Word: mbna
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MCKISSACK: A stock like MBNA, the credit card issuer, we've owned for a long time. It's growing from what was a midcap company into the larger-cap space. It has demonstrated 20%-a-year growth and, with its credit review and issuance process, it has an above-average customer in terms of income and payment history. We've also been very successful with SunGard Data Systems and continue to see that as a good long-term opportunity. It provides specialized software into the financial-services market and recently bought Comdisco to make it a larger player in that...
...some Democrats have long wanted to make it harder to file for bankruptcy and erase debts. But Clinton kept vetoing the bill. Now Bush will sign it. Critics argue it's a gift to credit-card companies, which provide easy access to debt. Bush's top campaign contributor was MBNA America...
...Cynics might figure that view has been shaped by big donors like credit card giant MBNA, which along with its employees donated $1.3 million to the Bush campaign. Its president, Charles Cawley, was a Bush "pioneer" fund-raiser who, along with his wife, gave $5,000 to help fund Bush's Florida recount fight. Heck, Cawley even chipped in the maximum $100,000 for the new president's inaugural bash...
...parents, Charles and Lisa, are staring at a medical bill for $106,373 from Miami Children's Hospital. Then there are the credit-card debts. The $10,310 they owe Bank One. The $5,537 they owe Chase Manhattan Bank. The $8,222 they owe MBNA America. The $4,925 they owe on their Citibank Preferred Visa card. The $6,838 they owe on their Discover card. The $6,458 they owe on their MasterCard. "People don't understand, unless they have a medically needy child, these kinds of circumstances," says Charles Trapp, 42, a mail carrier...
Senator Robert Torricelli of New Jersey, a strong advocate of the Senate bill and head of the Democratic Senatorial Campaign Committee, last year pocketed a $150,000 contribution from MBNA. "What every American needs to understand is that somebody is paying the price," says Torricelli. "I believe this is the equivalent of an invisible tax on the American family, estimated to cost each and every American family $400 a year...