Capital One Accounting Gimmick
Capital One Financial Corp, an issuer of MasterCard and Visa credit cards, said on Friday U.S. credit card defaults fell in April, beating analyst expectations, as the company changed its customer bankruptcy accounting.
[...] In a regulatory filing, the company said the annualized net charge-off rate for U.S. credit cards -- debts the company believes it will never collect -- fell to 8.56 percent in April from 9.33 percent in March. Under the accounting change, Capital One is waiting longer to declare the debts of bankrupt customers uncollectible.
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ahahahha so typical. I'm guessing they are doing this so they can still pay their bonuses and not look totally corrupt? Can't believe these con's are allowed to carry on line this.
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