Posts Tagged ‘credit card’
I read the most outrageous headline “Citigroup’s $306 Billion Bailout Fueled by Pizza.” Citigroup has been in trouble for months. I compared my Citi statements and offerings to my Chase statements and concluded that Chase was in a stronger position. I didn’t comment on it because I am concerned speculation may contribute to Citi’s problem.
The bailout of Citigroup, which put the government at risk of hundreds of billions of dollars in losses, was finalized on Sunday. The following Tuesday my wife and I received a notice of change in terms from Citigroup. Take it or leave it, or pay off the account. Millions of credit card holders in the United States received similar notices. I cannot speak for anyone but me, but the timing angers me. The government continues to bail out credit card companies and banks that strongly oppose any credit card customer bill of rights.
One out of every five Americans no owes more on their home than it is worth, according to research involving JPMorgan Chase’s decision to temporarily halt foreclosures. While that certainly is good news for many, it is not good news for investors and banks. “Prime mortgages, especially where there are pay-option ARMs involved, (are) becoming a broader issue,” said Charles Scharf, head of retail financial services at JPMorgan.
The vote is history and the financial bailout has failed. As a follow-on to our article “Bailout Urgency Sounds Like Iraq War…” it is entirely possible that banks, mortgage companies, and investment houses do not want a bailout. They do not want the scrutiny. They do not want investigations, controls, and oversight. They do not want government involved in pay-related issues. However, they do want the money. Evidence? Consider the credit card bill of rights. Bankers oppose it.