Credit Card Processing Company Rejects Firearms Industry

[jlangton]

I certainly will...
JL

 

[CAPTAIN MIKE]

Changing My Merchant Account Service

Thanks for the "Head's Up" on this. I'm having my law firm change its Merchant Account TODAY.

 

[scrat]

When I used to be married, and my wife asked how much a gun cost, I just told her they were about as much as her shoes.
...That usually shut her up.

i like this one. i have to remember this

 

[The Sheriff]

It had more of an impact than you can imagine.
...It was a sensitive issue between us because she could have sold shoes to Imelda Marcos! She probably had over a hundred pair of shoes, and she had a Cedar lined closet the size of a large bedroom to put all of her stuff into.
...But, she had a fit when I wanted a three car garage in the new house!
So, when she nagged about the guns, I brought up the shoes.
...I knew it had an impact because she went and called her mother.

 

[Old Fuff]

The big banks got into trouble making loans to credit-questionable folks. That included CTI. However not to worry. Uncle Sam is using your tax money to make low interest loans to the banks so that they in turn can loan it to you (or whoever) at a higher interest rate. Obviously the Old Fuff made a serious mistake in his life when he didn't open his own bank. What could be better then loaning out money provided by the government to make more money for yourself?

Fed auctions another $50 billion to cash-strapped banks in battle against credit squeeze

April 08, 2008 10:00 AM EDT

WASHINGTON - The Federal Reserve, still working to combat the effects of a severe credit squeeze, said Tuesday it had auctioned another $50 billion (euro31.86 billion) to cash-strapped banks. Meanwhile, the International Monetary Fund warned that further actions are needed globally to prevent more wrenching problems.

The Fed auction marked the ninth in a series that began in December that so far have pumped $310 billion (euro197.53 billion) in short-term loans into the nation's banking system.

Meanwhile, the 185-nation IMF delivered its most detailed review yet of the global credit crisis that hit last August. It said Tuesday that governments must be prepared to do more to support the global financial system if conditions worsen.

"Markets remain under considerable strain" from a variety of forces such as weakened balance sheets from increased bad loans, the IMF said in a report prepared for meetings this week in Washington of the IMF and its sister lending institution, the World Bank.

The global credit crisis is expected to be a top agenda item at those discussions. The IMF report urged policymakers in the United States and other nations to consider what else needs to be done.

"The critical challenge now facing policymakers is to take immediate steps to mitigate the risks of an even more wrenching adjustment, including by preparing contingency and other remediation plans, while also addressing the seeds of the present turmoil," the IMF said.

Federal Reserve Chairman Ben Bernanke and his colleagues hope that the increased resources being supplied in the Fed auctions will encourage banks to keep lending to consumers and businesses and alleviate the economic drag from a severe credit squeeze that began last August.

In a related move, the European Central Bank, which serves the 15 nations that use the euro as their common currency, announced Tuesday that it had auctioned $15 billion (euro9.56 billion) in short-term credit to European banks. It was the sixth auction conducted in tandem with the Fed as the two central banks continue to coordinate their efforts to battle the credit crisis.

Bernanke told Congress last week that it was possible that all the blows the economy has sustained from the credit crisis, a prolonged housing slump and now rising unemployment could push the country into a recession. But he said he still believed that the period of weakness would be short-lived and the economy would resume stronger growth in the second half of this year.

The Fed has been holding its auctions to supply direct loans to commercial banks every two weeks starting in December.

The auctions are only one of a number of emergency procedures the central bank has employed to battle the credit crisis, which claimed its biggest victim last month with the forced sale of Bear Stearns, the nation's fifth largest investment bank, to JP Morgan Chase & Co.

In addition to the auctions which supply loans for 28 days to commercial banks, the Fed announced last month that it was employing Depression-era provisions to allow investment banks to borrow directly from the Fed. Previously, only commercial banks had that privilege.

This week's auction, which was held on Monday with the results announced Tuesday, attracted 79 bids seeking a total of $91.6 billion (euro58.37 billion).
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http://my.earthlink.net/article/bus?guid=20080408/47faedc0_3421_1334520080408-1108765671

 

[alan]

The big investment banks and others couldn't be permitted to fail, as such would do significant damage to the economy and financial structure of the country. Of course, the people can always be dragged over the coals to bail out, the worthless hides of mortgage hustlers, bankers and credit card mafiosio. that is, you see, just business, possibly spelled BIDNESS. In any case, the sheeple are expected to foot the bill, with nary a question asked of their betters.

Will any lessons be learned, I tend to doubt it, because nobody is likely to end up in jail, and by jail, I do not make reference to Club Fed, rather I make reference to The Tank, where reside all manner of common criminals.

What was it that JPFO offered in the way of comment. BOHICA, which translates as follows. Bend Over, Here It Comes Again, as will likely be the case.

 

[SpeedAKL]

If I do end up writing/calling into Citi, I'll have to restrain myself from kindly reminding them of the tens of billions of dollars in shareholder money that they obliterated through making stupid bets on risky subprime mortgage-backed securities.

Wall Street is actually a hive of Democrat elitists, an uncle of mine worked for Goldman Sachs for years and them moved on to several botique research firms. He's told me all sorts of stories about the political end of things there.

 

[alan]

The ripples travel outward, one wonders as to how far?

Heard one radio news broadcast today, Frontier Airlines has filed for "reorganization under Chapter 11", will keep operating during bankruptcy proceedings.

Causes cited were escalation of fuel costs AND problems with the airlines credit card processor, guess who that it, FIRST DATA COPPORATION. The nature of credit card processor problems was unstated.

 

[protolith]

The nature of credit card processor problems was unstated.

I heard about this. Their credit processor decided to change the fee percentage they were withholding. Frontier said they were getting things on track to remain solid and deal with the rising fuel costs, but this blow would have made the airline unable to afford to operate. CH11 allows them to pay their other accounts and seek a new credit card processor.

 

[alan]

While I have had no personal experience traveling via Frontier, airlines in general, suck, having turned into bonus machines for management/executive types, all the while screwing their employees and passengers.

Having said that, and looking back to the problems CDNN had with this First Data Corp., an offshoot of CitiGroup of sub prime infamy, I continue to wonder, at the risk of posing a dumb question, as to when if ever the feds, as in DOJ are going to prosecute these financial dirt bags. In short, how high must the pile of dead and wounded get to be before The Feds, (DOJ and Congress) take note and act? Anyone have any ideas, thoughts or guesses?