Capital One - ruthless banksters
Wednesday, April 22, 2009
Capital One losses and who are the MORONS financing the thugs?
Capital One Lost $112 Million in 1st Quarter
By Binyamin Appelbaum
Washington Post Staff Writer
Wednesday, April 22, 2009Capital One Financial yesterday reported a loss of $112 million in the first quarter as defaults on credit card loans rose more quickly than the company had predicted.
The McLean company also offered insight into the decline in lending by major banks, saying that it is increasingly choosing to invest money in securities rather than making new loans. The company’s investment portfolio grew by $14.1 billion over the last year, while its loan portfolio grew by $5.8 billion.
Gary Perlin, the company’s chief financial officer, said investing was currently safer than lending, and that Capital One would wait for economic conditions to improve before shifting the money back to lending.
“Our plan is to eventually shrink the investment portfolio,” Perlin said, “by taking advantage of attractive lending opportunities when the market returns.”
Capital One reported a first-quarter loss of 45 cents a share, compared with a profit of $1.47 a share, or $548.5 million, during the same period last year.
The results were viewed by financial analysts as more representative of the problems besetting the banking industry than the profits reported by larger firms, including J.P. Morgan Chase and Bank of America. Those companies also struggled with losses in credit card and retail banking operations, but were able to post profits based on the strong performance of their investment banking operations.
“Capital One’s earnings announcement shows that the recent run of positive earnings from other financial service players should not be misinterpreted as the end of Wall Street’s financial woes,” wrote Red Gillen, an analyst with Celent.
The company said losses in its credit card portfolio reached 8.4 percent in the first quarter, above the company’s projected 8.1 percent. The company said it expected the loss rate on its domestic credit card portfolio to surpass 10 percent in the coming months.
Capital One operates one of the nation’s largest credit card businesses. The company has moved increasingly into retail banking, allowing it to use deposits as a cheap source of funding for its loans. The company acquired Chevy Chase Bank in late February, creating a retail presence in the Washington area for the first time. The deal helped Capital One increase its reliance on deposits from 52 percent of funding last year to 65 percent this year.
Capital One accepted a $3.56 billion investment from the Treasury Department in November, but Perlin said the growth in deposits has allowed the company to refrain from borrowing from any of the government’s other emergency aid programs.
The company also said it did not take advantage of recent changes in accounting rules that have allowed some banks to report higher values for troubled assets.
First of all, the author of this article is an idiot.
“The company has moved increasingly into retail banking, allowing it to use deposits as a cheap source of funding for its loans.”
Capital One is NOT using the deposits to fund loans! How can reporters be so IGNORANT?
The ignorance or maybe even willful disinformation by the mainstream media is the root cause of all our problems.
Many millions of people have watched Zeitgeist: Addendum and The Money Masters (watch FREE online!), it’s hard to believe that Binyamin Appelbaum really doesn’t know that the banks CREATE the money electronically out of thin air.
And it is truly shocking to read that THE AMERICAN PEOPLE are financing the Capital One scum. If the Americans with money had any conscience whatsoever, they’d close their Capital One accounts and put them out of business. But then again, with reporters like Binyamin Appelbaum, it’s no wonder that most Americans are clueless idiots, cheerfully funding their own demise.
Capital One GREATLY contributed to the foreclosure crisis with its refusal to report the credit limits.
Many MILLIONS of hard working decent people had lower FICO scores due to Capital One’s credit reporting. They paid higher interest rates and insurance premiums and they were forced into subprime loans.
What do the stupid Americans do?
The STUPID Americans deposit their cash with Capital One to ensure that this vile outfit survives.
It just goes to show that having money is NOT a sign of being smart. These idiots don’t realize that they’re trading a high return on their investment for the lives of their friends and family.
Crime is rising everywhere. Yes, they can live in their gated communities, but do they really want to live in their own PRISON?
I defaulted on about $25,000 owed to Capital One.
I sued Capital One and I LOST. Federal judge Neil Wake determined that Capital One’s credit reporting lowered my FICO scores, but he ruled that it was LEGAL! Judge Wake is so deranged, he ought to be immediately removed.
Fortunately, not ALL judges are as corrupt as judge Neil Wake and due to class actions in other courts, Capital One now has to report the credit limits.
Too little, too late.
Capital One and the CRAs should have had to REIMBURSE the consumers’ damages and they should have had to pay PUNITIVE damages.
The $25k I owed Capital One isn’t nearly enough “compensation” for my damages. Since 2003 I had been litigating to get the Cap One limits reported. I’ve given years of my life.
It bites to see Americans financing these criminals—not only with taxpayer bailout money, but with INDIVIDUAL deposits.
This URL sent to Binyamin Appelbaum.
