Word: mastercards
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...Hence, the growing trend toward more arcane and occasionally bizarre password retrieval questions. Sign up for an MSN/Hotmail account and you can choose from "Who was your best childhood friend?" "What was your grandfather's occupation?" or "Who is your favorite historical person?" The questions for a Citibank MasterCard account are even odder, bordering on the absurd: "Who was your archrival growing up?" "If you needed a new first name, what would it be?" and "If you could control your height, how tall would you be?" Even if a person can answer those questions, there's no guarantee the answer...
...road. Indeed, among respondents in the Sallie Mae/Gallup poll who said they were using credit cards to pay tuition bills, no parents and only 15% of students said they were doing so because they thought they'd get a better interest rate. Nearly half reported using Visa or MasterCard to finance their education because they had no alternative. Some 3% of survey respondents said they have resorted to withdrawing money early from retirement savings, which can carry up to a 10% penalty...
Starting in 2000, the IRS went after records from American Express, MasterCard and Visa to track the spending of U.S. citizens using credit cards issued in Antigua, the Bahamas and the Cayman Islands, leading to hundreds of audits and criminal investigations. In a landmark 2005 case, the accounting firm KPMG admitted its employees had criminally generated at least $11 billion in phony tax losses, often routed through the Cayman Islands, which cost the U.S. $2.5 billion in tax revenue...
...credit-card industry is poised to become the next subprime debacle, it is still highly profitable. "All the players are making money in the credit-card business," notes Moshe Orenbuch, a managing director at Credit Suisse. (Visa recently reported $434 million in quarterly profits versus $304 million for rival MasterCard...
...auspicious sign, too, that Visa's biggest competitor, MasterCard, which went public at $39 a share in 2006, is now trading at over $200 and has a market cap of more than $27 billion. That's about $10 billion above what Visa Inc. just raised with its IPO - and Visa is the market leader with 40% higher earnings than MasterCard. It doesn't take a math whiz to see why Wall Street is all charged up on the king of cards...