TBPN The Jamie Dimon Apple Card, Greenland Ideas, WB-Paramount, TBPN x Vanity Fair | Diet TBPN
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Jan 9, 2026 This episode dives into the shift of the Apple Card from Goldman to JPMorgan, unveiling Steve Jobs' early plans for an Apple credit card. The hosts discuss a quirky 2004 rewards concept tied to iTunes and tackle Goldman’s execution missteps. In a surprising twist, they explore the U.S. buyout chatter regarding Greenland and the implications for taxes. The conversation heats up around the media M&A landscape with Paramount's bold move against Warner Bros., and a humorous take on luck and gaming mechanisms wraps up the fun.
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Apple Card Backend Switch Explained
- The Apple Card backend is moving from Goldman Sachs to JP Morgan due to poor portfolio performance and losses.
- Goldman lost about $1B on the card and wants the exposure off its balance sheet, so JP Morgan buys at a discount.
Jobs' No-Rejection Customer Philosophy
- Steve Jobs pushed Apple toward broad accessibility and 'no rejection' customer experience for payments.
- That philosophy led Apple to set relatively low credit requirements around a 600 score at launch.
The 2004 iTunes-Only Rewards Idea
- In 2004 Apple considered an Apple Card tied to iTunes points redeemable only for songs.
- That plan had great margin logic but limited long-term appeal once streaming changed music consumption.