“Are you really so ignorant or is your editor telling you to mislead your readers?
Christine”
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • (0) Comments • Permalink
Wednesday, November 05, 2008
Reader mail: sued by Capital One - counter claims
I am currently involved in litigation with Capital One as a Defendant however Capital One has pulled several illegal things and our counter-suit would be greatly supported if I can prove that this is their standard course of behavior. If you would be willing I would love to chat with you on this. Thanks so much for at least reading this.
...
“Chatting” on the phone doesn’t prove anything and I doubt that proving their “standard course of behavior” will make a difference to any judge.
There are many THOUSANDS of people who are being sued and who’d like to talk to me. I don’t even talk to PAYING CLIENTS on the phone.
Lawsuits are serious shit.
It’s not like chatting about a movie you saw last week or whatever social stuff.
I have posted SO much information on how to deal with original creditor suits. I don’t even want to look up the links again. I’m tired, long day.
The banks CREATED the money out of nothing and if WE could create money as they do, we wouldn’t have a problem paying back the loans.
There’s the FREE info, Michael’s filings, discovery requests, etc. and there is CreditFactors.
One thing that’s very special about Capital One is that they didn’t report the credit limits until last year. So that makes an EXCELLENT counter claim for the debtors who took my advice to DISPUTE and who had Capital One verify without the limits.
Anyone can try the unclean hands defense. Capital One definitely CAUSED defaults by failing to report the limits, resulting in lower credit scores and higher interest rates or declines.
And then there could be 3rd parties who caused your cashflow problem.
The credit bureaus who didn’t report the credit limits or correct after disputes, other creditors who raised interest rates, etc. YOU should know why you can’t pay your bills and if it’s due to fraud / deception / illegal activities by third parties, name them.
So I hope that’s helpful to some of the many people who are getting sued.
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • Reader mail • (0) Comments • Permalink
Monday, May 05, 2008
Capital One sues California AG Jerry Brown, became national bank to avoid Cal investigation
A reader sent me the link to the complaint, thank you!
Capital One Tries To Fend Off California
SAN FRANCISCO (CN) - Capital One Bank claims Attorney General Gerry Brown has no right to inspect its records to determine whether the bank’s credit card practices are illegal, because it is a national bank, and only the Comptroller of the Currency may look at its records.
Unfortunately it’s a scan, so I can’t copy. Apparently in 2006 AG Brown investigated complaints about balance transfers, reaffirmation of existing debts, closing accounts “and some”
What does Capital One do?
It quickly becomes a NATIONAL bank.
I’ve posted extensively about the states’ loss of rights to protect its residents from predatory bankers.
In 2003, California revoked the Wells Fargo license due to violations of California lending laws and the Feds ruled that national banks don’t need no stinking state licenses.
I can’t even believe that Capital One would have the guts. But, they are so incredibly sure that they have the support of Congress and ALL presidential candidates. And unfortunately, they are right. They’ve got the power, all the politicians are bought and paid for.
So, what can YOU do about this?
You may be one of the many millions who should stop paying their credit cards.
I will be posting a lot more info on this, how to determine whether you are judgment-proof, how to stop paying and how to deal with their collection calls. There’s a LOT to know when it comes to quit paying credit cards and I’ve been working on my response to the TU objection to my motion for leave to amend my complaint. Will be posting that tonight or tomorrow.
I woke up early this morning, too tired to get up, but couldn’t go back to sleep because I was thinking about the motion I was working on before I went to bed, vile judges like judge Wake, etc. So I finished reading Jesse Ventura’s book. If “they” wouldn’t kill him if he won, I’d be all for his run as an independant. He doesn’t know much about banking and money, but I’m certain that he’d be outraged if he did know. He’s a bright guy and refreshingly honest and most important, not corrupt.
I’ll be writing an open letter to AG Brown about Capital One. And another one about FDRS if they are still in business, haven’t heard any ads recently.
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • (0) Comments • Permalink
Friday, April 18, 2008
Cap One chargeoffs up, delinquencies down
Credit Card Charge-Off Surge Hits Cap One Bottom Line
April 18, 2008The credit card giant reports charge offs rose sharply and will hover in the 6% level for the rest of the year. The good news was a drop in delinquencies.
by Patrick LunsfordinsideARM.com
April 18, 2008 Email This Article Print Consumer credit card giant Capital One Thursday reported that earnings for the first quarter fell more than 18 percent as charge-offs in its U.S. credit card unit spiked to a rate of 5.85 percent, with higher rates on the horizon.
McLean, Va.-based Capital One Financial Corp. (NYSE: COF) said that in the first quarter of 2008, earnings fell to $548.5 million from $675 million in the first quarter of 2007. Total revenue in the quarter was $3.85 billion compared to $3.38 billion in Q1 2007.
