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anybody see the news about 5/3

Established Contributor

Re: anybody see the news about 5/3

I'll be. Never heard of them.
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Message 11 of 18
Valued Contributor

Re: anybody see the news about 5/3

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.
Message 12 of 18
Senior Contributor

Re: anybody see the news about 5/3



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.


thought they were top ten, but too lazy to google it.
Message 13 of 18
Valued Contributor

Re: anybody see the news about 5/3



imducky wrote:


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.


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


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


Message Edited by debtisgood on 06-18-2008 06:23 PM
Message 14 of 18
Established Contributor

Re: anybody see the news about 5/3

5/3 Bank is not in the top 10.  They are actually number 24.
07/26/2007 TU-688
EQ-656
EX-649
Message 15 of 18
Established Contributor

Re: anybody see the news about 5/3



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.


Not quit I'm afraid. Not really even close.
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Message 16 of 18
Valued Contributor

Re: anybody see the news about 5/3

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.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 17 of 18
Established Contributor

Re: anybody see the news about 5/3

This is very correct.


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.


1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Message 18 of 18