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Why Jim Cramer Isn't Buying the Apple Card Discrimination Story

Video Credit: The Street - Duration: 01:29s - Published
Why Jim Cramer Isn't Buying the Apple Card Discrimination Story

Why Jim Cramer Isn't Buying the Apple Card Discrimination Story

The New York Department of Financial Services will investigate Goldman Sachs for possible sex discrimination in the way it sets credit limits.

The investigation follows a series of viral tweets by entrepreneur and web developer David Heinemeier Hansson about algorithms used for the Apple Card, which Goldman Sachs manages in partnership with Apple.

Jim Cramer said that he's not "buying" the story just yet, because he believes that a mistake was made--but it was not intentional discrimination.

Cramer noted that he "trusts blind algorithms" for now, because they're designed not to discriminate based on race or gender.

"I researched this thing.

I mean, one of the things that Apple wanted was for everybody--and Goldman too--to have their credit rating.

Now, there was a credit rating disparity here.

That was a mistake.

And maybe there's lots of mistakes.

I don't know because they did have to readjust this one," said Cramer.

Watch the full video for Cramer's full take.

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