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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Grandk who wrote (36341)11/11/2000 1:56:56 AM
From: TheStockFairy  Read Replies (1) of 436258
 
<<<http://biz.yahoo.com/rf/001110/n10128529.html

Hopefully this news will kick the selling into overdrive on C >>>>>

My wife pointed this out. All that artical says is that Bank One fuc@ed up. What they did was take out the grace period on their credit cards and lost, for sake of argument, 10% of their cream customers to other credit card companies. So their portfolio was 10% less and therefore they had a higher percentage of crappy payers. The same amounts of defaults occurred, but it was a larger percentage of their portfolio.

Then, they said they put back in the grace period.
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