today in the business section of the SF Chron---the headline: "Skeptical Investors punish PROVIDIAN shares" "Wall Street outrage at Providian Financial Corp. reached a fever pitch yesterday, when the company saw 60% if its REMAINING VALUE ERASED IN A DAY (!!!!) as analysts and investors openly speculated about whether the company would be forced into bankruptcy or sale." Stock price for Providian on Jan 04, 2001 = $64.06 Stock Price for Providian on Oct 19, 2001 = $ 5.15 Value of PVN Corp Jan 04, 2001 = $18.2 Billion Value of PVN Corp Oct 19, 2001 = $ 1.4 Billion "Bank of America, while not changing its "market perform" rating, said in BOLD PRINT in its report: "We do not recommend buying this stock." I guess this says it all. There are other quotes about how Wall Street thinks Providian screwed their investors every bit as much as the cardholders. WRONG! This time, even still paying 23.99% on a Providian card, WE CONSUMERS did not get screwed anywhere near as bad as their investors! Later - Dogman FYI - I never have heard how the anthrax scare at Providian turned out?! Anyone know?
JACKED UP RATES! Thinking about my accts with Providian, remember when I got approved for the new card, then I got an insert saying they were gonna jack me on the current card to 23.99? Then I closed them both. All that happened around June, July. During that EXACT SAME TIME PERIOD, PVN knew that the fake financials of PVN would be discovered by their investors and the SEC! Several people here have posted the same type tactics - particularly that they will not lower interest rates even for PRIME members! IT WAS NOT US - they needed to SQUEEZE every friggin dime out of everybody to make their earnings report look better than we now see it REALLY IS! I don't feel bad at all! Dogman I still wonder if SHAILESH MEHTA funds or is a member of the TALISBAN TERRIORISTS???? LOL!
Re: JACKED UP RATES! They jimmied the earnings report by figuring out a new way to report bk's and charge offs. So they could wait until July to report them. So they could sell their shares before anyone knew what was happening. That's what the lawsuit is about. I hope they made all they ever want to make, cause they will probably get prosecuted by the SEC.
LEO - you know that Providian - on their last anthrax, SEC investigation day - at the last second, would still click a late payment to the credit bureaus. Better snap up their new clearcard in a hurray!!! LOL dogman
Here is a company that does not discriminate ... they took everyone to the cleaners, it just happens that the investors had deeper pockets to pick.
Serves them right. They are parasitic scum that are incapable of telling the truth. We've known that since 1996. These cretins were one of the first credit card companies to get hit with a multi-million dollar lawsuit over some of their shady practices. Whenever I get one of their creditcard solicitations, I take the business reply envelope, stuff it full paper and send it back to them.
I myself wouldn't like to see Providian go belly-up. Like alot of rebuilder's Providian accounts for over much (80%) of my revolving credit. I received one or two class action checks from them in the last three years but I don't think I was burned by any of there shady practices either. These guys are one of the few sub prime companies that give out REAL limits. I was estatic when I got my first 1K limit card. Now... those cards are a joke because at times I can make a $1k purchase that I can pay in a one or two payments. Losing these guys would also Kill my FICO and I'm pretty dam close to 700 (681) with only 5 years post CH7.
just a thought ... Here is a company that does not discriminate .. George they were not nice to anyone. : ) By not issuing cards to people who deserved them they kind of sealed their fate.
