Word: credit-card
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Financial risk is a laughable concept to those of us who have no assets to risk. What most Americans truly need is credit-card rates that reflect today's realities. I'd be happy to pay a small fee to a big company that could search the world for cheaper auto insurance and a less costly car loan. A true genius will make the most of the negative net worth of consumers and provide cheaper services. OMAR BARRAZA Seattle...
Already this year, deals worth $236 billion have been announced, putting us on track for a seventh consecutive yearly record. Only a day after the Citigroup blockbuster, two more pairs of financial-services companies agreed to marry. Credit-card and home-equity lender Household International will pay $7.7 billion for Beneficial Corp., which is in the same businesses; and insurer Conseco Inc. agreed to pay $6.4 billion for subprime, mobile-home lender Green Tree Financial. Meanwhile, the stock price soared for just about every mutual-fund company, bank or brokerage considered likely to find a partner...
...billion. Pfeiffer applied American management techniques, slashing payrolls and streamlining manufacturing. He used the savings to launch lines of lower-priced PCs. In '96 he led the company into high-margin, big-iron computing, buying Tandem Computer for $3 billion. Tandem's machines process everything from stock trades to credit-card transactions...
...Marcia Lewis filed for divorce from her husband, Dr. Bernard Lewinsky, who headed a lucrative oncology practice. She accused Lewinsky of carrying on an affair and having "a violent temper" that induced profanity-strewn tirades against her and the children. Meanwhile, Dr. Lewinsky charged Lewis with running up his credit-card bills in anticipation of the divorce. The settlement downsized the family's life-style; Bernard Lewinsky, who paid $6,000 a month in spousal and child support after the settlement, now lives in a one-story stucco house. It is worth $700,000, but it lies in a modest...
...many in the industry, profits have melted under the costs of these incentives. They fell 24% in 1996--dropping 300% from the mid-1980s--and remained flat last year, pounded by a wave of delinquencies as consumers maxed out their debt. "The credit-card free-for-all has come back to haunt the industry," says Robert McKinley, president of RAM Research. To stanch the southern flow of profits, card issuers are seeking to edge up their income by retrenching on offers and charging penalties, new fees and higher rates...