America has been well on the way to having just one bank, so that citizens can simply say, "I went to The bank today", and truly mean it, with a capital "T".
Now, the costs of that are coming plain.
In the past, Citibank used to be one credit card company that was fast on the draw when interest rates fell to historic lows, locking in financing and then quickly turning that around to consumers with circa 4.5% "special" rates on consumer cards.
Now, instead, in a potential sign of stress, they are canceling credit cards, under favorable bankruptcy rules ...
Monday, February 4, 2008
Paying the Price for Banking "Deregulation" and Consolidation
