Credit Cards

[beenthere]

I'll be. Never heard of them.

[debtisgood]

I believe they are the 5th or 7th larget bank in the US, definitely not small fish. They aren't that famous for their credit cards, though they do issue them.

[imducky]

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debtisgood wrote:

I believe they are the 5th or 7th larget bank in the US, definitely not small fish. They aren't that famous for their credit cards, though they do issue them.

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thought they were top ten, but too lazy to google it.

[debtisgood]

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imducky wrote:

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debtisgood wrote:

I believe they are the 5th or 7th larget bank in the US, definitely not small fish. They aren't that famous for their credit cards, though they do issue them.

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thought they were top ten, but too lazy to google it.

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5th? 3rd? Who cares, they are somewhere up there! hehe

Message Edited by debtisgood on 06-18-2008 06:23 PM

[unknown_entity]

5/3 Bank is not in the top 10.  They are actually number 24.

[beenthere]

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debtisgood wrote:

I believe they are the 5th or 7th larget bank in the US, definitely not small fish. They aren't that famous for their credit cards, though they do issue them.

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Not quit I'm afraid. Not really even close.

[TheNewWorldMan]

The problem with the big banks is that they are heavily invested in mortgage paper, and no one really knows what subprime mortgages are worth anymore. With financial markets, uncertainty is the kiss of death.

I'll bet right now that if a voice came down from on high, and intoned, "Attention Banks...Your Subprime Paper is Worth 80 Cents on the Dollar. DEAL WITH IT!!" the Dow would probably pop 600 points that day...never mind that, over the long run, the real situation isn't even probably quite that bad. The markets would just be thrilled to death that the unknown was now a known. The write-downs could be gotten over with, the wreckage swept aside, the bodies of over-leveraged executives carted off, and the recovery could get under way.

But they don't really know the extent of the damage, and that's what's killing the bank sector.

[beenthere]

This is very correct.

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TheNewWorldMan wrote:
The problem with the big banks is that they are heavily invested in mortgage paper, and no one really knows what subprime mortgages are worth anymore. With financial markets, uncertainty is the kiss of death.

I'll bet right now that if a voice came down from on high, and intoned, "Attention Banks...Your Subprime Paper is Worth 80 Cents on the Dollar. DEAL WITH IT!!" the Dow would probably pop 600 points that day...never mind that, over the long run, the real situation isn't even probably quite that bad. The markets would just be thrilled to death that the unknown was now a known. The write-downs could be gotten over with, the wreckage swept aside, the bodies of over-leveraged executives carted off, and the recovery could get under way.

But they don't really know the extent of the damage, and that's what's killing the bank sector.

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