So the industry that sent pre-approved cards to everyone every day or the week including a friend's 2 year old daughter is in trouble? Good and serves them right. Now the people who thought this was a good idea - including the very top - ought to all be canned for such stupidity. Now I know the GOP thinks business can do no wrong but this was completely a self inflicted problem. And here I thought the big banks hired the best and brightest but they're all looking pretty stupid now.
Bank of America Chief Executive Kenneth Lewis said on Tuesday that the U.S. economy will get worse before it improves, and forecast record losses for the U.S. credit card industry.Job cuts after creating an even bigger too big to fail. Go figure.
"We, as an industry, may end up with possibly the highest credit card losses the industry has ever experienced," Lewis said.
Lewis said that in light of the ongoing financial crisis he saw a good chance of another half a percentage point rate cut at the next Federal Reserve meeting scheduled for Dec. 15-16.
Speaking to reporters, Lewis also said the largest U.S. bank will have 'fairly significant' job eliminations resulting from its takeover of Merrill Lynch in September.
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