The U.S. card unit was responsible for much of the earnings decline. The unit reported net income of $491.2 million, a 1.5 percent decrease from the fourth quarter of 2007 and an 8.8 percent decrease from the first quarter of 2007.
Cap One also reported a sharp rise in charge-offs in the card unit and the promise of more to come. Charge-offs rose in the first quarter of 2008 to 5.85 percent of all accounts from 4.84 percent in the fourth quarter of 2007, and from 3.72 percent in the first quarter of 2007. The company expects the charge-off rate to be in the low six percent range for the next six months, but higher still in the fourth quarter.
As charge-offs rose, delinquencies dropped from last quarter, said the company. Card delinquencies improved in the first quarter of 2008 to 4.04 percent from 4.28 percent in the previous quarter but rose from 3.06 percent in the first quarter of 2007.
Are delinquencies down because Capital One offered the low / no interest checks?
I got that 6 months 0% offer in December.
I wonder what percentage the chargeoffs need to be to put them out of business.
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • (0) Comments • Permalink
Wednesday, January 30, 2008
Banks expect Capital One to become insolvent - 9 business day hold on checks
Had to go to Kingman today to pick up building materials and finally got the long awaited Capital One check.
I previously posted how I had requested one of their promo checks on 1/10, Cap One never sent the check and hadn’t even bothered to notify me. So they assured me that this time they actually send the check. The $7,400 check had already posted to my credit card.
First I took the check to Compass Bank, where I was told that they don’t normally accept credit card checks and they’d put a hold on it. The fact that this was NOT a check written by me, but an official Capital One Bank check made no difference.
I took the check back and went to Downey Savings. They’re usually pretty good about clearing my checks, but not today.
I ended up with a teller in TRAINING and Lisa Hilderbrand, customer service supervisor, was doing the training.
She informed me that there would be a 9 business day hold because it’s a credit card check. We discussed the difference between a credit card check that *** I *** write and a check that a BANK sends to me, made out to me, printed, the whole nine yards. BEFORE lenders send out the checks, they post the amount to the account, whether a credit card, home equity loan, credit line, whatever. There is no way that it could bounce because I don’t have enough credit on my account.
But, that doesn’t matter to other banks.
The ONLY reasonable explanation is that they think that Capital One will soon be insolvent.
So it actually is taking well over a month to get the cash from a Capital One check, there’s a hold until 2/12/08.
But that’s not the end of my bad banking day.
I had filled out the deposit slip with $800 cash back. Downey Savings customer service supervisor Lisa Hilderbrand filled out another deposit slip changing the amount of the cash back to $100, casually advising that she couldn’t use the slip I had prepared.
I was stunned.
WHY can’t I get $800 cash?
The bitch started lecturing me again about their hold policy and that only $100 were available immediately. I asked why they were freezing my entire account. It turned out that she hadn’t even looked at my account! I had several thousand dollars available and I finally got her to give me my cash.
Also, the deposit and getting the cash back took over 15 minutes from the time the teller started helping me.
After I had watched Ms. Hilderbrand explain to the teller how to process a deposit for 5 minutes, I advised that I was in a hurry. She replied that she was working as fast as she could and she continued to train the teller and took another 10 minutes until she finally gave me the cash.
That bitch needs to be fired.
It’s been a while since I’ve been treated with that much disrespect. It was almost like going to court! Might have had to do with the fact that I didn’t look like a million bucks, as I was wearing the jeans and jacket I wore to hang sheet rock and drill holes for electric wires and pipes.
I suppose it’s good to experience occasionally how the working people are mistreated all the time.
And of course that’s a good reason to do business online where they can’t see your skin color and clothes and you’re spared the humiliation.
A couple of weeks ago the Downey branch was robbed and I sure hope the robber spent the cash before he got busted in Vegas. The banks deserve everything they’ve got coming.
And of course this is one more reason to STOP paying your unsecured debt if you’re judgment-proof.
Just about every time I go to a bank I hear people talk about NSF fees. At the justice court are lines of people begging for extensions to pay fines. And I doubt that Kingman Arizona is different from Anytown, USA.
Comment submitted at https://www.downeysavings.com/ad/contact/contactResponse?department=Banking
FYI, my posting about queen bitch customer service supervisor Lisa Hildebrand in the Kingman AZ branch:
I’ll appreciate your comments to add to my blog.
Sincerely,
Christine Baker
BTW, that’s how all the people who constantly email me complaints about their banks need to complain:
Grow up! Stop being cowards! State your name and THEIR names and post your complaint PUBLICLY. Whining at me will never make a difference.
2004 Suit (credit limits, credit reporting - on appeal) • Capital One - ruthless banksters • (11) Comments • Permalink
