StaggerLee, looks like Gary is starting to clear the decks,
for more profitable businesses. Consumer credit cards is
a lousy business right now. That is why ONE and Jamie Dimon
can't get out of the hole as yet. Gary knows where the Diamonds are.
CNC closed at 10 with strong demand at 10 all the way through.
regards,
back later,
TA
Message #1594 from StaggerLee at Jul 5, 2000 12:57 PM
This thread is becoming so tedious to wade through! Just my opinion.
Press release today: More cash for CNC. Should have proof-read the 3rd paragraph, though.
Conseco Finance Sells Its Bankcard Portfolio
July 5, 2000 02:26 PM Eastern Time
CARMEL, Ind.--(BUSINESS WIRE)--July 5, 2000--Conseco, Inc. CNC today announced that its Conseco Finance Corp. subsidiary sold substantially all of its Bankcard (Visa/Mastercard) portfolio to Wells Fargo Financial Bank, the credit card subsidiary of Norwest Financial, part of Wells Fargo & Company.
The size of the portfolio sold was approximately $400 million. The sale of this noncore business provides additional liquidity to Conseco Finance and is not expected to result in a material gain or loss.
Conseco Finance, with nationwide operations and managed finance receivables of nearly $46 billion at December 31, 1999, is one of America's largest of nearly $46 billion at December 31, 1999, is one of America's largest consumer finance companies, with leading market positions in retail home equity mortgages, home improvement mortgages and consumer and floorplan loans for manufactured housing. Based in St. Paul, Minn., Conseco Finance had 9,600 employees at year-end 1999.
World Wide Web conseco.com
Investor Hotline 800.4.CONSECO
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