GS Bank CEO: “I think what we're realizing this week is that there's an important conversation to have around people's awareness of what their credit history says, what it shows, and what the facts are in any individual credit history" 😱 pca.st/q19uhpso
That is just wild. The bank CEO is basically victim-shaming everyone who’ve had a sexist outcome from their black-box algorithm under the banner of “your credit score and record was probably just shit, honey”. Hear that @stevewoz? Your wife just needs to study harder!
Again, let’s recap our case: 1) Same household income submitted for both applications, 2) Wife has longer credit history, no balance run for about a decade, 3) Wife has higher credit score.
ALGORITHM: Wife is twenty times less worthy of credit than husband.
ALGORITHM: Wife is twenty times less worthy of credit than husband.
The GS bank CEO also goes on to defend the complete lack of transparency into their black-box algorithm because “there’s information out there about how scores are determined”. GS doesn’t have to reveal anything because they paid a consultant to write them a report saying 👍
The hubris here is the stuff of Wall Street legend. They’re so utterly confident in the black-box algorithm that they themselves cannot explain, that it’s simply IMPOSSIBLE that the computer got it wrong. Wow.
Also, found it hilarious that the “solution” to suspicion of bias is to be resolved by Goldman Sachs - who don’t believe anything could possibly be wrong with the algo, and that victims should just study more - reviewing things in secret “case by case” 😂
Oh @Apple, why oh why would you want to partner with such a turd of a bank? Can’t you see just how terrible this looks and this is? I promise you, nobody is going to give a shit if you dump Goldman as your partner for @AppleCard and find someone more up to the task.
Bingo. And as a reminder, Goldman Sachs were the ones who were convicted of defrauding investors and had to pay a $5b fine. Talk about a bad credit history!
