Saw this at Reuters (new window) and thought this was rather amusing as well as kind of unbelievable at the same time.

From the article:
Robert Hammer, who advises card companies as chairman of RK Hammer Investment Bankers in Thousand Oaks, California, expects issuers to slash at least 10 percent of what he said was the $934 billion of credit they extend now.

“The legislation paints such a broad brush, by making every bank part of the evil empire,” he said. “It will cost the industry $10 billion a year. That will have a sweeping impact on an industry already crippled by the economy.”

He says that like it’s a bad thing. I see it as ten billion dollars in the hands of consumers, who will actually spend it, save it, invest it.

“There’s no doubt issues will take preemptive strikes to prepare for what will be a different card industry, with a different face,” he added.

“Evil empire”, if the shoe fits…

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