 West, on the left when traveling westPaid Advertisement Click on the ad for more information. Please report objectionable advertising to the Editor. . Touch for map. Marker is at or near this postal address: 1500 West Arco Highway, Idaho Falls ID 83402, United States of America. Touch for directions. Other nearby markers. At least 7 other markers are within 16 miles of this marker, measured as the crow flies: Sheepcamp Wagon (approx. 15.1 miles away); Pioneer School Bus Replica (approx. 15.1 miles away); Covered Wagon (approx. 15.1 miles away); The Barn (approx. 15.1 miles away); Alridge School (approx. 15.1 miles away); General Store (approx. 15.1 miles away); Pioneer Cabin (approx. 15.1 miles away). Elephant Hunters Marker image. Click for full size. Photographed by Barry Swackhamer, May 13, 2018 2. Elephant Hunters Marker Credits. This page was last revised on November 30, 2021. It was originally submitted on October 8, 2018, by Barry Swackhamer of Brentwood, California. This page has been viewed 7,096 times since then and 1,993 times this year. Last updated on May 30, 2021, by Laura Anderton of Mackay, Idaho. Photos: 1, 2. submitted on October 8, 2018, by Barry Swackhamer of Brentwood, California. • J. Makali Bruton was the editor who published this page. Share this page. Share on Tumblr0Save Add Photo — Add Link — Add Commentary — Edit this page CeraNet Cloud Computing sponsors the Historical Marker Database. This website earns income from purchases you make after using our links to Amazon.com. We appreciate your support. Paid Advertisement Copyright © 2006–2024, Some rights reserved. — Privacy Policy — Terms of Use — About Us — Contact Us

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Colo. Billionaire's Brief Sparks Call For Gorsuch Recusal
by Gunnar Larson 25 Oct '24

25 Oct '24

Colo. Billionaire's Brief Sparks Call For Gorsuch Recusal <https://www.law360.com/delaware/articles/1886369?nl_pk=8f2e5a76-bb66-462b-a…> By Katie Buehler A Colorado billionaire once hired U.S. Supreme Court Justice Neil Gorsuch as a budding young lawyer, later campaigned for the future justice's first judicial appointment and subsequently urged the court to loosen requirements for federal environmental reviews — all of which has sparked a call for the justice to bow out of one of the upcoming term's key cases. Brief attached | Read full article » <https://www.law360.com/delaware/articles/1886369?nl_pk=8f2e5a76-bb66-462b-a…> | Save to favorites » <https://www.law360.com/delaware/articles/1886369?nl_pk=8f2e5a76-bb66-462b-a…>

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Trump Shooting Suspect Seeks Fla. Judge's Recusal
by Gunnar Larson 25 Oct '24

25 Oct '24

Trump Shooting Suspect Seeks Fla. Judge's Recusal <https://www.law360.com/legalethics/articles/2162907?nl_pk=153d4a8a-6fb9-4a5…> By Lauren Berg A man charged with attempting to shoot former President Donald Trump wants the Trump-appointed judge overseeing his case to step aside to preserve the appearance of impartiality, pointing Wednesday to news articles speculating that she could be in the running for a top legal position if Trump wins reelection. 3 documents attached | Read full article » <https://www.law360.com/legalethics/articles/2162907?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/2162907?nl_pk=153d4a8a-6fb9-4a5…>

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