Senator Elizabeth Warren slammed Goldman Sachs over claims it discriminated against women whilst assigning Apple Card credit limits (via Bloomberg News). The Massachusetts senator, who is seeking the Democratic Presidential nomination, criticized the way the bank had responded to the allegations.
Elizabeth Warren Tells Goldman Sachs – ‘Sorry…That’s Not How it Works’
Speaking in Concord, New Hampshire, Senator Warren said:
Yeah, great. So let’s just tell every woman in America, ‘You might have been discriminated against, on an unknown algorithm, it’s on you to telephone Goldman Sachs and tell them to straighten it out. Sorry guys, that’s not how it works.
Her comments followed those from Oregon Democrat Ron Wyden, the ranking member of the Senate Finance Committee. He said that he is looking into how valid the claims of bias against women Apple Card applications are. Goldman Sachs strongly denied any discrimination took place.
I thought GS was looking at credit report and self-reported income. Not sure how they would know one’s income independently. So, I’m wondering if the self-reported income is the difference. If the credit reporting is causing the discrepancy, that is not a SG’s issue; that is a credit reporter issue. Not much sympathy from me for the credit-reporters. ?
Yea, she may not like this, but you get judged on your individual income. There are men who have wives that make all the income, and they too got way lower credit lines. Because if you have zero income stream, you’re just not going to get the same credit line. That’s reality. Warren is in dream scapegoat land screaming for her socialism.
At least she’s not part of the knee-jerk blame Apple reaction that I’ve been seeing. She’s going after Goldman Sachs. Time will tell if this is a Goldman Sachs problem, or in fact endemic to the whole industry.
Settle down, I am sure that they are going to rectify the disparity.