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A diversified financial services company whose banking and non-banking subsidiaries market a variety of financial products and services.
Everyone is focusing on the credit card business and in reality its becoming an actual bank. The emphais is on developing the deposit business, They are quietly acquiring the weak and the lame. The recent Chevy Chase Bank purchase is a great example. They pay 500 million and instantly obtain 11 billion in deposits. In 5 years they will evolve the regional bank type profile into a national presence. I can speak from experience when I say the dangers in the card business are overblown. This company extrapolates multiple models to anticpate the risk, The other aspect of the card busines is desperate people pay those first. They are living on them and can't afford to max out their line. Patience is the key here and you are receiving a plump 5 % to wait.
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