From MSNBC: Credit cards at the tipping point?.
Dire times are coming for consumers who hold credit cards and the banks that issue them, according to a report released Tuesday.
A spokeswoman for Capital One said she hadn't seen the report and was unable to comment on it, but pointed towards reassuring comments made by CEO Richard Fairbank at a recent equity analyst conference.
“In our U.S. card business, we're taking many actions to navigate the current downturn,” he said. “The credit card business is exceptionally resilient, with high risk-adjusted margins and a business that doesn't suffer the issues of collateral value that currently plague in particular the mortgage industry.”
He's bragging that there's nothing to worry about because there's no collateral!
Amazing. Quite splendiferous.
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